Reference no: EM133108724
According to a Survey of Consumer Finances, younger individual, females and households with relatively low incomes, and self-employed individuals are less likely to perceive having adequate retirement income and results in not prepared for retirement. A report from Global Ageing (Nielsen, 2012) shows that 35 percent of the employees are not prepared for retirement, 44 percent are unsure about their own preparation and 21 percent are prepared and aware about their retirement issues. Researchers concluded that age, marital status, and income level tend to have a significant impact on the amount of money saved for retirement. Furthermore, higher income, longer years of employment, better education and having a skilled occupation are positively related with the accumulated retirement fund levels. As a conclusion, it is clear that there are some factors influencing an individual's retirement preparedness but the reason of why individuals are not taking any action for being prepared for retirement.
Source: Swaarna, K., Sharifah, A. H., & Laily, P. (2012). A Study on Retirement Preparedness of Private Sector Employees. Jurnal Penggunaan Malaysia, 57-73.
Based on the above excerpt,
a) Briefly explain main issue of retirement plan.
b) Identify discuss any TWO (2) retirement scheme plans in Malaysia that can address the issue related to retirement plan.
c) Discuss any FIVE (5) factors influencing the amount of money saved for retirement. Provide your justifications.
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