AS Malaysia moves towards becoming an ageing nation, the demand for elderly care is expected to surge.
By 2043, 14% of the population will be over 65, with the need for private retirement homes, assisted living facilities, and premier retirement villages increasing, New Straits Times reported.
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But the price of comfort in these homes, which ranges from RM2,500 to RM10,000 per month depending on the location and services offered, raises concerns about affordability for many Malaysians.
Data from the Employees Provident Fund (EPF) reveals that one in four Malaysians depletes their retirement savings within five years.
With the average monthly cost of a retirement home in the Klang Valley between RM2,500 to RM3,000, and more luxurious options costing up to RM10,000, many fear they may not be able to afford living comfortably in their golden years.
Sharon Ang, area general manager at The Ascott Limited (central region), says the cost of private retirement homes will only increase in the coming years.
“The rise in retirement villages aligns with a shift in attitudes towards ageing. Many retirees seek environments that prioritise health, security, and convenience,“ she explained.
The challenge is not just the cost but also the shift in family dynamics. With many adult children unable to care for elderly parents due to career demands, retirement villages have become more appealing.
Still, such options remain out of reach for many middle and lower-income Malaysians.
Professor Dr. Shahrul Bahyah Kamaruzzaman, president of the Malaysian Healthy Ageing Society, highlighted that 80% of the population falls within these income brackets.
“The government could support more affordable options via incentives,“ she urged.
As the nation grapples with these challenges, it becomes evident that Malaysians will need to explore alternative retirement options.
Financial planning, personal savings, long-term care insurance, and government-assisted housing programmes may provide the necessary support.
In the long run, though, as one elderly Malaysian, R. Krishnaswamy, pointed out, “We don’t know what the future holds but we hope we can retain some level of comfort in our later years.”
