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Sunday, May 31, 2009

IS IT TRUE THAT WE DON'T NEED RM 1 MILLION TO RETIRE WELL?

According to an economic specialist, Datuk Prof Ismail Mohd Saleh and an Universiti Sains Malaysia social science lecturer, Associate Prof Dr Kamaruzaman Askandar, we don't need RM 1 million to retire well. RM 120,000 will be enough if we want to retire well. Please click The Star Online for details about this issue.

Is it really true that we just need RM 120,000 to retire well? If it is true, then why do so many experts keep saying that EPF is not enough for us to retire? If it is not true, then what happens to the quality of professors in Malaysia?

If you have any constructive opinions about this issue, please post a comment here. Your sharing here is very much appreciated in advance.

5 comments:

  1. Lot of doubts related to this USM PhD. statement.
    Where does he conclude that RM120,000 is sufficient?
    No fact and figure to support such conclusion.
    Another thing mentioned by him - the culture of children will take care of the parents, counting the chicken before egg hatched - relying on someone on your retired life, hah! One should depend on one self, that should be the way, better still that we can extend our helping hands to those needy if we still capable in our retire life and NOT depend on other.
    RM120,000 - can retire??
    Let's say we retire at 55 and live for another 10 dog years. Each year with RM12,000 to spare, is it suffice? If One's still have a spouse to share the wealth - RM6,000 a year per person.
    This PhD. talking about civil servant whom having medical care by the government, what about privateer like you and me? With RM6,000 a year to spare at old age, not even sufficient to cover the medical fee. Consider the inflation and the high rising NEW medical technological fee in future years.

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  2. From my point of view, we need 3 million to retire normally. With 3 million, we can get roughly 10k a month if we put all of our 3 million in the Fixed Deposit.

    10k a month is enough now but will it be ample when the time me or you retire? Only time will tell but with 3 million you can surely retire well from now till maybe 5 years forward.

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  3. RM120,000 is sufficient to retire well? How well the retirement life will be?
    The culture of children helping their parents? Anyone can guarantee about this? How about the people who has no dependant?
    Not all people got pension! In addition, some people don't even have an EPF! How to survive for years with just RM120,000?
    If the USM PhD says that RM120,000 is enough, ask the USM to pay him one time salary RM120,000 then he works for USM until age 55. What's the point paying him more since he can retire well with just RM120,000?
    I think only minority of the people can achieve this. For example, the so called specialists who believes in it.
    I, as a normal human, has no special ability, and I'm telling you here that this amount can never be enough for me.

    ReplyDelete
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