MQ Expresso
How do people prepare their wealth for retirement ? - [Part 1]
MQTrader Jesse
Publish date: Fri, 24 Jun 2022, 09:27 PM
The retirement dream…
The dream of freedom from work, travelling around the world, or even just sitting at a coffee shop, sipping coffee, and enjoying your life stress-free…I believe that is what most people dreamt about retirement.
And according to the Employee Provident Fund (EPF), you will need to save at least RM 240,000 by the time you retire at 55 years old to cover basic needs such as food and everyday cost in Malaysia.
But is this figure realistic for us to retire at 55 years old?
Our brief calculation of monthly costs
which includes most daily necessities,
If 1 meal is RM 10, 3 meals is RM 30 per day, RM 30 X 30 days = RM 900 / month
Electricity & Water = RM 100 / month
Transportation = RM 100 / month
Small house rental = RM 1,000 / month
Household utilities = RM 100 / month
Total = RM 2,200 per month
If based on the average death age in Malaysia is 76 years old, we’ll still have another 21 years to live after retirement; and also assume the risk-free rate is breakeven with the inflation rate;
RM 2,200 X 12 months = RM 26,000 / year
RM 26,000 X 21 years = RM 554,400 (76 years old)
So based on our brief calculations, if you spend RM2,200 per month during your retirement…you’ll still need RM 554,400 to support you until you’re 76 years old. And this is just an ideal state, as we still haven't included entertainment, insurance, loan, medical cost, child expenses, and others.
Is RM 240,000 stated by EPF realistically practical?
Whether it’s practical, we’ll leave that debate to you. When it comes to retirement, the sooner we start planning, the faster we can achieve it. This is why we need financial knowledge, to help us reduce the mistakes that we might make along the process of financial planning for retirement.
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