{"id":60424,"date":"2026-04-13T11:30:46","date_gmt":"2026-04-13T03:30:46","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=60424"},"modified":"2026-05-14T16:44:03","modified_gmt":"2026-05-14T08:44:03","slug":"how-much-does-it-cost-to-retire-per-month","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/how-much-does-it-cost-to-retire-per-month","title":{"rendered":"What Is The Monthly Cost Of Retirement?"},"content":{"rendered":"

If you ask how much it costs per month during retirement, the answer is almost always: \u201cIt\u2019s complicated.\u201d There is no definitive figure because everyone has a different life and financial situation to consider.<\/span><\/p>\n

What if you haven\u2019t met your financial goals? What if you\u2019ve exceeded them? Do you know the kind of retirement you\u2019re looking for? Will you start a business, travel every year, or go back to school?<\/span><\/p>\n

In December 2024, the Employees Provident Fund (EPF) launched its updated Belanjawanku 2024\/2025 guide<\/a> alongside a new Retirement Income Adequacy (RIA) Framework, replacing the single-tier RM240,000<\/a> benchmark that had been in use for years. The new framework introduces three tiers of retirement savings targets, reflecting different lifestyle aspirations:<\/span><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t
Savings Tier<\/strong><\/center><\/th>
Target By Age 60<\/strong><\/center><\/th>
Monthly Withdrawal (Year 1)<\/strong><\/center><\/th>\n<\/tr>\n<\/thead>\n
Basic Savings<\/center><\/td>
RM390,000<\/center><\/td>
RM1,625<\/center><\/td>\n<\/tr>\n
Adequate Savings<\/center><\/td>
RM650,000<\/center><\/td>
RM2,708<\/center><\/td>\n<\/tr>\n
Enhanced Savings<\/center><\/td>
RM1,300,000<\/center><\/td>
RM5,417<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

According to EPF\u2019s Belanjawanku 2024\/2025 guide, a single elderly person living in the Klang Valley needs approximately RM2,690 per month to maintain a reasonable standard of living in retirement, the basis for the Adequate Savings tier. This guide now covers 12 major cities across Malaysia and is updated annually.<\/p>\n

Despite this progress, as of end-2025 only 41.2% of active EPF members in the formal sector had met even the Basic Savings benchmark for their age group, meaning 4.42 million workers remain behind. Planning early and intentionally has never been more important.<\/p>\n

With over 4 million Malaysians still falling short of even the Basic EPF savings benchmark, there’s no time like now to take action. Check your eligibility and get matched with the right financial products through iMoney’s free pre-screening tool,<\/a><\/strong>\u00a0free, and with no impact to your CCRIS score.<\/div><\/div>\n

<\/span>How Do You Know How Much You Will Need At Retirement?<\/b><\/span><\/h2>\n

Someone earning RM20,000 a month will have very different retirement needs compared to someone earning RM5,000. To bring this abstract question down to earth, we can look at retirement costs through the lens of Malaysia\u2019s income classification groups.<\/span><\/p>\n

Note: The Malaysian government began phasing out the B40\/M40\/T20 classification in 2024 in favour of a net disposable income approach via PADU (the Central Database Hub)<\/a>. However, the most recent household income data from DOSM remains from the 2022 Household Income and Basic Amenities Survey, and these figures continue to be widely referenced.<\/span><\/em><\/p>\n

B40<\/h3>\n

According to DOSM\u2019s 2022 survey<\/a>, the average household income of the B40 group was RM3,401<\/strong>. Using the standard rule of thumb that you need at least two-thirds of your last drawn income to maintain your current lifestyle in retirement:<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
Category<\/strong><\/center><\/th>
Amount<\/strong><\/center><\/th>\n<\/tr>\n<\/thead>\n
Last drawn income<\/center><\/td>
RM3,401<\/center><\/td>\n<\/tr>\n
Monthly retirement income (2\/3 x RM3,401)<\/center><\/td>
RM2,267<\/center><\/td>\n<\/tr>\n
Annual retirement income<\/center><\/td>
RM27,208<\/center><\/td>\n<\/tr>\n
Required savings for 20 years<\/center><\/td>
RM544,160<\/center><\/td>\n<\/tr>\n
Required savings (adjusted for 3% inflation*)<\/center><\/td>
RM889,000 (approx.)<\/center><\/td>\n<\/tr>\n
Inflation-adjusted monthly cost<\/center><\/td>
RM3,704 (approx.)<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

*Malaysia\u2019s CPI has averaged closer to 3% annually in recent years, higher than the 2% used in older estimates<\/a>. This makes inflation-proofing your retirement even more critical.<\/em><\/p>\n

