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Retiring gracefully for the golden years

by | Jan 29, 2023 | NATIONAL, NEWS, Opinions | 0 comments

BY: AIZAT ROSLI

Many Malaysians who have been thinking of retiring had to postpone the idea as the rising cost of living has started to bite and these people are adopting a wait-and-see attitude to factor how things will work out in the future.

Malaysians who have savings in the Employees Provident Fund (EPF) complain they have only a little savings after having made withdrawals during the Covid 19 pandemic and this has raised the concern of the government.

Government economists are dishing out advice to those who want to retire but many mature age workers contend that owing to economic factors and inflation they find it impossible to be able to retire comfortably.

While the budget for retirement differs from individual to individual, many elderly Malatysians are still in employment of some kind despite the fact that their health is not so good and this is a sign that there may be more worries for them in future.

The government must come up with a comprehensive plan and constructive ideas on how to make retirement possible for all Malaysians above the age of 65 unless they are hale and hearty and can still keep on working.

The best possible measure the government can initiate is for a health insurance plan combined with a savings or investment plan by modifying and incorporating the Sihat Malaysia scheme into EPF so that members who want to retire may do so.

-THE MALAYSIA VOICE

** The views expressed on this opinion is of the writer and not the publisher

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