SHAH ALAM, Jan 29 — Retirement is no longer the end of one’s career, as the majority of Malaysians choose or are compelled to continue working to meet living needs and ensure financial stability in later life.
A survey, titled 'Retirement Reimagined: Asia’s Retirement Divide', found that 64 per cent of respondents in Malaysia expect to continue working or are already working after reaching retirement age.
The findings reflect a widening gap between those who are financially prepared and those who continue to face challenges in achieving financial security.
Berita Harian reported that Sun Life Malaysia president and country head Ho Teck Seng said the concept of retirement is evolving and is no longer tied to a fixed timeline.
“We are seeing a growing divide between those who work to fulfil personal aspirations and those who work out of necessity,” he said.
Ho added that the pressure is most acutely felt by the ‘sandwich generation’, who shoulder the needs of both parents and children at the same time.
“Sun Life believes that financial security should not be left to ‘chance’,” he said.
The survey revealed that the need for a steady income remains the primary factor, with 63 per cent of respondents saying they continue to work to cope with the cost of living and to ensure long-term financial stability.
However, some respondents chose to remain in employment for non-financial reasons, such as seeking meaning and life satisfaction (53 per cent), mental stimulation (53 per cent), and maintaining social connections (52 per cent).
Nearly 79 per cent of respondents believed retirement should be a personal choice rather than determined solely by an age limit, in line with Malaysia’s reality as it moves towards an ageing society.
It also identified two main retirement pathways in Asia, namely the ‘Gold Star Planners’ and the ‘Stalled Starters’.
For the Gold Star Planners, who are financially prepared, working longer is a choice driven by wellbeing and a sense of purpose, with 68 per cent citing these factors as their main motivation. In contrast, among the Stalled Starters, 67 per cent admitted that they were delaying retirement due to financial constraints and the need to save more money.
The survey also showed a significant increase in the use of generative artificial intelligence (GenAI) as a source of financial information, nearly doubling from 10 per cent to 21 per cent.
This trend has raised concerns over self-directed retirement planning without professional guidance, as reliance on banks and independent financial advisers appears to be declining.
In terms of sentiment, financial security remains the key factor influencing optimism about retirement, alongside physical and mental health.
The survey indicated that the level of retirement planning among Asians remains low: 30 per cent make no early preparations, and only 15 per cent are truly confident in their retirement plans.
