Start financial planning early to ensure a comfortable retirement. Do not wait until the final years of your working life to only just start thinking about your retirement funds.

Here’s how you can plan your finances for your golden years

WHEN it comes to retirement, most Malaysians have one thing in mind – their Employees Provident Fund (EPF) savings that they have accumulated over their working life.

Mandatory retirement savings are generally viewed as our nest egg for the day we retire.

However, taking into account the cessation of a stable income when we retire, how certain are you that your nest egg will comfortably see you through your golden years?

In fact, referring to EPF statistics, only 18% of its total members have accumulated the minimum recommended retirement savings of RM240,000 at age 55.

Even more alarming, 6.1 million members currently have less than RM10,000 in their accounts, of which 3.6 million have less than RM1000 – levels at which members cannot guarantee their retirement.

Furthermore, out of almost 15.2 million registered members, only 7.7 million (about half) are active contributors, as of December 2021.


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Bearing in mind the rising costs of living, as well as other expenses such as healthcare or other emergencies, it is not surprising that many Malaysians may end up with insufficient savings or pension to rely on upon retirement.

So, how then can you ensure you have enough money for a comfortable retirement?

Start planning now

First off, retirement planning should start early. Do not wait until the final years of your working life to only just start thinking about your retirement funds.

You should also refrain from withdrawing your mandatory savings, unless absolutely necessary.

It is also wiser and more prudent to diversify your savings, rather than put everything into one basket, such as investing your entire wealth in property or solely relying on EPF savings.

‘Don’t let worries about your future keep you up at night. Make a plan instead,’ says chief executive officer and country head, Principal Malaysia, Munirah Khairuddin”.

Many Malaysians would withdraw their mandatory savings once they reach retirement age of 55 or 60 and place all the money in a bank account.

However, this would not be the best and wisest way to ensure you have enough to last you for the years to come, bearing in mind the cessation of stable income once you have retired.