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Should Employee Retiree Later? Why?

In my opinion, retirement should be optional for employees. After 55, many employees’ especially top contributors are still able to offer leadership and management skills, technical expertise and guidance. These are invaluable assets that can be used to groom future leaders and successors. Keeping them employed avoid more loss of talent in our country. Still, those who prefer to retire should be allowed to do so.

Retirement_age

Our lifespan is now longer than 75 years. This means that a retiree aged 55 has to support himself for another 20 years or more without an income. The average Malaysian is expected to have RM120,000 in his EPF. That will give him RM500 per month or RM16.67 per day, during his retirement.

However, with the increasing inflation rate it will erode the consumer purchasing power. Meanwhile, the medical and healthcare expenses will also eat up our savings.

For me, 55 is too young for some people to hang up their boots. When my grandfather retired at 55, he was restless and complained that he had nothing to do. So, asking a capable person to retire at the peak of his career does not make sense. With the low unemployment rate in Malaysia and plenty of available jobs that are up for grabs, I don’t think that raising the retirement age to 60 will negatively affect the younger workforce.

Tags: , , December 26th, 2011 Posted in Retirement Planning | 3,221 views

3 Responses to “Should Employee Retiree Later? Why?”

  1. iridz Says:

    target to retire before 50 and have own business. hipefully.



  2. Vincent Ong Says:

    Lengthen the working period and retire later is not a wise choice for financial freedom.. Even if u work till 60 years old, less that 5% of retiree reach Financial Freedom. The best solution is having a modern business~ I can share wif u, if u wan..



  3. LC Kuching Says:

    Retirement age is a subjective issue. 55 yrs old of age is maybe a tad too early but working up to 60?

    That should be the limit.

    I mean, cmon….taking into consideration a lifespan of 75-80 (especially for men), when is the time to actually ‘stop & smell the roses?’

    Life after all is to be enjoyed. If we all lived to work, that’s not much of a life.

    So, in my opinion – the limit’s at 60 yrs. After which, there must be a ‘life’ for yourself after working & toiling for 30-40 yrs of all of your adult life.

    C’mon – Have a life instead!



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