MALAYSIA - A RETIREMENT HAVEN?

Hiroko, 64, and her husband Hiroyuki, 67,
find Malaysia an ideal place for a second home.
Pic: The Star

My retired friends, kindly take note. Some of you may find it hard to believe this, but Malaysia has consistently been voted among the top places in the world to retire in. I know the grass is always greener on the other side, but if you look at Malaysia through the eyes of a retiree from a country where the winters are long and cold, where the cost of living is high and where natural disasters are common, it is easy to understand why Malaysia My Second Home Programme has been quite successful. It has attracted over 18,000 foreigners to settle in Malaysia as of March 2012.

Of all the best places to live in Malaysia, Penang captures the top spot hands down. It's not only the hawker food, the sunny weather and the friendly people, but also the relatively low cost of living. It is among the cheapest places to set up home. That's according to Living International Magazine which recently voted Malaysia 3rd on the list of the world's top Retirement Havens 2013. I share this write-up by Keith Hockton.

For a complete list, you can read the full article here.

3. Malaysia: Asia’s Most Desirable Destination

By Keith Hockton

“Go back to New York to live? Never!” says 65-year-old Lorna Taylor. “We moved to Malaysia because of the weather, the golf and the low prices; our costs are now a third to a quarter of what they were in the U.S. We even have a maid come in and clean four times a week. We couldn’t do that in New York. No, we’ll never leave Penang.”

I’m 30 years younger than Lorna and her husband John, and yet they still manage to beat my wife Lisa and me convincingly at tennis. They have a coach who comes twice a week, and for $10 a lesson I can see his efforts are clearly paying off.

I also completely understand and agree with their view about Malaysia. It has everything. Its weather is a tropical 82 F all year round and its beaches, islands and jungles are pristine. It has some of the region’s best street food, great restaurants, bars, shopping malls and movie theaters—and it’s all affordable.

Lisa and I rent a sea-view apartment for $1,000 a month—it comes with a shared pool and gym. We eat out five nights a week, keep a small sailboat, and our total budget is $1,719 a month. Two people can have a three-course meal here for $10.

A bagful of fresh fruit costs around $4. We also have a maid that comes once a week for four hours at a cost of $12.

Malaysia’s an easy place to make friends and integrate as English is the unofficial first language. Lots of expats live in Kuala Lumpur and Penang and numerous organizations here can help you get settled and integrated. For example, the International Women’s Association (formally The American Woman’s Association) has just over 500 members who organize activities on a daily, weekly and monthly basis. On Mondays there are jungle walks, Tuesdays mah-jong (a type of card game), Wednesdays sewing. They sponsor trivia night once a week at a local pub and put on a ball once a year. 

Penang and Kuala Lumpur are also medical centers of excellence and every day two planeloads of medical tourists arrive in Malaysia for various treatments. Not only is the health care amazing but it’s among the world’s cheapest. And prescriptions here cost a fifth of what you pay at home.

The last time I was at the dentist I got a filling and a cleaning, which cost $22.50. In the U.S. this would set me back around $180. We can also buy property, land, and houses and condominiums freehold—something you can’t do elsewhere in Asia.

The streets of old Penang. Trishaws are still a common sight.

And here is a typical monthly budget for a couple living in Penang, taken from International Living magazine. (Currency: USD)

Rent: $500
Electricity: $100
Water: $10
Cell phone: $10
Gas: $4
Internet: $30
TV: $40
Maid (four hours a week): $15
Transportation: $34 for gas
Health insurance: $33
Dining out/Entertainment: $300 (and that’s eating out five nights a week, alcohol not included)
Monthly total: $1,076

Hard to beat such prices

An entire bagful of fresh fruit, including mangoes, bananas, apples, oranges, and pineapples costs just $4. High-speed Internet is reliable and costs $30 a month, and a premier cable TV package for $40 includes favorites like HBO, CNN, and the BBC. And a couple can eat out well for less than $10. Go to night bazaars, and you can dine for much less than that: Chicken-and-rice meals are often only $1.

Expats from rich developed countries can easily retire to a life of comfort and luxury for $2000 a month. No wonder our close cousins from neighbouring Singapore have been snapping up property in Johor.

For more about why these expats have chosen Malaysia as the ideal place to retire in, click here.

Now aren't we blessed to call Malaysia our home?

A NEW YEAR, A NEW ME?

It's the first day of a brand new year. That means time to start working on your resolutions for 2013 if you haven't done so yet. For many of us this has become an annual ritual of reflecting on how successful or not we have been with the previous year's resolutions. The more cynical among us will say why bother? I say why not? We need goals to aim for, to challenge us so that we can do better.

Looking back on the 365 days that have passed, most of us can give thanks for all the good things that have happened to us, and for the lessons we have learned from the not-so-good experiences. One thing we can all be grateful for is the world didn't end on 21 December 2012, not that we believe in Doomsday.

