Retirement Planning Issues in Malaysia A majority of Malaysians lack long-term financial planning, and only 40% of them are financially ready for retirement, according to Bank Negara Malaysia (BNM) Deputy Governor Abdul Rasheed Ghaffour, based on BNM's observation on long-term financial planning. According to AKPK, more than 75% of Malaysians find difficulty saving RM1,000 for emergency needs, with the economic uncertainties and high cost of living. Malaysian should have a greater awareness on the importance of saving for the future. A survey carried out by the Employees Provident Fund (EPF) IN 2017 showed that household savings in Kuala Lumpur and other big cities as well as in the rural areas, found that over 90 per cent respondents are not having enough saving to retire comfortably. EPF has raised the minimum savings target by age 55 from RM197,000 to RM228,000. But only 18% of members have this much, far short of its target of ge...
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