Apex01
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How much do you actually need to retire in Malaysia?
May 1, 2022
According to the Employees Provident Fund (EPF), you will need to save at least RM240,000 by the time you retire at 55 years old to cover basic needs such as food and everyday costs.
Soberly, it also said this year that 73% of its members will not be able to meet this requirement.
If you retire with RM240,000, you will have RM1,000 every month to live on. This savings plan is based on a RM1,000 minimum pension for public-sector employees and assumes you live to be 75, which is the average life expectancy of Malaysians.
However, because this suggested savings amount is based on expenditure for basic needs, RM1,000 will likely not be sufficient. You would need to factor in potential medical expenditure, your family, and leisure to enjoy a good retirement.
So, depending on your situation, Bank Negara Malaysia estimates you could require the following amounts every month:
single adult: RM2,700
couple without children: RM4,500
couple with two children: RM6,500
Imagine – by age 55, you would need at least RM578,000 in savings, if you’re a single retiree, to safely cover your monthly expenses.
The basic guideline is that you would require two-thirds of your final drawn income to sustain your pre-retirement standard of living. In other words, if you made RM7,500 monthly in your final year of work, expect to need RM5,000 a month when you retire – otherwise, you might have to downgrade your lifestyle.
According to the EPF’s Belanjawanku expenditure guidance in 2019, an elderly couple in the Klang Valley was estimated to have required RM3,090 per month to maintain a “decent level of life”.
https://www.freemalaysiatoday.com/c...h-do-you-actually-need-to-retire-in-malaysia/
May 1, 2022
According to the Employees Provident Fund (EPF), you will need to save at least RM240,000 by the time you retire at 55 years old to cover basic needs such as food and everyday costs.
Soberly, it also said this year that 73% of its members will not be able to meet this requirement.
If you retire with RM240,000, you will have RM1,000 every month to live on. This savings plan is based on a RM1,000 minimum pension for public-sector employees and assumes you live to be 75, which is the average life expectancy of Malaysians.
However, because this suggested savings amount is based on expenditure for basic needs, RM1,000 will likely not be sufficient. You would need to factor in potential medical expenditure, your family, and leisure to enjoy a good retirement.
So, depending on your situation, Bank Negara Malaysia estimates you could require the following amounts every month:
single adult: RM2,700
couple without children: RM4,500
couple with two children: RM6,500
Imagine – by age 55, you would need at least RM578,000 in savings, if you’re a single retiree, to safely cover your monthly expenses.
The basic guideline is that you would require two-thirds of your final drawn income to sustain your pre-retirement standard of living. In other words, if you made RM7,500 monthly in your final year of work, expect to need RM5,000 a month when you retire – otherwise, you might have to downgrade your lifestyle.
According to the EPF’s Belanjawanku expenditure guidance in 2019, an elderly couple in the Klang Valley was estimated to have required RM3,090 per month to maintain a “decent level of life”.
https://www.freemalaysiatoday.com/c...h-do-you-actually-need-to-retire-in-malaysia/
. Then they stamped my passport 