This can easily be me or you, if we don't watch
what we eat, and don't exercise enough.

I have made only one personal resolution for 2013, and that is to take better care of my health. My top priority is to lose some weight. The mere thought of tipping the scales at 60kg (132 pounds) horrifies me. No, I am not obese or even fat. I would love to say I am far from it, but why wait till I am on the threshold of obesity? More pounds means more effort needed to get back in shape.

Being obese regardless of our age puts us at risk of multiple health problems as the diagram below shows.

Some may find this image offensive, but when it's a matter of life or death, it's better to be shocked into action than lulled into complacency.

We are all aware of the health risks when we allow ourselves to accumulate fat. Being aware is one thing, understanding the message is another. But as long as we don't lift a finger or a muscle to do anything about it, we will continue to remain as we are - overweight. Chubby is not cuddly, unless you are a baby. Neither is plump cute, unless you are a rubber doll.

And while we are on the subject of health, it's time for that annual blood test, and other medical check ups that are recommended for older adults. I recently had my blood tested, went for a gastroscopy and colonoscopy, CT-scan, ultra-sound, ECG, mammogram and a dental check-up.

I still need to go for a pap smear. I have been given a clean bill of health by the doctors. That's reassuring news. But that doesn't mean I can take it easy. Having been under the knife twice, I need to be vigilant about my health. So should everyone. We owe it to our children and grandchildren to live long and in good health.

Source: WebMD. Click on the link to calculate your BMI

A one-stop website for health and wellness that I would recommend is Dr Oz's 10-step Ultimate Health Checklist. Check it out. :-)

2013 - ANOTHER YEAR OLDER, AND HOPEFULLY WISER

LET NOT AMANAT'S DEATH BE IN VAIN

I heard the news over breakfast early this morning that gang-rape victim 'Amanat' (not her real name) had passed away at 4.45am today. She had been flown to Singapore and admitted to Mount E barely 24 hours ago in a critical condition. Yesterday the doctors had announced that 'the vital signs of the 23-year old paramedical student were deteriorating with signs of severe organs failure', and her parents had been told to be by her bedside to comfort her.

Her demise will certainly re-ignite protests and demonstrations worldwide that violence against women should not be tolerated, that women are to be respected and anyone found guilty of abuse against women should be severely punished. The term 'women' here includes little girls as well for they are tomorrow's women.

Source: Associated Press

Enough is enough. For too long rapists have managed to get away either scot-free or given only a light sentence. This makes a mockery of justice. Our world is pretty much a patriarchal one. Policy-makers are still overwhelmingly male. It's about time we had more women representation in governments and public organizations. Only women can truly know what it is like to be treated less worthy than a man. Only they know what it feels like to be treated as objects of sexual pleasure for men or traded as commodities by them.

The Straits Times published a poignant letter today that deserves to be shared. It was written before the announcement of Amanat's passing. Do read it to appreciate what it is like to be a woman living in a country where you feel safe no matter where you go on your own. It is a 'Tale of Two Countries'. I am writing this in Singapore, and I echo the sentiments expressed in the letter.

Over to you, Prime Minister Manmohan Singh. You know what needs to be done. A pledge means nothing if it is not honoured.

From today's Straits Times

Isn't it ironic that women bear the two most iconic symbols of liberty and justice? Statues are mere tourist attractions if the values they represent are not embraced by men and women everywhere.

STAY AWAY FROM LOAN SHARKS OR RISK BEING EATEN ALIVE

This must be a parent's worst nightmare - to be hounded by loan sharks, because your son is unable to repay a loan. (Click here to read the original article published in the Star today).

These loan sharks or 'Ah Longs' as they are popularly referred to in Malaysia and Singapore are known for their ruthless methods of collecting payment. If splashing red paint on their hapless victims' car or front door doesn't prove effective, they will resort to more violent tactics to collect their debts, including cutting off the fingers and ears of the victims. Yet there is no shortage of people who will seek out Ah Longs to borrow money from.

Two loan shark victims who were chained and locked up in a cell by debt collectors. They were rescued by the police. Photo: Bernama

Ah Longs are the lenders of last resort for these desperate people who have nowhere else to turn to for loans. Either because they are blacklisted, declared bankrupts or lack collateral, they are unable to get a loan from legitimate financial institutions. So they seek out Ah Longs who are more accommodating. These loan sharks ask no questions, demand no collateral and are prepared to give loans immediately. They charge high interests and make good their threats if a borrower defaults on his loan repayment.

These Ah Longs seems to have unlimited financial resources. Where does their money come from? And why are they so willing to offer loans to people who have almost no chance of ever settling their loans, and whom banks consider as high risk borrowers? Excuse my ignorance, but can anyone provide some answers?

