Malaysians are building up nest eggs as they approach retirement age

PETALING JAYA: Malaysians above 50 years old who are making plans for life in their golden years aim to be as independent and as healthy as possible, with some even preparing for the next pandemic and other disasters.

According to the World Bank, Malaysia became an ageing society in 2020 with 7% of the population aged 65 and over.

Malaysia will be an “aged society” in 2044 with 14% of the population aged 65 and over and a “super-aged society” in 2056 with 20% of the population aged 65 and over, according to World Bank’s estimates.

In anticipation of their retirement, entrepreneur Noreha Osman, 53, and her husband sold their two-storey house last year after their last child moved out and recently purchased a one-storey house in their hometown in Johor.

The couple, who have four children, are currently preparing their house for their golden years and are continuing to put aside money for the future as they do not want to be a burden or financially obligated to their family.

“If we get sick and can no longer take care of ourselves at home, we will enrol in an aged care facility.

“I really like the assisted living facilities in developed countries like the United States as they have good programmes and the elderly can live as independently as possible and have lots of fun.

“I wish we had something similar here.

“We just want to enjoy our golden years with our favourite activities such as gardening, painting, reciting the Quran, going to the mosque and trying new recipes,” said Noreha, adding that her children also supported their chosen way of life.

Meanwhile, a 61-year-old senior citizen from Selangor, who only wanted to be known as Raj, said he would spend his golden years on his own.

“I have my Employees Provident Fund (EPF) money and some savings.

“I don’t have to spend a lot as I am unmarried, except for food and bills,” the former private sector employee said.

He added that he has always had a helping hand whenever he needed assistance from his extended family who live nearby.

Business development manager Jessica Tan, 50, and her husband decided two decades ago that they would have no children and would instead focus on their third age by making plans to be as financially secure as possible.

Tan said besides having EPF, Private Retirement Scheme (PRS) savings as well as other investments, they own several properties in the Klang Valley and Ipoh and have been making steady passive income for years by renting them out.

“I think we will be financially set for our golden years if things go as planned.

“If our retirement funds turn out to be insufficient, we still have income from renting out our apartments and if all fails, we will sell them,” said Tan, whose husband works in Singapore.