The Expected Retirement Lifestyle among Elderly Malaysians in Klang Valley

Yong, Jun Yin (2024) The Expected Retirement Lifestyle among Elderly Malaysians in Klang Valley. Masters thesis, Tunku Abdul Rahman University of Management and Technology.

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Abstract

Accumulating life savings from young is crucial so that individuals can live and enjoy their retirement years in a happy and comfortable environment. Consequently, Malaysians are diligently striving to generate a steady income throughout their lives. The Malaysian government, meanwhile, has implemented various policies to safeguard its citizens in facing old age. According to the Employees Provident Fund (EPF) 2021 annual report, the average savings in EPF for active members aged 60 and above is Ringgit Malaysia (RM)208,700, which falls below the minimum required savings amount; RM240,000. Furthermore, the COVID-19 pandemic has resulted in 34.0 per cent of workers losing their jobs while 17.8 per cent have encountered a decrease in income. In this scenario, the decrease in income could have additional repercussions on individuals' savings and their projected retirement duration. Thus, the objective of this study is to investigate the potential impact of happiness, financial status, and quality of life on the anticipated retirement lifestyle of older Malaysians. Generally, Malaysians are satisfied with their anticipated retirement lifestyle. This study centres on the anticipated retirement lifestyle of individuals with a specific focus on older Malaysians aged 60 and above, residing in the Klang Valley region of Malaysia. The literature does not provide information about the happiness, financial status, and quality of life of older Malaysians in relation to their expected lifestyle. This study conducted primary research on 250 elderly individuals in Klang Valley, Malaysia, using a non-probability sampling technique known as quota sampling. The data was collected through face-to-face interviews using a structured questionnaire, administered via Google Form. The study has identified a direct correlation between one's financial status, happiness, quality of life, and anticipated lifestyle. This study has yielded several implications for the Malaysian government such as the need to optimise medical expenditures and health insurance. Additionally, it suggests that businesses should consider providing more job opportunities for skilled senior employees and offering them more health benefits. Lastly, the study also highlights the importance for the society to obtain more information about retirement