Abstract
Retirement adequacy is estimated using Malaysian Household Income Survey (HIS) 2009 data based on 5881 sample of households with information on income, demographic and socioeconomic characteristics of each household.The adequacy of retirement income is assessed by comparing accumulated projected wealth of an individual’s work life at retirement age with his/her total consumption (needs) in retirement. From the idea of life cycle model, the desired retirement income is to maintain the preretirement level of living throughout retirement.Therefore, retirement wealth can be defined as adequate if the total retirement income is equal or greater than the total desired retirement consumption.Based on the wealth-need ratio projections, 69% of households are adequately prepared for retirement.Besides the projection of retirement adequacy, a logistic regression is performed to determine the demographic and socioeconomic determinants of retirement adequacy. In addition, optimistic and pessimistic scenarios are projected to discern the effects of retirement and investment factors on retirement wealth adequacy.
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