KUALA LUMPUR, Oct 22 — Most of civil servants polled in a study that looked into how informed they are about managing retirement said they prefer to work after leaving the public sector — provided the work arrangement to be flexible.

The Retirement Strategic Agenda report released today also showed that on average, respondents anticipated to retire at the age of 58.16 years. A majority of them (85.9 per cent) said they plan to retire between the ages of 56 and 60.

Only a small portion, just under a tenth, expect to retire between the ages of 51 and 55, while a small minority (5.1 per cent) said they want to retire within the age of 41 to 50.

The survey then asked if they still prefer to work. From the 6,200 over respondents, 45.8 per cent said they would if there is flexible work.

Others, around 15 per cent, said they are open to voluntary work, while 5 per cent eyed part-time jobs.

A few respondents, 3.7 per cent, actually said they’d work full-time. Only a third said they hoped to live off their pension and never have to work.

The survey, a collaborative work between the Retirement Fund (Incorporated) (KWAP) and MyAgeing, a think tank under Universiti Putra Malaysia, provided otherwise unknown insights about what civil servants think about retirement.

It surveyed over 6,000 civil servants under a project to provide input for retirement policies amid concerns about the country’s ageing population.

The finding above highlighted the importance of offering flexible work arrangements to pensioners, which can help retain valuable expertise and experience while accommodating their hope for reduced work hours or a more balanced lifestyle, researchers said.

"Organisations and community initiatives can leverage this preference by creating opportunities for pensioners to participate in volunteering work, mentoring programs, or other forms of social engagement,” they wrote.

Over the years, more policymakers have considered raising the retirement age as a potential solution to the country’s old-age savings conundrum. In the private sector, over half of workers who contribute to the Employees' Provident Fund under the age of 55 had less than RM10,000 in their accounts.

Some experts estimate a family of four needs at least RM1 million in savings by retirement age to live comfortably.

Civil servants believe they have slightly better old-age security given the reliability of the public sector’s defined-benefit pension system. From the study, 35 per cent felt they have enough retirement savings even if it may not be enough for everything.

Respondents who feel they have enough for basic needs made up 27 per cent. Only 10 per cent said they have enough for retirement and to carve out some savings too. Those who feel their pension will not be adequate made up 17 per cent of respondents.

Researchers found the primary barriers to saving for retirement include the cost of basic expenses (88.1 per cent) and prioritising paying down debt (78.1 per cent). Other significant factors include education expenses for children/ grandchildren (57.0 per cent).

"These barriers highlight the financial challenges and competing priorities that individuals face when trying to save for retirement,” they said.