Malaysians are expected to continue to stay active in the workforce after their retirement at the age of 60 as the country is set to become an ageing nation, reported the New Straits Times quoting a survey.
The survey, conducted by the University of Malaysia’s Social Research Centre, shows greater life expectancy also means individuals must either delay his/her retirement and work more years, save more while working and have lower consumption in retirement.
SSRC director Professor Datuk Norma Mansor said the number of Malaysians aged 60 years and above is projected to reach 3.5 million in 2020 and 6.3 million in 2040 which is about 20 percent of the total population.
Quoting a report by the Statistics Department in 2016, she said it also showed that a male aged 65 in 2016 could expect to live to age 80 years and a female is expected to live to age 82 years.
“Ageing can entail multiple losses, including loss of work and physical functioning,” she said in her report made available on Friday as she asked how prepared is Malaysia in coping with the health and financial obligations in later life.
Norma said of the 518 respondents to the survey, almost all of them had indicated that they would like to live to at least 80 years, yet many are not self-assured financially about having a comfortable life throughout their retirement years.
According to the same report, 70 percent of those surveyed said they would expect to live between 6 to 20 years more after reaching 60 and will continue working as their mental and physical capabilities permit.
They also felt that there should not be mandatory retirement, as it was seen as one of the most efficient methods for many individuals to finance the increased number of years in retirement.