Because your children isn’t a retirement plan.

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👋 Introduction

In Malaysia, many still cling to the idea that children will care for them in old age. It’s a cultural sentiment, and one rooted in love. But let’s be honest… times have changed.

The cost of living is rising, our kids face their own financial struggles, and relying solely on them could place a heavy burden. The good news? You can retire comfortably and independently, with proper planning.

Let’s explore how.

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📌 Why You Shouldn’t Rely on Your Children for Retirement

Malaysians often say,

“Nevermind lah, my kids will take care of me.”

But here’s the reality:

🔍 What You Assume	⚠️ What Might Happen
Children will be financially stable	They’re dealing with housing loans, inflation & cost of raising their own kids
You’ll be healthy	Medical costs in retirement are unpredictable
One child will take care of you	Family dynamics change. Disagreements happen
They’ll have time for you	Work, migration, and their own commitments might get in the way

Relying on your kids is a gamble. Planning your own retirement is a strategy.

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🧭 Step-by-Step Guide to Planning an Independent Retirement

1. 🔍 Know Your Numbers

Ask yourself:

• What age do I want to retire?
• How long will I live post-retirement? (Plan for 85–90, to be safe)
• What will my monthly expenses be?
• What about medical and emergency costs?

💡 Quick tip: Use the EPF Retirement Calculator or apps like “MyMoney” by AKPK to project your retirement gap.

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2. 🏦 Build Multiple Income Streams

Relying only on EPF or government pensions? That might not be enough.

Consider these options:

• Private Retirement Schemes (PRS) – You get tax relief and a long-term nest egg.
• Unit trusts or robo-advisors – For diversified investments.
• Rental income – A steady source if managed properly.
• Annuity or monthly payout insurance – For predictable cash flow.

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3. 💼 Maximise EPF Contributions

The basic savings target by EPF is RM240,000 at age 55. But let’s be honest, that only gives you RM1,000/month for 20 years.

You can:

• Make voluntary contributions (top-up up to RM60,000/year)
• Open an EPF i-Saraan if you’re self-employed
• Consider EPF investments under Account 1 for higher returns

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4. 🩺 Don’t Forget Medical Protection

Hospital bills don’t care whether you’re retired.

• Get a medical card while you’re still young and healthy (premiums shoot up with age)
• Set aside an emergency fund for non-claimable items (dental, supplements, caretaking)

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5. 📝 Estate & Legacy Planning

Even in retirement, you’ll need a plan to pass on your wealth:

• Write a will to ease family disputes
• Consider a trust to protect a disabled child or manage property
• Nominate EPF & insurance beneficiaries correctly to avoid frozen assets

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6. 🧘‍♂️ Start Now, Start Small

It’s never too early, or too late, to start.

Even if you’re in your 40s or 50s, there’s still time:

• Review your lifestyle expenses
• Increase your savings/investment allocation
• Set retirement milestones: RM100k, RM250k, RM500k, and beyond

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🙋‍♂️ Final Thoughts

Your children may want to help.
But the greatest gift you can give them, is not needing to.

Financial independence in old age gives you dignity, confidence, and options. So start planning today. Your future self (and your kids) will thank you.

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💬 Let’s Talk:

Have questions about your retirement plan?
Book a free 30-min discovery session with me. No pressure, just a friendly chat.