Some Issues Faced in Retirement!

Most people see retirement as “freedom from working formally at a company from nine-to-five”. In Malaysia, people officially retire at age 60. But for those who own their own business, there’s never a ‘correct’ retirement age. You usually work until you pass your company onto your successor. It’s important to retire well, and this means preparing early.

The Employees Provident Fund (EPF) has set the recommended minimum savings required to retire comfortably at RM240,000 by the age of 55, but many Malaysians do not reach that amount by the time they retire. As a general rule, you'll need two-thirds of your last drawn income to maintain the same standard of living. For example, if you earn RM7,500 monthly while working, you'll need RM5,000 monthly when you retire. 

Source: https://www.piermontwealth.com

Some seniors sometimes end up in old folks’ homes because they don’t get along with their children. And in some cases, as a result, their children don’t want to look after them in their old age. It was also observed that those who end-up in old folks’ home have their lives shortened by 2-6 years.

In terms of employment, companies or bosses usually choose younger workers. But when you raise the retirement age and allow older people to work, it takes the financial burden off their children. It also takes the burden off the government who don’t have to spend so much on social welfare and free medical services. 

Ageism also occurs in education. Many retirees may not have the chance to further their studies and secure some qualification since they will not get bank a loan or scholarship because the ceiling age for applications is usually 45.

Isolation is another danger for some newly-retired people as contacts such as colleagues or friends are lost. Connections become rarer. It’s the same with friends who may be still working. And this happens more with men.

In their old age, retirees often feel ‘discarded’ and that they’re nobody. But if you’ve money, people will still listen to you. And in old age, women suffer more because they’re single and living alone.

Older people are also target of scammers because people perceive them as “more vulnerable and not tech-savvy”. There are always people who want to sell you things and one needs to be alert as well as adept to advances in technology. I had a friend who refused to use a computer and another who didn’t like ATMs or online banking. That’s really tough!

Take each day as it comes and enjoy to the fullest whether you are 60, 70 or 80.

Reference:

Save for retirement early with a “cradle to grave” approach, says gerontologist, Ming Teoh, The Star, 13 September 2023