||Conference or Workshop Item
||300 Social sciences > 305 Social groups
||LPPKN - National Population and Family Development Board, Malaysia: Population and Family Research Division
||Employees provident fund, Net replacement ratio (NRR), Retirement planning
||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.
||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 such as soaring costs of housing, children’s education, lifestyle upgrading, busy schedule and others making it less likely that we can depend on them for assistance. This paper discusses the needs as we age, identifies gaps that may occur and suggests the best ways for us to share and meet needs as individuals and as a nation. 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.