TO FULLY RETIRE OR CONTINUE WORKING? THAT’S THE QUESTION
We need to have at least RM240,000 in savings by the time we retire at 55, so we have been told. With prices escalating and inflation showing no sign of abating, for those living in the urban areas, this figure is grossly inadequate. Long term age care alone will swallow up a sizeable chunk of our savings.
Here’s a guide from the Employees Provident Fund to help us with some estimates:
That’s why more and more retirees are returning to work life almost immediately after retirement. With longer life expectancy and the ever rising cost of living, most retirees simply cannot afford to enjoy full retirement. Would a 60-year old retiree have accumulated enough in his EPF to support him for the next 15 to 20 years? The answer is an absolute NO.
What is the solution? Go back to work? Easier said than done. Retirees face age discrimination in the workplace. Unless they have skills that are highly sought after, and unless the government offers a helping hand to retrain and upskill older workers, many will have difficulty re-entering the job market.
|Jasmin Amirul, co-founder of hire.seniors|
|(Source: https://mothership.sg/2020/11/1degreec-retrenchment-interview/ )|
|(Photo: Y21 X grey_evolution)|
(Pic above: Jacey Choo has a passion for cooking and baking. She also runs a business in renting out traditional wedding costumes at Lady JC Enterprises , and is an instructor in floral arrangement at University of the Third Age, KL & Selangor. Truly an enterprising senior!)
With the country reaching aged nation status by 2040 when 15% of the population will be aged 60 and above, it makes good sense to cater to the needs and demands of this demographic segment of the population. Indeed retirees and older people are a fast growing market that is often ignored. Those who see the opportunities and are prepared to invest time and money in the emerging older consumers market will reap the benefits. (Pic: Coach and trainer Ken G who specialises in fitness training for older people and also conducts physio exercises at homes.)