PETALING JAYA: Malaysians who plan to retire in 20 to 30 years from now will need to have at least RM900,000 to RM1mil, says Employees Provident Fund’s (EPF) chief strategy officer Nurhisham Hussein.
Nurhisham Hussein said the amount would be the “bare minimum” after accounting for inflation and medical expenses, among others, The Star reported today.
He also said those planning to stop working in the next few years would need at least RM600,000 in their savings to have a “dignified” retirement in Kuala Lumpur.
“When you look at the RM600,000 savings threshold, only about 4 per cent of Malaysians could afford to retire.
“It is a little lower outside of the Klang Valley,” he was quoted as saying.
Nurhisham said the RM600,000 could only cover ordinary outpatient medical needs or visits to general practitioners and not any major medical needs.