Fall is underway, and the winter holiday season is right around the corner. Companies are preparing to meet the demands of the upcoming season by recruiting, hiring, and training seasonal and holiday workers, bringing a wave of flexible job opportunities that offer the chance to boost your income and your career. Toni Frana, a career expert at FlexJobs, says: Start your search for work…
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Many retirees who turned or will turn 73 or older this year are up against a potentially costly tax deadline. Folks that age who own retirement accounts generally must withdraw what the IRS calls a required minimum distribution (RMD) by Dec. 31 of every year. Those who miss their RMD deadline face a whopping 25% fine — which could translate to hundreds or thousands of dollars.
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It’s great to know which jobs are projected to have skyrocketing growth, but what’s just as important — if not more so — is knowing which jobs have plummeting outlooks. The U.S. Bureau of Labor Statistics tracks that information exactly. And while employment is projected to increase by 3.1% across all occupations by 2034, plenty of jobs are expected to shrink at a rapid rate…
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Remote work has become a defining feature of the modern job market, offering flexibility, autonomy, and a better work-life balance. In response to this shift, more companies have permanent remote work policies in place, expanding access to legitimate remote, work-from-home jobs across industries. With increased competition among job seekers looking for remote jobs hiring now, however…
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April 15 might be the most notorious tax deadline, but Dec. 31 brings us more federal income tax deadlines than perhaps any other day of the year. That’s because Dec. 31 marks the last opportunity to qualify for certain money-saving tax credits and deductions. While you still might be able to earn those tax breaks next year, they won’t apply to the income tax return you file in the spring.
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Blood pressure is top of mind for many, with nearly half of American adults having hypertension. It’s even the No. 1 risk factor for death globally. If it isn’t on your mind — maybe it should be. According to Yale Medicine, anyone who is chronically stressed, eats a lot of processed foods, is overweight or obese, or has a family history of high blood pressure is at risk. And if you didn’t…
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The terms “communism,” “socialism,” “democratic socialism,” and “fascism” get thrown around constantly these days, often by people who either don’t know what they mean or don’t care. They’re used most often by people who make their living by demonizing their political opponents. Whether politicians accuse opponents of socialist agendas or social media erupts over fascist tendencies…
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When you’re ready to clean, it’s easy to spend big bucks on pricey supplies at the hardware store or a big-box store. But you can find just about everything you need to tackle a deep clean or stay on top of daily cleaning at a decent price. Of course, there will be duds among the cheapest of cleaning products. So I headed to my local Dollar Tree to find out just how much cleaning bang I could…
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Gift cards are a way of life in America. And if you know the right secrets, you can buy gift cards for less than you may realize is possible — not to mention getting them for free. You can also make gift cards pay off to a greater degree than you likely realize. Following are gift card hacks that every savvy shopper should know.
