Retirement planning: Dynamic and holistic approach in bridging the gaps and mitigating the risks / Mr. Syed Hamadah Othman

Othman, Hamadah (2012) Retirement planning: Dynamic and holistic approach in bridging the gaps and mitigating the risks / Mr. Syed Hamadah Othman. In: International Conference On Population Ageing: Issues and Challenges, 11 July 2012, Faculty of Economics and Administration, University of Malaya, Kuala Lumpur. (Unpublished)

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By failing to prepare, we are preparing to fail. Most of us will one day row old and frail. Some will be fortunate enough to be endowed with wealth and good health in retirement years. But others in fact many of us, some call it the 99% group, will not be so fortune. We may have wealth but not health. We may be healthy but not wealthy. Many will probably have enough income to put food and drink on the table, and roof over the head, but will there be enough to cover unexpected expenses? Can we depend on our children to financially and/or physically take care of us in our golden years? They too will likely be facing similar problems-soaring costs of housing, children’s education, lifestyle upgrading, busy schedule etc.making it less likely that we can depend on them for assistance. Retirement planning is dynamic and holistic. We are not just planning to build up wealth and good health, we must also plan to protect our wealth and health. When planning for retirement, all risks that we might face must be understood at the outset and strategies to mitigate them must be worked out. Some risks are almost certain, like inflation and for most of us, outliving our savings. Others are less certain such as the need to be nursed and cared over an extended period of time. Whose responsibilities are those risks? Are they responsibility of the State? Should we take control of our own destiny and affair? Does each individual have enough means to provide for all those eventualities. When planning for retirement, we must take consideration of what we can expect of the State and our employers when determining the shortfall which must come from our own means, be it from our savings or from our extended family members. Some of these provisions for retirement are more efficiently organised by pooling through the concept of mutual help, others may be best provided for through individual savings. This paper will address the needs as we grow older, identify the likely gaps and suggest ways and means of how best we share and meet these needs as an individual and as a nation. It is not enough for a great nation to merely add new years to life, it must also work to add new life to those years.

Item Type: Conference or Workshop Item (Paper)
Additional Information: National Population and Family Development Board (NPFDB) of Ministry of Women, Family and Community Development, in collaboration with the Social Security Research Centre (SSRC) of the University of Malaya. International Conference in conjunction with World Population Day.
Keywords: employees provident fund, net replacement ratio (NRR), retirement planning
Subjects: 300 Social sciences > 305 Social groups
Division/Agency/State: LPPKN - National Population and Family Development Board, Malaysia > Division of Population
Deposited By: Mrs Nor Azaian Abdullah
Deposited On: 14 Jan 2013 04:12
Last Modified: 14 Feb 2013 04:28

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