The Malaysian Insider reports:
[ It's hardly a surprise, but an increasing number of Malaysians consider their retirement savings insufficient.
Their pessimism is not without justification. Although Malaysians - like all Asians - have a high propensity to save - 72 per cent claim they do save for retirement - their current savings behaviour shows a lack of proper planning, according to PAM chief executive Bill Lisle.Few Malaysians are focused on saving for retirement. Forty-one per cent put aside as much as they can, hoping it will suffice - but nine out of 10 would dip into retirement savings if they had to.
This undisciplined approach is compounded by a lack of retirement products, Lisle said, adding that the government ought to provide more tax incentives so people are prepared to take responsibility for their retirement needs.
"We should aim to enjoy, rather than endure, retirement," he said. But he acknowledged that few Malaysians want to worry themselves about it now. ]
Lisle is not correct in blaming the retirees (I included) for "the undisciplined approach". It is more of the lack of "education" towards the importance of savings for retirement. Hopefully, with the recent terrible/tragic economic events around the world, young people will be better prepared.
As for me, worry cannot solve any problem. At the rate inflation is going I will not be able to last for very long!
Have a nice day.