[VIDEO] From Mansions To Private Chefs, These Malaysians Share Their Retirement Plans
It's never too early to start planning for your future.
By Shiffa Aziz — 09 Sep 2022, 03:18 PM
When it comes to retirement, we love to think about all the things we'd do with all the time in the world
From relaxing in our own private pool in the comfort of our mansion, to going on a trip all over the world to fulfil our wanderlust, the possibilities are endless with our newfound freedom. :P
That is, until the subject of money comes into the picture. While we can daydream as much as we'd like about what we can do upon reaching the age of 60, making it a reality is only possible when we have a solid retirement plan to ensure we're set for the rest of our lives.
In the fifth episode of our Confession Booth series, we asked Malaysians to tell us about their retirement plans for the future!
ICYMI, Confession Booth is a series we have on YouTube where we get everyday Malaysians to spill the beans on certain topics, from relationships to mental health. In collaboration with Employee Provident Fund (EPF), this episode focuses on retirement funds!
Watch the full video below to find out what went down:
Together with Kylie, Uncle Mak, Ernie, and Suffian, we were able to dive deep into the minds of these Malaysians of various ages and backgrounds to find out exactly how far have they planned for their retirement. Jom, let's take a look at their confessions!
When asked about their dream retirement plans, almost everyone was super excited to talk about things such as owning a big house and having their own private chef
Ernie: "I would imagine to have like a big house, a white one. I don't know why is it specifically a white one. I want to have a personal chef."
And then there's Kylie, who wants to... own a mountain
Kylie: "Maybe right... Maybe I could buy a mountain. So, I own the whole mountain. No one can disturb me there lah. So yeah, I can just be zen."
Even though Ernie shares that she does have savings in a few accounts, she feels she has a long way to go to achieve her dream retirement plans
Ernie: "(I have) savings in Amanah Saham Bumiputera (ASB), I have savings in fixed deposit. And you know, if we're talking about retirement, definitely my EPF. I still feel that it's still not enough for me to have whatever I've said or mentioned just now."
As Uncle Mak is reaching retirement, he stresses the importance of saving by sharing tips on achieving financial freedom as soon as possible
Uncle Mak: "The simple thing is to open a bank account. Besides that, take up an insurance policy and endowment policy. And of course, when I work, EPF is one of my enforced savings."
For Suffian, one of the regrets he had was withdrawing from his retirement savings when he was unemployed for two years
Suffian: "According to my plan, of course I'm frustrated. Because we planned to use our savings when we retire. But we didn't have a choice at the time."
For better long-term savings, Kylie shares some advice when it comes to the younger generation's need to impulse buy
Kylie: "Most of us want instant gratification. And then like, since there are so many things you can buy online right, you try not to? Just think practically, will you use it? Like, do you really need it?"
Another way you can save better for the long term is to consider increasing your EPF contribution, if you're able to afford it
FYI, if you increase your existing EPF contribution from 11% to 13%, combined with your employer's contribution of 12%, you'll be able to save 25% of your salary per month!
And if you're self-employed with no fixed income, you can always choose to voluntarily contribute to your retirement with EPF's i-Saraan. You can find out more about this initiative here.
At the end of the day, the goal is to enjoy retirement without worrying about debt or financial problems, hence it's important to consider taking these additional steps to secure your future.
