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Oh no, 15% over 60 by 2035

Remember this earlier article about Malaysia becoming an ageing nation? Read here: Malaysia – Ageing population – Stats and steps  It’s always good to prepare ahead even if this ageing population statistics do not include me yet. According to local media report, Malaysia is expected to have 15% of its population aged 60 or older by 2035. This is just 19 years away. By 2035, it would still NOT include me. Haha. However, following would be what I believe would happen by then. Lifestyle can change with changing circumstances.

The smaller units that is so loved by the younger generation today would most probably be a favourite to the older generation too. Many of these seniors may be currently staying in landed or bigger condos today but it’s not going to be an ideal choice when they get older. Moving out of these bigger units may be a better option too. Staying in just one room out of a home with 3-4 rooms is not a great feeling to have actually. This is also supported by a study by the Malaysian National Population and Family Development Board which estimated that more than half a million of the 2.4 million senior citizens suffered from the “empty nest syndrome” As per wikipedia, “Empty nest syndrome is a feeling of grief and loneliness parents or guardians may feel when their children leave home for the first time, such as to live on their own or to attend a college or university. It is not a clinical condition.”

For those staying in bigger condos, should they choose to stay with their children on and off, it’s definitely better to sell their bigger units for good profits and buy / rent a smaller unit instead. For those staying in a landed property, they may not feel safe enough and maintenance is also extremely tough as just the cleaning alone would already take up lots of time, effort and even money. That’s the reason why I do not believe landed property prices can keep rising higher than the sky, especially for the older areas which are not favoured by the younger generations of today and tomorrow.

Oh yeah, an ageing population would exert huge pressure on the nation for the socio-economic and health problems. According to the National Union of Bank Employees (NUBE) deputy secretary general A. Karuna, this group is economically unproductive and lacks the financial means to lead a simple and decent lifestyle. Assuming what he predicted is true, it’s time we do something about it. Read here: Save one-third to have two-third when we retire  If we do nothing, we may fall into the 90% of the EPF contributors who could not sustain their usual living standards beyond five years after retirement. To those who are aged 41 or higher this year, it’s time to be serious about this serious issue come 2035. Happy reading and taking actions.

written on 15 Jan 2016

Next suggested article: Take note of these retirement issues

 

 

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