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Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. It has been a year since Donald Trump won the presidency with inflation as his central campaign issue. The promise was simple: bring down prices from day one. But Americans are still feeling the squeeze at checkout lines…
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As temperatures drop across much of the United States, many travelers begin planning a winter escape to warmer destinations. This year, the timing may be particularly favorable for budget-conscious vacationers. According to recent data from the U.S. Bureau of Labor Statistics, average airfares have dropped in the years following the COVID-19 pandemic, offering relief from near-historic highs in…
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Disillusioned by password sharing crackdowns with streaming platforms? You may now be on the hunt for free TV apps. With the cost of everything seemingly going up lately, finding cheap entertainment is at least a small win. Luckily, there are more options than ever for replacing your traditional cable setup without shelling out cash. Many free streaming services have stepped up to offer access…
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Every weekend, I recap “news you can use” from the week — a handful of quotes from major (and often expensive) news sources — so you can stay up to date on the news that affects your money without spending a dime and in less than a minute. Here’s an overview of what happened this week. Consumer sentiment nears lowest level ever as worries build over shutdown (Nov. 7, CNBC): The university’s…
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Thank you for your service. Everyone wants to thank veterans and active military members for their courage and sacrifice. And many restaurants and businesses show their appreciation on Veterans Day with a FREE or discounted meal or service on Tuesday, Nov. 11. Living on the Cheap only includes deals and giveaways our staff is able to independently verify. Price and participation may vary by…
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Getting access to Medicare after years of paying into the system can feel like finally “making it.” However, once you begin receiving Medicare benefits, it’s important to understand that there are terms and conditions. If you don’t pay attention to some of the rules, you could end up paying a penalty — and some penalties have long-lasting effects. Here’s what you need to know about different…
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After a big spending spree, you might ask yourself, “Do I have too many credit cards?” Like most things, the answer isn’t cut and dried. And although having multiple credit cards isn’t necessarily bad, there is such a thing as having too many, especially depending on how you’re using them and which ones you have. We spoke to several financial experts to find out just how many credit cards you…
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Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. This year, auto insurance rates have finally fallen after years of climbing higher. But that good news has not pushed insurer customer satisfaction scores with claims much higher, according to J.D. Power’s latest annual U.
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Many of us are paralyzed by the job of planning for an emergency. It’s hard to prepare for the unknown. But stocking emergency food and supplies is like buying insurance. Your household may never face a devastating natural disaster or pandemic — but if it does, and you are unable to get to a store, having a well-stocked pantry and freezer may prove priceless. So, if you have been…
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American retirees are worried about their money. A Schroders survey from earlier this year found that 92% of American retirees are at least slightly concerned that inflation will reduce the value of their assets, making it the chief financial concern of those in their golden years. Annuities can be a great choice for retirees hoping for a safe stream of income during retirement. However…
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Long gone are the days when the internet was considered a luxury. Now, not only do most of us have it — we need it to do our jobs or daily tasks. That’s why it’s easy to get trapped into overpaying for home internet. If your local internet provider jacks up prices, what can you do? T-Mobile 5G home internet is marketed as a more affordable alternative to traditional cable internet.
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Back pain is a prevalent issue in America, and adults over the age of 65 are more likely to experience it. Surgery can seem like a simple fix, but it’s more likely a waste of money and risky, according to recent research from the Lown Institute, a health care think tank. Lown researchers found that U.S. hospitals performed more than 200,000 unnecessary back surgeries on Medicare beneficiaries…
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Advertising Disclosure: When you buy something by clicking links within this article, we may earn a small commission, but it never affects the products or services we recommend. More Americans than ever now live long enough to retire. But even as longevity improves, certain risks continue to shape what later life looks like. According to the most recent complete Centers for Disease Control and…
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The World Bank’s recent call for Malaysia to expand social pensions has reignited another sensitive conversation — should Malaysia also raise the retirement age from 60 to 65?
On paper, the idea makes sense.
We are living longer. Life expectancy in Malaysia has increased from 68 years in 1990 to nearly 76 years today. The logic follows: if people live longer, they should work longer.
But in reality, this shift is not so simple.
For those approaching retirement — and those still in the workforce — raising the retirement age could create both relief and resentment.
Let’s break down what this means for everyday Malaysians — financially, emotionally, and practically.
1. Why the Retirement Age Debate Is Back
Malaysia’s population is aging at record speed.
By 2045, 14% of Malaysians will be aged 65 and above, making us an “aged society.”
At the same time, nearly half of EPF contributors reaching age 55 have less than RM10,000 — not nearly enough to retire with dignity.
The government faces a dilemma:
If people retire at 60, many will outlive their savings.
If retirement is delayed to 65, some may struggle to stay employed or healthy enough to work.
There’s no easy answer — only trade-offs that must be managed carefully.
2. For Those Nearing Retirement (Aged 55–60)
Pros:
Longer Working Years = More EPF Savings
Extending employment by five years enables continued contributions to the EPF and potentially higher compound growth, helping to close the retirement savings gap.
