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Shocking statistic shown by The Star (sorry, i just able to locate its summary article) yesterday! Only 5% are prepared for their retirement life.

There is a saying, no people plan to fail but most people failed to plan. Years ago (when i just start work) I’m one of them in this group, only after some struggling to make changes in life style, spent less on unnecessary things and eat outside less, only I’m able to sustain with some saving now. It’s really a difficult process as there are too many attraction in the outside world for us to spend hard-earned money.

With the current inflation rate, will our current saving and EPF enough for our retirement?

I really need to take this serious question into consideration. As my current age of 28 years old, hope that it’s not too late for me to plan for my retirement. Suddenly feel so unsecured with the figured published on the newspapers. For those who missed this shocking news, here are some of the figure Immediate action is really require as you can see from Chart2 above, the earlier you save, the more you got.

Further more, our yearly salary increment is not taken inflation into consideration. 3-10% of yearly increment is not much actually. What can you do now with a RM4000 monthly salary for example? With so many commitments, after paying off car loan, house loan and some daily expenses the saving is easily less then 20% of our income. It has been a trend that each person need more then one job in order to fulfil our expenses expectation. I do believe that how many we earned is not our money, the more you earn, the more you spend, but how many you saved is your money.

I’m trying to make some extra income from my paid post and reviews. Really need to look into ways to have multiple stream of income nowadays…

Technorati Tags: retirement, financial, saving

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