ONLY 5% of Malaysians are prepared for retirement. Despite a growing awareness for the need to prepare for one’s retirement, many do not translate their plans into action.
Those in their 20s think they are too young to think about retirement, while those in their 30s and 40s tend to believe they are doing enough because they have their EPF savings. By the time they are 55, it is just too late.
The sad truth is that at 55, most people cannot retire with financial security.
Based on EPF’s 2005 annual report, about 90% of EPF contributors have less than RM100,000 in their accounts – not enough to see them through 20 years past retirement.
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