Most people dream to retire comfortably when they reach retirement age. However, the latest news from the Employees Provident Fund predicts that many Malaysians may not be able to.
Nurhisham added that Malaysians would need at least RM600,000 in their savings to live a dignified retirement in Kuala Lumpur. The sum of money would only cover basic outpatient medical visits but does not cover major treatment. Nurhisham also said a retiree will still need RM480,000 in savings, which is double the amount for what constitutes the basic thresholds for retirement savings.
CEO of EPF Nurhisham Hussein Nurhisham referred to the time when struggling households were allowed to withdraw funds meant for their retirement from their EPFs in the midst of the pandemic. A netizen pointed out that a 30-year-old Malaysian would need to save at least RM3,000 a month if they intend to retire in their 60s.
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