A recent international survey conducted by HSBC Bank has highlighted the concerns of 57% of local mass affluent respondents regarding retirement. According to the annual HSBC Quality of Life survey, these Malaysians believe they will need an average retirement savings of approximately RM3.8 million to retire comfortably.
Based on the survey, millennial respondents (aged 25 to 39) stated they need around RM4.86 million for a comfortable retirement, while Gen X respondents (aged 40 to 54) cited a slightly lower figure at RM4.53 million. Boomers (aged 55 to 69) mentioned a requirement of RM2.57 million.
Additionally, respondents expressed their top three retirement-related concerns: a decline in physical health, rising healthcare costs, and inflation reducing the value of their retirement savings.
Malaysian respondents aspire to retire early at the age of 57 – three years before the mandatory retirement age in Malaysia. Among them, 44% plan to continue working after retirement, while another 44% do not intend to work. The remaining 12% are undecided.
Furthermore, respondents anticipate relying on personal savings as their primary income source after retirement, followed by retirement savings schemes, individual stock funds, and bond investments. At present, their main sources of income include salaries, dividends, inheritance, profits from businesses, and property rentals.
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