Can Malaysian Still Have A Comfortable Retirement?
Comfortable Retirement, Is it Still Possible?
With Malaysians living longer -- up to 74.8 years compared to 74.3 years in 2011, we can only presume that our lives will carry on long after the day we retire at 60 -- for another 15 years at least. The question is, what does this mean to our retirement plans?
More Stress On Retirement Nest Egg
Living longer could mean running out of your retirement savings before you reach the end of your years. So if you imagine your retirement years being spent cruising in the Caribbean seas, eating grapes and honey, that dream may not be possible any longer.
Moreover, if your medical bills escalate as you get older, it will drain your money even quicker than anticipated.
The Dreaded Inflation
Inflation is the worst enemy to retirees. a 3% inflation rate will effectively cut your purchasing power by 50% over 24 years. This is why we always feel financially stretched. More over, our salary don't grow as fast as the price we pay for food and other things. Think your money is safest in the bank? Think again.
Extended Employment, How Long Can You Work?
As people live longer, they will likely have to work longer to delay having to touch their nest egg and to remain active in society. It's not uncommon to meet retiree Grab drivers or baristas who can be the most courteous people you've ever come across!
What Can We Do To Enjoy Our Retirement Years?
Living longer in good health should be celebrated as it's a good thing. However, living longer may cause you to worry about your ability to save for your golden years. We can help you craft plan that will support your goals.
If you have no intention of:
- outliving your retirement nest egg
- want to beat inflation and
- want to enjoy your golden years in peace instead of working
... then you'll need to work with financial advisors, like us!
It's never too early to start planning for a comfortable retirement.
Whatever you do, just don’t delay it. Get some idea about what you can do today.
