Instead of a 10 year plan, I think a better solution would be to educate the public on the importance of retirement planning, if possible, way ahead in the early years of one’s education.
One should realize that one do not plan retirement 5 years before going fishing or playing golf everyday. Not even 10 years. A proper retirement planning strategy should be in place the moment you start working and earning decent income. If you think your EPF or your pension-scheme is going to help you retire in style, think again!
When the idea of retirement is non-existent, there’s no way to plan for it, since you can’t plan something that doesn’t even exist! People just don’t imagine themselves living in conditions that’s far worse than when they are working. Most also can’t accept the fact that bad planning of their finances can lead to them not being able to enjoy the fruits from their decades of labor.
Finance-related should be taught in schools and kids should learn about how money can affect their lives and the people around them. They should learn about how to make wise decisions when it comes to dealing with money.
In the article below, MARA is also advised not to recover money via EPF deductions. Actually, instead of not allowing it, why not allow the loan defaulters themselves to make the choice? Let them choose whether to deduct from it or not. If they can’t even pay off the loan via EPF, I cannot imagine if there’s any other source of income which they can use to pay it off.
10-year planning for pension scheme…
Malaysia has 10 years to plan and prepare an appropriate pension scheme to meet the needs of its larger aging population by 2016.
Second Finance Minister Tan Sri Nor Mohamed Yakcop said only 6% of the country?? population was above 60 years old now, but statistics suggested that a significantly larger segment would be above 60 by 2016.
It’s your life, why let others do the thinking for you?
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