The increase in spending remains an inevitable factor when it comes to calculating savings sufficiency.
Diversity in investments: It is important to diversify our income for retirement savings through investments, say experts. — 123rf.comThat is the question teetering on the lips of many following a revelation by Deputy Finance Minister Datuk Seri Ahmad Maslan last week: He says one should at least have RM240,000 in savings to retire comfortably.
For instance, an individual from the M40 segment who spends about RM5,000 a month in the Klang Valley to maintain his or her lifestyle will need at least RM1.8mil in savings after leaving the job industry, according to an expert. For example, earlier this year, the Securities Commission in its 2022 Annual Report says as Malaysia is expected to become an aged nation by 2030, demographic and investment challenges abound for the retirement savings landscape to finance old-age consumption that will increase continuously.
US-based financial services corporation Nasdaq recently reported the current average monthly cost of living in Malaysia – most likely in an urban setting – is US$1,066 .Stressing the importance of starting our retirement planning early, Public Mutual Berhad says in “Live Comfortably In Retirement” published on The Star Online, you’ll need to save up to RM785,119 by the time you decide to retire if you plan to have at least RM5,000 a month during your retirement .
“Of course, if we are talking about the larger population, the people are not well-prepared for this.” “If the government cannot control inflation, that will worsen the situation for pensioners and reduce the value of their savings.”He stresses that based on the current economic situation, even if people may think that they will save more after successfully reducing their financial commitments, the prices of goods and services will continue to increase.
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