These mostly unlicensed money lenders blatantly advertise their loan services. Their contact numbers can be seen plastered on bus stops, street lights, road signs and shop pillars. Despite numerous reports of criminal acts committed by Ah Longs and their henchmen, few have been hauled up by the police to face charges in court. They are openly and defiantly operating under the very noses of the police. The government has invested millions of ringgit into high tech equipment and training the police force, yet they are unable to smash these unscrupulous gangs of sharks. It seems as if the police are no match for these scoundrels. Incredulous!

Photo: The Star

Most of the defaulters are Chinese men and women who have incurred heavy gambling debts or business losses. They eventually end up seeking help at the MCA Public Services and Complaints Department. According to the Department Head Datuk Seri Michael Chong, as of September this year he has received 418 cases involving loan sharks amounting to RM28 million.

(Photo above: Another reported case. Parents Chong, 72 and Chan, 73 faced constant harassment from loan sharks when their 43 -year old son defaulted on his loan repayment.)

Should you require advice on debt management, do make an appointment with AKPK, an agency set up by Bank Negara to counsel folks on how best to settle their debts and how to manage their finances to avoid getting into debt. The counselling service is free. You can call for an appointment at 603 2616 7766 or drop by at their office at Level 8, Maju Junction Mall, 1001 Jalan Sultan Ismail, Kuala Lumpur.

MERRY CHRISTMAS!

Two video versions of the same song - one sung by the Corrs who were in Kuala Lumpur in 1998 to perform at the closing ceremony of the Commonwealth Games, and the other, the original version by John Lennon. Different versions for different folks.

Even as we celebrate Christmas, there are people around the world who see no reason to be joyful or thankful given their lot in life. In our own small way, let's do what we can to bring a little cheer and sunshine into the lives of those less fortunate than us.

OVER-SPENDING YOUR WAY TO DEBT AND BANKRUPTCY

Do we need that many credit cards?

Credit cards are both a boon and a bane depending on our spending habits. I have only one credit card to my name, and it has served me well all these years. To be honest, I was quite miffed when the banks rejected my application for a new credit card ten years ago. I had just retired then. I thought I was a victim of age discrimination. 

But after reading about the rising number of credit card defaulters who have been declared bankrupts in recent years, I can see the wisdom of having one or two credit cards to curb the temptation to buy whatever captures my fancy. 

According to the Malaysia Department of Insolvency, between 2005 and June 2012, a total of 243,823 people have been declared bankrupt in the country, with the majority under 45 years of age. Our adult children fall into this demographics.

While we may be prudent in our spending, the same cannot be said of our adult children. Irrespective of whether they are working or still studying, many of them want to own the latest, the trendiest, the best. Their culture is one of instant gratification. They have their own interpretation of "Live life to the fullest", and "Live as if there is no tomorrow". 

How many times have parents stepped in to help settle their children's credit card debts and outstanding loans? As soon as young people get their first paying job, they want to buy a car/motor-bike, the latest smart phone, trendy clothes and eat at the best restaurants. 

Banks make it so easy for young people to spend, spend and spend by issuing them credit cards and requiring them to pay only 5% of the outstanding sums. And so their credit card debt snowballs from four figures to five figures and more. In Malaysia, creditors can initiate bankruptcy proceedings against anyone who owes them RM30,000 or more. 

To curb credit card debt, Bank Negara in 2011 introduced new requirements for credit card eligibility. Applicants must have a minimum annual income of RM24,000. The central bank has also capped the maximum credit limit to double the monthly income for those earning less than RM36,000 per annum. However, strict enforcement of these rules is a different matter.

In Singapore it's a similar situation. The Straits Times of Singapore yesterday reported the case of a marketing executive who said she would pay only the minimum sums on her seven credit cards. Over time her credit card debt ballooned to S$50,000! Credit Counselling Singapore data shows those being counselled for debt problems rose from 1,066 in 2010 to 1,480 during January to November this year.

The Monetary Authority of Singapore (MAS) is also looking at introducing tougher rules to discourage credit card holders from spending beyond their means. On the flip side, the MAS is proposing to relax rules to enable retirees to obtain credit cards if they have at least S$15,000 annual income, net personal assets of more than S$750,000, or a guarantor with an annual income of at least S$30,000.

From The Straits Times 22 Dec 2012

Our young people shouldn't act so flippant about being declared a bankrupt. Once an individual is declared a bankrupt, he has a tough time getting loans from legitimate financial institutions. He has to give up his assets, including his home. He has a black mark on his financial record which follows him everywhere, even at immigration check-points. 

For those seeking help with their debts, do check out the free Debt Management Programme conducted by Credit Counselling and Debt Management Agency (AKPK), an agency set up by Bank Negara to help individuals take control of their financial situation and use credit wisely.