Retirement Planning
Ways for you to plan your retirement:
Only 18 percent of the working population with an EPF account will have adequate funds when they retire, according to the Employees Provident Fund (EPF). To begin with, just 48% of the workforce has an EPF account that is actively used. Hence, it's never too early to start thinking about your golden years.
1. Make a plan for your future financial security by learning about your current financial situation.
In order to maintain your current standard of living and lifestyle, your monthly retirement income should be around two-thirds of your last wage.
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2. Setting aside a sufficient amount of money for your future. Over time, increasing the amount of money you put into (safe and sound) investments will yield a respectable return.
3. Keep a tight rein on your funds.
Savings for retirement should be kept separate from other investments. More than 70% of members who withdraw their assets at the age of 55 use up their savings within a decade after retirement, according to the EPF.
Helpful websites for you to read up for more details:
Will or Wasiat
One of the most crucial things you can do to safeguard your future is to draft a living will, known as a Wasiat in Malay. Because of the Distribution Act of 1958 and the Faraid distribution for Muslim heirs, your estate will not be given according to your wishes if you die without a will.
The Wills Act in Malaysia is applicable only to non-Muslims as Muslim inheritance is governed under the Syariah law.
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To be legally capable of making a will in Malaysia, you must meet the following requirements under the country's Wills Act 1959:
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Be in a sound mental state.
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Make sure the will is written and signed.
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Have at least two witnesses, who will sign on your will as well.
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Online will or wasiat writing services in Malaysia:
Services for Health Care
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Provide services and transportation facilities to the elderly who live alone or with families who are less able to get medical examinations and treatment at Hospitals or Health Clinics whether provided by the government or the private sector.
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There is no charge to use this service.
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Senior citizens need to contact the relevant Senior Citizens Activity Center or Rumah Sejahtera to obtain this service.
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Do visit their website here to obtain their contact information.
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There are several aspects of palliative care that extend beyond the patient's ability to be cured. Those who have ceased receiving therapy in an attempt to reverse or control their sickness fall into this category.
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Though difficult to foresee, hospice or end-of-life services enable patients to preserve a semblance of quality of life while providing legal services and eventually making sure that patients pass on with dignity.
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Palliative and hospice care services and support groups that are available in Malaysia:
Funeral Preparations
Among the biggest expenses in the event of a death are the cost of funeral rites.
All of this varies greatly among Malaysia's diverse ethnic groups, as well as whether or not land and transportation costs need to be taken into account, because each of the numerous religions in the country is applied in different ways. Different faiths have varying levels of communal backing.
When it comes to funeral expenses, federal and state authorities do offer assistance.
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1. The next-of-kin of an EPF member are entitled to a one-time death payout of RM2,500. Next of kin might also seek funeral benefits from the Social Security Organization (SOCSO).
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You can visit their website here to apply.
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2. As a Malaysian government retiree, you are entitled to reimbursement for the cost of arranging you or your loved one's funeral.
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You can visit their website here to apply.