Ah, to be retired with financial security and contentment in the haven of your dreams. That’s what every Singaporean wishes for. Instead of looking far and wide across the globe, why not consider your neighbours up the Causeway and across the South China Sea?
Here’s what your life could look like if you are retiring in Malaysia: Imagine sipping your morning kopi at a cosy kopitiam, playing golf on scenic courses, strolling through your lush neighbourhood park, or simply enjoying your favourite post-retirement activity. You can have the time of your life with loved ones amid a Malaysian culture that feels comfortably familiar to your Singaporean roots.
More importantly, you can truly relax during your golden years, knowing your retirement and Central Provident Fund (CPF) savings can stretch at least 70 per cent further than they would back in Singapore.
Malaysia: your (affordable) home away from home
Instead of moving to a far-off country, retiring in Malaysia feels more like living at home with an upgraded lifestyle rather than a foreign destination.
According to the database site, Livingcost, the cost of living for one person in Kuala Lumpur, Malaysia, is an estimated SGD1,127.67. Meanwhile, in Singapore, the cost of living for a Singaporean is SGD4,162.30.
Even daily necessities such as rice, milk and bread cost significantly less in Malaysia compared to Singapore. Here’s a side-by-side comparison of the estimated costs of everyday necessities and dining out in Malaysia and Singapore.
| Goods/Meals | Kuala Lumpur | Singapore |
|---|---|---|
Meal in an inexpensive restaurant | SGD6.03 | SGD12.00 |
| Three-course meal for two people in a mid-range restaurant | SGD36.19 | SGD100.00 |
| Regular cappuccino | SGD3.94 | SGD6.11 |
| Water (0.33-litre bottle) | SGD0.63 | SGD1.52 |
| White rice (1kg) | SGD1.93 | SGD3.41 |
| Regular full-cream milk (1 litre) | SGD2.61 | SGD3.87 |
| A loaf of fresh white bread (500g) | SGD1.27 | SGD3.00 |
| 12 regular eggs | SGD2.84 | SGD4.15 |
By retiring in Malaysia, the amount of money you can save on just household essentials is significant. You’ll have more budget to focus on post-retirement pursuits such as picking up new hobbies, growing your business investments or treating your family to the occasional splurgeable vacation.
Best of all, while food, rent and utilities are affordable, Malaysia’s major cities offer many modern perks that can be found in Singapore. Cities like Kuala Lumpur, Petaling Jaya, George Town and Kuching provide high-speed internet, modern housing, full-service condominiums, efficient highways, vibrant malls, sophisticated dining spots and efficient highways.
Familiar cultures and English-speaking locals
Visit most Malaysian cities in the peninsula, and the sights, sounds and scents will remind you of home. You’ll recognise the char kway teow, asam laksa, rojak and other delectable hawker cuisine that you grew up with.
Manglish, the multicultural fusion of English, Chinese dialects, Malay and Indian slang that the locals speak, reminds you of Singlish, the charming and colloquial language from home.
Malaysia and Singapore share a heritage and history. Many locals in Malaysia have family members who live in Singapore and vice versa. Just like Singaporeans, English is widely spoken in Malaysia. So, you’ll have no issue communicating with healthcare staff, the police or public service officials.
World-class healthcare at lower costs
Malaysia’s healthcare system comprises two tiers:
- A government-based healthcare system that provides universal healthcare coverage to all citizens and legal residents
- A private healthcare system consisting of world-class hospitals that are self-funded or covered by private insurance
While private hospital bills in Malaysia are higher than those at public hospitals, they are still more affordable than what you’d pay in Singapore.
According to Southeast Asian business publication, ASEAN Briefing, bypass surgery costs USD14,000 in Malaysia while the same procedure costs USD23,000 in Singapore. Knee replacement surgery also costs less in Malaysia at USD10,900, compared to USD16,700 in Singapore.
Malaysia’s healthcare services have received accolades from international organisations. The World Health Organisation (WHO) ranks the nation’s healthcare system at 49th globally. In 2019, Malaysia was also ranked first in the “Best Healthcare in the World” category of the 2019 International Living Annual Global Retirement Index, scoring 95 out of 100.
A total of 13 hospitals in Malaysia have been accredited by the US-based healthcare accreditation body, Joint Commission International (JCI). Most of the doctors at Malaysian medical facilities (with the majority of them trained in the United Kingdom, the United States or Australia) are fluent in English, which means you can communicate with them easily.
MM2H programme: getting a long-term stay visa
Malaysia has become a popular retirement destination for many people around the world, thanks to its sunny tropical climate, safe communities, tasty cuisines and lower cost of living.
If you decide that retiring in Malaysia is a great idea as well, it’s time to apply for a retirement visa through the Malaysia My Second Home (MM2H) programme. The government-run programme offers renewable visas with residency ranging from 5 to 20 years, depending on the tier you choose (Silver, Gold, Platinum, Special Economic/Financial Zones).
Here are the benefits of being an MM2H visa holder:
- Multiple-entry visa: Leave and re-enter Malaysia as many times as you like.
- Includes spouses and children below 21 as dependents: Bring your loved ones over.
- Malaysia doesn’t tax foreign income: Keep more of what you have earned overseas.
- Buy property in Malaysia: Own your dream house or condominium; the property here is more affordable than in Singapore.
- Open accounts in local banks: Manage and access your funds easily, including transfers from your Wise account to your new local bank account.
- Utilise public and private healthcare facilities: Receive affordable medical treatment from world-class hospitals and clinics.
Find out more about the 2025 MM2H visa requirements and benefits here.
Managing your finances overseas
When retiring in Malaysia, it’s important to know how to manage your hard-earned savings across two countries.
Transferring money from Singapore to Malaysia
You can withdraw your CPF savings from age 55 onwards and transfer the funds to your bank account in Singapore. If you have chosen Malaysia as your retirement destination, having convenient access to your money through a local bank is useful, especially for your daily expenses.
To transfer your money, you might want to consider using Wise, a platform with transaction fees starting as low as 0.77 per cent, depending on the currency. Sending significant amounts of your life savings from Singapore to Malaysia is easy and fast when you have the Wise multi-currency account.
Currency conversion
To use your savings in Malaysia, you’ll have to convert your Singaporean dollars (SGD) to Malaysian Ringgit (MYR). Some money transfer platforms might charge high prices for currency conversion.
However, when you are using Wise, there’s only a small fee to convert your funds and it’s based on real-time exchange rates.
Starting retirement life with your savings intact
If you have decided to retire in Malaysia, congratulations. Start the next chapter of your life amid vibrant yet affordable Kuala Lumpur, Melaka’s charms of yesteryear, the pristine beaches of Tioman or many other Malaysian retirement destinations.
Make the most of your golden years by keeping your money transactions secure and getting more value from them with Wise.