M40<\/h3>\n

The average M40 household income in 2022 was RM7,971<\/strong>, with the income range for this group spanning RM5,251 to RM11,819<\/strong> per month.<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
Category<\/strong><\/center><\/th>
Amount<\/strong><\/center><\/th>\n<\/tr>\n<\/thead>\n
Last drawn income<\/center><\/td>
RM7,971<\/center><\/td>\n<\/tr>\n
Monthly retirement income (2\/3 x RM7,971)<\/center><\/td>
RM5,314<\/center><\/td>\n<\/tr>\n
Annual retirement income<\/center><\/td>
RM63,768<\/center><\/td>\n<\/tr>\n
Required savings for 20 years<\/center><\/td>
RM1,275,360<\/center><\/td>\n<\/tr>\n
Required savings (adjusted for 3% inflation)<\/center><\/td>
RM2,081,000 (approx.)<\/center><\/td>\n<\/tr>\n
Inflation-adjusted monthly cost<\/center><\/td>
RM8,671 (approx.)<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

T20<\/h3>\n

DOSM puts the average T20 household income at RM19,752<\/strong> in 2022, with the threshold beginning at RM11,820<\/strong> per month.<\/span><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
Category<\/strong><\/center><\/th>
Amount<\/strong><\/center><\/th>\n<\/tr>\n<\/thead>\n
Last drawn income<\/center><\/td>
RM19,752<\/center><\/td>\n<\/tr>\n
Monthly retirement income (2\/3 x RM19,752)<\/center><\/td>
RM13,168<\/center><\/td>\n<\/tr>\n
Annual retirement income<\/center><\/td>
RM158,016<\/center><\/td>\n<\/tr>\n
Required savings for 20 years<\/center><\/td>
RM3,160,320<\/center><\/td>\n<\/tr>\n
Required savings (adjusted for 3% inflation)<\/center><\/td>
RM5,154,000 (approx.)<\/center><\/td>\n<\/tr>\n
Inflation-adjusted monthly cost<\/center><\/td>
RM21,475 (approx.)<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

<\/span>A Minimalist Approach To Retirement<\/b><\/span><\/h2>\n

T<\/span>The simplest way to plan your retirement costs is to aim to maintain your current lifestyle \u2014 it\u2019s what you\u2019ve been doing for years, so the numbers are familiar. That said, some retirees deliberately choose a leaner lifestyle, which can significantly reduce the savings required.<\/p>\n

Common lifestyle adjustments in a minimalist retirement include:<\/p>\n

    \n
  • Eating out less frequently and cooking at home more<\/li>\n
  • Downsizing to a smaller property to reduce maintenance and utility costs<\/li>\n
  • Switching to a more fuel-efficient or electric vehicle, or going car-free<\/li>\n
  • Cutting entertainment subscriptions and memberships<\/li>\n
  • Limiting holidays to domestic or nearby destinations<\/li>\n<\/ul>\n

    Here\u2019s an updated estimate of what a modest but comfortable retirement might look like per month, assuming no outstanding debt:<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t
    Category<\/strong><\/center><\/th>
    Estimated Annual Cost<\/strong><\/center><\/th>\n<\/tr>\n<\/thead>\n
    Housing (utilities, upkeep, sinking fund)<\/center><\/td>
    RM7,200<\/center><\/td>\n<\/tr>\n
    Transportation (fuel, servicing, road tax)<\/center><\/td>
    RM3,600<\/center><\/td>\n<\/tr>\n
    Food & groceries<\/center><\/td>
    RM4,800<\/center><\/td>\n<\/tr>\n
    Medical insurance & out-of-pocket healthcare<\/center><\/td>
    RM6,000<\/center><\/td>\n<\/tr>\n
    Leisure & entertainment<\/center><\/td>
    RM5,400<\/center><\/td>\n<\/tr>\n
    One annual holiday (domestic\/regional)<\/center><\/td>
    RM5,000<\/center><\/td>\n<\/tr>\n
    Emergency fund allocation<\/center><\/td>
    RM2,400<\/center><\/td>\n<\/tr>\n
    Total annual cost<\/center><\/td>
    RM34,400<\/center><\/td>\n<\/tr>\n
    Estimated monthly cost<\/center><\/td>
    RM2,867<\/center><\/td>\n<\/tr>\n
    Monthly cost in 20 years (3% CPI)<\/center><\/td>
    RM5,177 (approx.)<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

    This figure aligns closely with EPF\u2019s Belanjawanku 2024\/2025 guide\u2019s estimate of RM2,690\/month for a single retiree, a useful reality check.<\/span><\/i><\/p>\n

    <\/span>Starting A Business In Retirement<\/span><\/h2>\n

    Not every retiree wants to stop working entirely. Many start small passion projects or side businesses, whether to supplement income, stay mentally active, or chase a long-held dream. If you go this route, the key principles remain the same as ever: keep startup costs low and treat it as income supplementation, not a replacement for your retirement fund.<\/p>\n

