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Private Retirement Fund, What the hell is that??
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imnotabot
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 Jan 16 2017, 09:12 AM
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QUOTE(adele123 @ Jan 16 2017, 12:00 AM) Easier if you walk in bank, they will do everything for you like fill in forms, choose fund they will advise. I dunno if online payment is comvenient or not. They will charge you 3% sales charge upfront. Through fsm, you need to submit forms on your own to fsm. You can still get advise via fsm. But payment is very convenient via fsm. Fsm charges 0% upfront. I think it's better to use FSM because of the 0% sales charge. The only downside is that you have to mail the forms to them. Just make sure you fill the forms correctly according to the samples they provided and attach the required documents, or they will call you a few days later and ask you to send them a new one again. This happened to me a few days ago because I filled the forms using blue ink, which is not allowed.  |
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imnotabot
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Jun 15 2017, 09:48 PM
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QUOTE(heaven.33 @ Jun 15 2017, 08:57 PM) If my current paying tax bracket will only see RM 150 deducttion if I invest in PRS, should I still invest RM 3K per year? or should I just invest RM 1k which is enough to get the youth incentive? It depends on your circumstances. If you don't need that RM2k now, then just dump RM3k in PRS to maximize your tax deduction. If you feel that RM2k is better be saved elsewhere (e.g. emergency savings), then just dump RM1k in PRS just to get the youth incentive, and save the RM2k elsewhere. |
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imnotabot
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Jun 15 2017, 10:21 PM
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QUOTE(heaven.33 @ Jun 15 2017, 10:16 PM) But even if I put 3K in PRS, my tax deduction will still be quite small amount and cannot be maximized yet at this point of time cause I just started working. I am thinking if I should put the remaining 2K aside and perhaps invest in other funds or stocks? Yes, that's what I was trying to say. If you need the money in the near future, then save or invest the money somewhere else instead of PRS. Only invest in PRS if you don't need the money in the near future, since you can only withdraw from PRS when you're 55 years old. |
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imnotabot
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Jun 17 2017, 12:14 PM
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QUOTE(annoymous1234 @ Jun 17 2017, 11:02 AM) besides the tax relief which is only until 2021 and the additional free rm1k, are there any other benefits of prs rather than buying own unit trust? since prs u are unable to withdraw full until u retire, while unit trusts u can sell when u really need cash for emergency. Everyone just do it for the tax relief. Just dump RM3k a year, of RM250 a month, for the maximum tax relief. Besides that, it's kind of useless. |
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imnotabot
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Jun 30 2017, 06:13 PM
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QUOTE(myshiokmore @ Jun 30 2017, 02:37 PM) Hi imnotabot, I just would like to claim tax relief up to Rm3000. how should i go about that? I saw public bank stated: Minimum initial contribution for each fund - RM1,000 Minimum additional contribution for each fund - RM100 http://www.publicmutual.com.my/prs/Resources.aspxis that what u mean is, dump 3k this year, how about next year, do i need to dump another 3k for remaining year to take advantage of tax relief? Just would like to have basic info before i headover to PBB office. Thanks in advance bro. Yes, you need to do it every year. Each year, contribute a total of RM3k into one or many PRS funds. If you have the money now, you can dump that 3k into PRS now. If not, you can contribute RM250 a month, like what I'm doing. |
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