Thursday, September 29, 2011

Retire 55 or 60 ?

Now even the star has written article to support the idea to postpone retirement age from 55 to 60.  It brought up a few points that seem inevitable but . . .

every sensible personal finance guy would feel something has gone wrong somewhere.
The fact remains that retiring at 55 in today's world seems a waste. The mortality age for Malaysians has risen
Since when the definition of wastage of my retirement is up to anyone else to say ?  I may live longer and what is that got to do with you holding my money longer than you have promised before ?

In the advancement of personal finance world, we are talking about retiring at 40's.  Since when retiring later become a good thing ?
The retirement age in Indonesia and Thailand is 60 
No one stop you to migrate there.  But right now the hot thing going is 1 Malaysia where all we talked about is how much we love our own land bla bla bla.
A longer life based on a finite and short working career certainly would put a strain on the finances of many a retiree.
and therefore we don't give them money at the time when they are suppose to be ?  Since when delaying giving money can help a financially strain guy ?
 73% of contributors have less than RM50,000 saved
So most of us are poor, and you want to solve it by NOT giving us our own money ?
the more workers a country retains as the population ages the more the benefit to the economy
Yes, wisdom and experience are invaluable.  What has that got to do with delaying paying us our money ?  All the wise old men never stop doing something anyway through out their whole life.
Based on life cycle hypotheses, people tend to spend more during the early age of their careers and save more as retirement approaches.
I am sure he just cook that sucker hypotheses up when he was drunk written that article.  People who have gone through most parts of their any life cycles knows that singles tends to save more (30-50%) than later years of loans, family and kids etc.  The middle income trap ( rat race ) clearly says that the more we earn, the less we have.
Now that they know retirement is postponed for five more years at least, those people who might be thinking of building a nest egg have the opportunity to spend.  Spending more now will certainly be a boost to domestic consumption which is a main driver of growth.

Can you believe what he has just said ?  Take away my money and I can spend more !  OMG .... WTH is this sh!T ?
it will be illogical to have separate retirement ages for the public and private sectors.
Since when it is logical to make them the same ?  What is the difference between them then ?
other benefits the Government can save on such as healthcare bills
Huh ?  People who continue working has no healthcare or people who retire has no healthcare ?  Are you suggesting another bigger problem here ?
Young people who might be worried about not moving up the ladder or getting a job should not.
What has that got to do with not paying the old people the money they were promised ?  Old people don't get paid and young people should be happy !?!?
remove all unproductive workers, you can bet others will emerge at later years. It's best that talent management is exercised to ensure such workers are minimised at all times.
Why hasn't EPF office exercise talent managment then ?


Change the guideline all you want since we voted you to have the power to do so.  But all the folks who were promised for the past 54 years to be paid out at age 55 before should continue be honour so.  Changing this payout age to 60 should only affect NEW work force.  All existing to-be-retire however can have the option to follow your new guideline.


AskChong said...

The MSM (to support the government) must write something convincing the public that the average people MUST not retire early.

Those not "the average" CAN retire before 50 and retire rich.

So, work hard and smart to be those NOT "the average".

Michael Tsen said...

Najib just did today in Budget 2012 but its not much of a 'convincing' but simply 'I say so'.

Jobless Girl said...

Budget 2012 not so attractive.