Should Retirement be compulsory  at 60 Years old

A good number of posters pointed out that life in the city-state are all about debt – Malaysians will have to work until they die to pay off their obligations. This perception might be exaggerated, but the argument that debt may hold back retirement at 60 is hard to discount, especially now that prices in our economy have risen, and wages haven’t exactly caught up.

The increasing cost of living in Malaysia is frequently mentioned as a major constraint to achieving retirement goals. Inflation is high and medical expenses are rising, observed another. I believed that if Malaysians went by current estimates of financial planners, he would need to have at least a million Ringgit to retire at 60.

A fair number thought that retirement at 60 might be possible if they spend their post-job years in a lower-cost country. I’m sure that Malaysians with lower incomes will have to “migrate to a third world country” for their retirement. The popular view is that the average-income family cannot enjoy retirement by age 60, believing only the “only the rich can do that.”

Nevertheless, a significant minority said retirement by age 60 is doable, with some posters explaining how they managed to do it through frugal living or key investments.

Everyone believed Trick is to make your money work hard and not you, work hard.  Downgrading to a smaller income tax will free up funds for retirement was another option mentioned. I am sure that majority of no a day people are using this formula: “Investing + saving + Start early = Retire early to have a great time after that.

More than half of the respondents fear they will retirement savings not last long enough and run out, and around 70% believe they are “very likely” to turn to part-time employment when they retire.

Conclusion, being pessimistic about the future, however, will do nothing to change it. Ultimately, as some posters recognise, being able to retire at 60 (or when you want) will depend on how you handle your situation now. The higher your income and the lower your household and other expenses, then the more room to save.  The earlier you start to prepare and plan, the earlier you can retire.

MUHAMMAD HAZIQ MOHAMMED 16068  CV.E