According to a new research by HSBC, Malaysians are now expect to save for four years longer than their predecessors for their retirement.
Based on a study with over 1,000 people in Malaysia, the current generation of retiree started saving for their retirement at 33 and retired at 56. The average saving period was 23 years.
But now according to a study HSBC has conducted, Malaysians now need to begin saving four years in advance as early as age 29 in order to retire at 56, meaning they face an average of 27 years of retirement saving (four years longer than the current retirees in Malaysia).
HSBC’s report also uncovers that almost one in six pre-retirees (15 per cent) have not started saving for their retirement – that means 85 per cent of working-age people in Malaysia have started saving for retirement.
Well guys, start saving up. Tough time is upon us all.