įor you to have a comfortable retirement, you may have to spend some money on medical expenses, your family and entertainment. This recommended savings is based on the minimum pension of RM1,000 for public sector employees and assumes you retire when you’re 55 and live up to the Malaysian average life expectancy of 75 years old.īut since the recommended savings is based on spending for basic needs, RM1,000 may not be enough for you to have a comfortable retirement. With RM240,000, you’d have RM1,000 a month to live on when you’re retired. To help you with retirement planning, we’ve put together how much you need for retirement and what you can do to meet your retirement savings goal!ĮPF says you need to save up at least RM240,000 by the time you retire at 55 years old to have enough money for your basic needs, like food and daily expenses. If you’re self-employed, you can make voluntary contributions to EPF. If you work for an employer, part of your salary will be deducted for retirement savings in EPF under the government’s mandatory retirement savings scheme. But you’ll need to plan for your retirement early to make sure that you have enough money to live on when you’re not working anymore. Many of us dream of having a comfortable retirement.
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