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Private Retirement Fund, What the hell is that??
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darkterror15
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 May 31 2019, 10:15 AM
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for those who plan to top up and get the incentive, i top up in 2014 to get 500 from government contribution.
1/1/2019 my balance is 1499 which is rm 1 less than 1.5k since 2014, and today i check is 1542 as of 31/5. Ok lets say the interest i get is rm 42 for 5 years, each year is only 0.56% interest. I meant come on dont waste time on this rubbish PRS. you put in FD can get much more than this. Luckily i didnt top up any after the first time. They even charge service fee for top up
I can imagine when i retired and go to the aia to withdraw then the fella give back me 1.5k since 2014. Never trust investment plan from insurance again. They spend your money invest in big car and big house for themselves.
This post has been edited by darkterror15: May 31 2019, 10:17 AM
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darkterror15
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May 31 2019, 11:59 AM
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QUOTE(voyage23 @ May 31 2019, 10:24 AM) I think you totally were not well informed by your agent on the benefits of PRS. Do you even know what fund he chose for your PRS? One of the most important benefit of PRS is TAX RELIEF. If you have earned enough to pay tax, the returns you get from LDHN you must consider also. But of cos if you don't pay tax then don't bother with PRS. is islamic something something, got 4 choices and sugar coat it until say can get 4-5% return etc. i have to pay pcb but not until that high. the processing fee to top up is 3% unless u straight go for 10k each top up. well certainly the tax relief has a limit just like kwsp (6k). how much tax relief for that PRS ? 3k ? forgotten. PBB mutual fund is although some are bad but still profitable than this PRS. my mum 20 year PBB mutual fund return is less than FD. So i dont really see the point here. More so let an insurance company to run the fund |
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darkterror15
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May 31 2019, 01:45 PM
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QUOTE(voyage23 @ May 31 2019, 12:03 PM) Another advice..why go for insurance companies for investment? There is asset management companies for that purpose. Anyway all I see is just ill-informed customer ranting here. My advice is just put in Rm3k/year into PRS just for the tax relief and don't bother after that. You may do Rm250/month to average out in this volatile environment. Once they stop the tax relief you can stop the contribution as well. more like over promising customer with their fake ROI |
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