KWSP savings of RM1.3 million looks big—but what is the Ringgit value by the time you reach 60?
Hitting RM1.3 million in KWSP savings might be challenging but possible Having at least RM1.3mil in retirement savings might be a challenge for most Malaysians, but experts said the figure isn’t impossible if one remains disciplined in ensuring consistent savings and employment, English language newspaper and news portal The Star said yesterday, after interviewing a few experts in the country. The Star added, the financial specialists also urged the government to gradually raise the retirement age from the current 60, so Malaysians can accumulate enough retirement savings after factoring in the rise of costs of living and longer life expectancy. Financial planner Encik Jarvic Lau said having RM1.3mil in retirement savings is doable, if a fresh graduate starts working at 25 with a monthly salary of RM2,500, enjoys a 5% annual increment and draws a final salary of RM15,000 at the age of 60. According to Lau, this will give the individual a total of 35 years of working life a...