THE saying that people spend more time planning for holidays than their retirement rings true for Malaysians.
Private Pension Administrator Malaysia CEO Datuk Steve Ong said although Malaysians are aware of the need to prepare for retirement, many were not taking proactive measures to ensure they had enough savings to live comfortably when they retire.
Ong said the question of how to prepare and what to prepare was on the rise.
“Retirement is not something new and everyone knows what it is. The minute you step into work, you know that at some point in time, you have to stop working.
“What you do after that and how you prepare for it is something that is not adequately addressed,” he said.
Malaysia is moving towards an aging society. By 2020, more than 10% of the population will be above 60 years of age.
Ong said it was time for those in different stages of their career to take charge of their retirement plans.
It is also never too late for nearing retirement to catch up and bridge the savings gap.
Ong will be taking an educational approach to teach Malaysians how to plan and execute the plan to retire comfortably, in a series of three talks called “Take Charge of Your Retirement Now” at Menara Star in Petaling Jaya.
The free talks jointly organised by Star Media Group on July 24, Aug 14 and Sept 3, are from 9am to 1pm.
Ong said it was important to address social issues such as the rising cost of living and how people were not able to afford to retire.
Recent research showed that 80% of Malaysians were not prepared for retirement.
Even the Employees Provident Fund stated that a majority of people had insufficient savings for retirement.
“As far as PPA is concerned, we are there to educate and promote how to use the Private Retirement Scheme as a complementary retirement pillar in terms of adding more to people’s EPF and other savings for retirement,” he said.
Ong will be sharing the factors that stop people from taking action, such as having certain assumptions on current savings plans and procrastinating when it comes to making a plan and acting on it.
He added that the “how to” was important.
“For example, how to determine how much you need and the savings gap, as well as how much extra to save.”
“If you are later into your career, what do you do to catch up on savings,” he said.
Ong will give participants a well-rounded education session that touches on various aspects of retirement issues.
“We will also give you a process and format to think about, to get you on your way,” he said.
The series of talks is on a first-come-first-serve basis.
For details, call 03-7967 1388 (ext 1050/1493) during office hours.