More Time to Settle Debts
Many nearing 60 still carry housing loans or support adult children. A longer working period gives breathing space to stabilize finances before retirement.
Better Access to Medical Benefits
Employees who remain in the workforce longer typically continue to receive employer-sponsored medical coverage — a crucial benefit as healthcare costs rise with age.
Cons:
Job Security Challenges
The reality is, not everyone will be employable until 65. Age discrimination, health limitations, and limited upskilling opportunities can leave many jobless before they reach the new retirement age.
Emotional Burnout and Family Pressure
Many older workers already feel tired and emotionally strained. Extending the retirement age may worsen physical and mental stress, especially in physically demanding jobs.
Deferred Retirement Dreams
Malaysians who planned to retire at 60 — to travel, rest, or spend time with grandchildren — may feel robbed of their long-awaited freedom.
3. For the Current Working Population (Aged 25–50)
Pros:
Stronger Retirement System in the Long Run
A longer working lifespan means more years to contribute to EPF and PRS, potentially leading to higher retirement savings and reduced dependency on the government.
More Sustainable Social Security
If people retire later, fewer citizens depend on pensions or government aid at once. This helps reduce national fiscal strain and may protect future generations from heavier tax burdens.
Encourages Lifelong Learning and Career Adaptability
Knowing that careers will stretch longer could encourage Malaysians to upskill, pivot industries, or remain productive well into their 60s — similar to trends in Singapore and Japan.
Cons:
Delayed Career Progression for Younger Workers
If seniors stay longer in their positions, promotions and leadership opportunities for younger employees may slow down, creating frustration and stagnation in career growth.
Increased Competition in a Slow Job Market
Extending the retirement age may worsen job scarcity for the younger generation, especially in industries where senior roles are not easily replaced.
Financial Fatigue Over a Longer Career
Working five extra years might mean additional income, but it also means postponing personal milestones — like entrepreneurship, early retirement, or extended family care.
4. The Financial Planner’s Insight
As a Certified Financial Planner, here’s the truth:
Whether the retirement age is 60 or 65, your financial independence should not depend on government timelines.
If you’re nearing 60:
Review your EPF balance and expected withdrawals carefully.
Explore phased retirement options — part-time work, consulting, or small business ventures that maintain income without burnout.
Prioritize healthcare planning and debt clearance before fully retiring.
If you’re still in your 30s or 40s:
Assume you’ll live and need income until at least age 85.
Focus on building multiple retirement income streams — through PRS, investments, and passive income.
Don’t rely solely on policy changes; take advantage of compound growth while time is on your side.
5. The Bigger Picture: Society at a Crossroads
Raising the retirement age to 65 is not just a policy shift — it’s a societal reset.
It forces Malaysians to rethink:
What does “retirement” really mean?
Are we preparing financially, emotionally, and skill-wise to work longer?
And how can we ensure older Malaysians still find dignity, not just employment, in their later years?
The goal shouldn’t just be to delay retirement, but to extend financial security — giving every Malaysian the freedom to choose when and how they retire.
Conclusion
The proposal to raise Malaysia’s retirement age to 65 is a double-edged sword.
It could help close the retirement savings gap — but it also exposes the harsh truth that many Malaysians are not financially ready to stop working at 60.
The challenge is not merely to work longer — but to work smarter, save consistently, and plan early so that retirement becomes a choice, not a necessity.
Key Takeaway
Raising the retirement age may delay retirement, but it shouldn’t delay your financial freedom.
Plan early. Save wisely. Whether the law says 60 or 65, true retirement begins when your money works for you.
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It was the mayonnaise trick that sold me. I have a grade-school daughter, and let’s just say she’s not always super careful about using coasters on our wooden coffee table. Let’s also say that we don’t have the money to run out and buy another coffee table just because her glasses of ice water left behind some ugly white circles. So, I did the modern equivalent of calling your mother for…
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