My prediction

The retirement age will probably increase from 62 to 65

No more options to withdraw everything except a small amount

Balance will be monthly withdrawal until 75 to 80

Unless you're 55 years old, you can't do anything 😁

If youngsters are capable, they be able to overtake the boomers

There are plenty of C suite people who are young today

However, there are tons of youngsters who think they are better than boomers but in reality they are just dreaming

Raising retirement age has been discussed since Najib time lah

Najib was the one who raise it to 60

We need to revisit this issue today because it's genuinely a problem which we must tackle

I don't know why there are people who against it

If you want to retire early, no one is forcing you to retire at 65

This option is for those who still need to work as they can't afford to retire early

As for EPF, if people rely only on EPF as their only source of fundings after retirement, it means that you really should retire at 65

As for not allowing people to withdraw everything, just look at Singapore and the reason why they are doing it lah

When Najib increase the retirement age to 60, it was the same lah

There are people who supports it and there are people who are against it

As for bloated civil service, you should consider how we calculate our civil service

We include police officers, military personnel and teachers but most countries do not include them

The biggest issue today is more towards unbalance distribution of civil service

Look at government hospitals for examples. Why are nurses and doctors bogged down with doing administrative jobs?

Fact is today, the pros of extending the retirement age is higher than maintaining it at 60

Why are there so many people especially youngsters are against it?

Singapore retirement age is 64 and do you really think our people savings are more than Singaporeans when they retire?

A lot of them think they can easily replace the boomers, and the boomers are just blocking their way

However, they forgot that there are plenty of youngsters reaching c suite level

If they are not in those position today, it only means they are not there yet

Malaysia is projected to become an aged country by 2030, with 15.3% of the population aged 60 and over. This is a result of increasing life expectancy and declining fertility rates. The percentage of those aged 60 and over is expected to increase from 7.9% in 2010 to 15.3% in 2030.

Fact 1. Malaysian population is aging population
Fact 2. Most Malaysian people don't have enough when they retire at 60
Fact 3. Some Malaysians used up all their retirement funds in just a few years after retiring
Fact 4. Most successful countries in the world set their retirement age above 60
Fact 5. EPF sustainability will be a problem in the future if we continue with current set up

There are tons of reasons why raising retirement age is a no brainer lah

You do know that nobody can force you to not retire early, right?

Start biz earlier? You think all biz is sure profitable

What is wrong with putting in EPF and not withdraw everything?

The topic is not why against 65 years old retirement?

Anyway, it’s a genuine question. Why you so eager to take it out?

You really sure can find something that gives a better safer and stable returns like EPF