Insurance News
Brief insurance news and digest for the busy executives. A handy insurance news archive with main focus on Malaysia. Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we will not be liable for any loss arising from the use of any information contained in this blog. You may reproduce materials published here provided the source (news.actuaries.com.my) is properly acknowledged.
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Wednesday, 8 April 2009
Retirement planning in Malaysia
Some of the facts/statistics quoted by industry players on retirement planning in Malaysia:
- 34% of Malaysians are putting aside money regularly for their retirement funds (not sure whether this includes EPF contributors)
- 99.9% of EPF contributors withdraw their savings in one lump sum
- 70% of these would use up their EPF savings within 3 years
- 72% of Malaysians claim to save for retirement
- 41% do not have concrete plan to build their retirement fund
- Among those who save for retirement, 77% are putting their money in low-yielding savings vehicles
- Most do not segregate their retirement savings from other savings
- Those who do, 83% would use the money should other needs arise
- 73% do not seek advice from financial professionals
- 39% intend to work beyond retirement age to boost income
Source: The Star
Labels: Retirement
About Me
- Name: Teh Loo Hai
- Location: Kuala Lumpur, Malaysia
Loo Hai is an actuarial recruiter cum actuarial consultant. He has over 20 years of work experience gained in Malaysia and Australia in the actuarial, insurance, takaful and pension fields.
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