In my previous sponsored post about retirement, I talked about the importance of saving up for retirement, because the fact is that the majority of Malaysians don’t have enough money to support their golden years.
Who best can show you the reality of retirement, than actual retirees in Malaysia? Here are 3 retirees, and what they’re doing now to financial support themselves.
The original article appears here. Read it. It contains more details of these retirees.
Mr Moothy. Age: 65. Spent EPF money for family. Returned to workforce.
Mr Moorthy bought property, but had to liquidate it to help his children’s finances. Because of a parent’s love, he had to return back to the workforce.
The consequences of not saving for ourselves can affect our parents.
Mr Haris. Age: 57. No EPF savings (self-employed). Still working.
Mr Haris is self-employed, and still works to support himself and his dependents. This scares me, as I am self-employed as well, which means I don’t have the ‘paksarela’ 11% deduction every month.
If you’re self-employed, channel a percentage to EPF savings anyway. And have some passive incomes to help you.
Mrs Cheng. Age: 74. Survives on late husband’s minimal pension. Depends on daughters.
Mrs Cheng stays with her daughter. Her financial position can be summed up in two words: filial piety. It’s not uncommon for us as Asians to expect this.
This is a poor strategy though. What if you don’t have children to depend on, by choice or by force?
Are you on track to retire without money worries? Go to the original article and find out more about the reality of being retirees in Malaysia, and more about Mr Moorthy, Mr Haris, and Mrs Cheng’s life.