40% ready for retirement and 80% have strategies!

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Do you know this property investment strategy? Buy a KL property today, pay for it slowly and by the time we need to retire, just sell it and we can move back to our little hometowns out of KL. Actually, this is not such a bad strategy even considering that we would own just one property from now till we retire. Of course, the more the merrier and currently, I have more friends without a property compared to those with a property. Looking ahead however, how prepared are Malaysians when it comes to their retirement?

Latest Bank Negara Malaysia’s survey as reported in Bernama showed that 92% of Malaysians worry over their financial health and needs at old age as well as being unprepared for retirement. According to BNM assistant governor Jessica Chew Cheng Lian there are 33 percent who were ‘very worried’ while another 59 percent is “a bit worried.” I personally believe that when we are worried or very worried, we would do something about it. Hopefully, a few years down the road, these numbers would improve then. The worst thing is that we are not prepared and yet we are not worried.

She further revealed something more positive. 40 percent of Malaysians said they are ready for retirement and 80 percent have strategies to meet expenses at old age. The strategies include relying on the children or partner, continuing working, and relying on government financial assistance. Most Malaysians have a passive strategy for retirement. 42 percent preferring to buy properties, 25% opting to save money in the bank and 18% depending on the Employee Provident Fund (EPF). I personally believe in all three and not just any one of these three. What’s your strategy? Happy retiring.

written on 11 Aug 2016

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