    Minimise Risk<\/strong><\/h3>\n

    At this stage of life, preserving your nest egg matters more than chasing upside. Keep initial capital low and avoid taking on debt to fund the venture. A home-based business, baking, tutoring, crafts, consulting, is often ideal because overheads are minimal.
    \nFor example, a home-based cake business might cost:<\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
    Startup Item<\/strong><\/center><\/th>
    Estimated Cost<\/strong><\/center><\/th>\n<\/tr>\n<\/thead>\n
    Baking utensils<\/center><\/td>
    RM150 \u2013 RM300<\/center><\/td>\n<\/tr>\n
    Oven (if needed)<\/center><\/td>
    RM500 \u2013 RM1,800<\/center><\/td>\n<\/tr>\n
    Packaging materials<\/center><\/td>
    RM50 \u2013 RM150<\/center><\/td>\n<\/tr>\n
    Ingredients (first month)<\/center><\/td>
    RM150 \u2013 RM400<\/center><\/td>\n<\/tr>\n
    Baking classes (optional)<\/center><\/td>
    RM500 \u2013 RM1,000<\/center><\/td>\n<\/tr>\n
    Total (low end)<\/center><\/td>
    RM1,350<\/center><\/td>\n<\/tr>\n
    Total (high end)<\/center><\/td>
    RM3,650<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

    Supplement, Not Replace<\/b><\/h3>\n

    Even two orders a week at RM50-RM120 each can bring in RM400-RM960 a month, a meaningful cushion on top of EPF withdrawals. As your reputation grows, so can your income. The goal isn\u2019t to rebuild a career; it\u2019s to add financial and personal fulfilment to your retirement years.<\/span><\/p>\n

    <\/span>Travelling and Going Back to School<\/b><\/span><\/h2>\n

    For many Malaysians, retirement is finally the time to see the world or pursue an education that career and family responsibilities made impossible. These aspirations are achievable, but they require deliberate planning.<\/span><\/p>\n

    Using the two-thirds rule, let\u2019s estimate for someone whose last drawn salary is RM5,700:<\/span><\/p>\n\n\n\n\n\t\n\n\t\n\t\n\t\n\t\n\t\n\t
    Category<\/strong><\/center><\/th>
    Amount<\/strong><\/center><\/th>\n<\/tr>\n<\/thead>\n
    Last drawn income<\/center><\/td>
    RM5,700<\/center><\/td>\n<\/tr>\n
    Monthly retirement income (2\/3)<\/center><\/td>
    RM3,800<\/center><\/td>\n<\/tr>\n
    Annual retirement income<\/center><\/td>
    RM45,600<\/center><\/td>\n<\/tr>\n
    Required savings for 20 years<\/center><\/td>
    RM912,000<\/center><\/td>\n<\/tr>\n
    Masters programme (Universiti Malaya, approx.)<\/center><\/td>
    RM28,000 \u2013 RM35,000<\/center><\/td>\n<\/tr>\n
    Required savings including education<\/center><\/td>
    RM940,000 \u2013 RM947,000<\/center><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

    For travel, the math is similar, decide how many trips you want to take per year and at what budget, then add that figure to your annual retirement cost before calculating your total savings target. A RM10,000 overseas holiday each year adds RM200,000 to a 20-year retirement fund at today\u2019s prices.<\/p>\n

    <\/span>Conclusion<\/b><\/span><\/h2>\n

    There is no single right answer to how much you\u2019ll need per month in retirement, it depends on your lifestyle, health, aspirations, and how early you start saving. What has changed significantly is the benchmark: EPF\u2019s updated RIA Framework now sets RM390,000 as the minimum (Basic) savings target by age 60, and RM650,000 for an adequate retirement income of around RM2,690 per month.<\/span><\/p>\n

    With rising inflation, longer life expectancy, and a large proportion of Malaysians still falling short of even the Basic Savings target, the urgency to plan early and contribute consistently has never been greater. Whether you\u2019re aiming for a minimalist retirement or an active one filled with travel and new experiences, the time to start is now.<\/span><\/p>\n

    This article has been updated in May 2026<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

    Depending on what you want to do in retirement, costs may go up or down.<\/p>\n","protected":false},"author":58,"featured_media":60437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[218,240,308],"tags":[974,975,766,649,650,1048,976],"class_list":["post-60424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-management","category-retirement-planning","category-saving-tips","tag-b40","tag-m40","tag-money-management","tag-retirement","tag-retirement-planning","tag-saving-tips","tag-t20"],"acf":[],"yoast_head":"\nHow Much Will You Need Per Month For Retirement?<\/title>\n<meta name=\"description\" content=\"Estimating how much retirement will cost is not easy. However, we can at least make an educated guess. 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