Retired Father-In-Law Depletes RM500,000 Retirement Fund In A Year, Struggles To Make Ends Meet
The son-in-law’s heartfelt account sheds light on many families’ challenges as they navigate financial pressures while striving to support their loved ones.
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Life after retirement is supposed to be relaxing, but financial mismanagement can lead to ongoing stress for some retirees.
This is the case for a retired father-in-law who struggles to make ends meet despite receiving a generous retirement sum of over RM500,000.
According to mStar, his son-in-law, based in Kuala Lumpur, revealed that the retirement fund had been depleted within a year, leaving the elderly couple with no savings.
The son-in-law discloses that the retired couple often complains about financial constraints, frequently requesting additional funds for various expenses.
Even routine maintenance and repairs around the house burden the son-in-law, who strives to support his in-laws with a monthly allowance.
Financial Goliath Towers Over Modern-Day Job
However, the strain on his finances is evident, with the son-in-law feeling pressured to provide additional funds whenever his in-laws require assistance.
The situation becomes more complicated as the son-in-law’s financial responsibilities grow.
With three young children living in Kuala Lumpur, living costs pose a significant challenge for the family.
Despite their best efforts to save, the son-in-law admits to having no savings due to the constant financial demands from his in-laws.
The emotional toll is evident as he expresses frustration and disappointment at the in-laws’ lack of understanding regarding their financial struggles.
The Economic Realities Facing Malaysian Families
In Malaysia, such cases are expected as the cost of living rises.
The cost of living for a typical family has been estimated to be around RM10,774 per month, according to a report from Expatistan.
Many households, like the one described, have both husband and wife working to make ends meet.
Gaji isteri lebih besar dari suami, disebabkan gaji suami tk cukup utk tampung perbelanjaan rumah. Isteri dgn ehsan membantu ringankan beban suami.
— TwtWedding (@twtmalaywedding) May 11, 2023
Tapi suami kantoi beli barangan mahal yg tak berfaedah. pic.twitter.com/1B0tGpVJnA
This trend reflects the economic challenges families face in the country, where dual-income households have become necessary for financial stability.
As a result, the traditional roles and responsibilities within the family unit have evolved, reflecting the broader economic challenges households face in Malaysia.
4.5k and married? Nope not enough. To live comfortably at least 5k a month and both husband & wife have to work.
— Caleb (@AirellRezell) October 23, 2020
To maintain a family institution all together, household income about 10k?
Especially if you are living in KL. https://t.co/scgqSxDjaK
At the same time, the challenges of financial preparation for retirement have become increasingly apparent.
A survey revealed that many Malaysians save less than RM500 per month, indicating a potential shortfall in retirement funds for many.
Additionally, data from the World Bank has shown that a substantial percentage of the workforce in Malaysia is not actively contributing to retirement funds, further highlighting the potential inadequacy of retirement savings.
READ MORE: Many Malaysians Neglect Personal Insurance Coverage, Relying Solely On Company Insurance!
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