maybe EPF marketing group or the author of the article only took basic math without any amount of financial literacy during highschool?
scary rite? the cost of money is free apparently.

haha... epf and gov very smart... from 240K to now changed story need 600K... all in prep of some new narrative...

while on the other hand, one large majority segment insist on withdrawal from epf to buy iphones lar.. starbucks lar... etc...

somehow....
lets see... 600K rm implies 2.5K per month per pax is what the article is claiming to be needed.
so a old couple should have 5K per month right?

the problem is the bottom M40 median income per household is around 6K and that is for 4 pax. normalized to 2 person would mean 3K rm per couple.

So either the B40 all living very poorly, or our old couples are living very well...

oo... this article hit the crux of the issue...

btw, to highlight.... retirees should not be saving any more... while those working under B40 to T20 categories, part of their income are still being saved for retirement and is for 4 pax per household.

the retirees with income with each respective B/M/T categories are actually living much much better

the thing is... the article's object is about retiree having a certain "basic" networth (600K rm) to allow him/her to live comfortably (with 2.5K pm spending power). But one of the many contention is what does comfortably mean?

i would say having such medical insurance should not be factored in.. in Malaysia's context, seeking treatment from GH is adequate. This is available to every citizen.

If one wants a higher class condition/package, then have to allocate even more funds. The basic nestegg should not factor this in.
Else some will claim they want to go to the alps to sky every winter and go to NZ for the summers and claim that's why everyone should set 4 million nestegg as the target.


yeah, I am aware of the medical premium dilemma... i used to comment about how unscrupulous insurance agents are whenever they say buy as expensive a plan as one can afford... but I no longer bother to comment anymore and let idiots (cos they refused to listen to me and some even retort back stupidly) get conned by these agents... they will wise up sooner or later, but it is usually quite late already by then. The other is life insurance... completely useless except for certain cases.

but EPF should not be where all the eggs are... right?

your job's salary ceiling is 1.7K or 10K or 20K?

1.7K flat with 0 increment and 0 bonus... u still get to 500K at least by 35 years.
1.7K salary with 3% increment will end up with salary of 5K at end of 35 years.

having no or very high ceiling doesn't mean that everyone is a high income earner...

at the end, it is still back to how much each one of us trust the stats provided by gov... ie the B,M,T classifications.

why not? can't beat them... and those who are logical and smart won't join them simply withdrawing to spend...
so may as well let them be and encourage them... this way, we look like good guys (aka politicians) and in same time spur the economy...

the majority is always right, right?

ai yah... if got chance, should continue till hit 8 figures mah....

then every month can take the expected div out and really play in las vegas...

until 100? now that is the real lottery, assuming healthy and can move about independently until age 100.

not worth the risk and uncertainty (uncertainty itself is riskier than known risk).

outperformance in a year alone may not be worth it.

if can still walk independently and go to toilet independently, not so bad... but pretty sure no more teeth to eat any solid food anymore.

else, really better be gone and maybe get isekai'd to another world already.

yay... now can claim even more people cannot afford to retire by 60... 70 soon?

while they are at it (and reading this forum), they should also change the following 2 rules:

a) increase the limit of self-contribution from 100K py to 200K py
b) allow anyone with amount of more than 400K to withdraw the excess as and when they like (ie i/o 1 million currently)

EPF is not here to ensure luxurious lifestyle during retirement rite? (justification for the (b) that I proposed).

dang....

i remember that wealth report by Knight Frank that the top 1% in Malaysia have more than 2.2 million ringgit...

so EPF wants all retirees to aim for half of what the top 1% has, and that amount has to be in EPF.


this is funny.... for SPM exams, 20% mark is passing mark... but when it comes to retirement, must aim to have half of what the top 1% has... somemore all in EPF.

haha

Better quick quick take out lor.

Too many effort to force people to put funds in and stop others from taking out. Got something hidden?

Hmmmmm

hehe... conspiracy theories mah... must have these kind of chatters... else life would be too boring...

somemore, i am waiting for some to come and say... bersangka baik... look at how good EPF is... even taking care of the rich... those with 1.2 million in epf but age 35 still need to be handheld by them... by making sure these chap's enhanced retirement spending funds is more than enough to sustain them at age 55... how nice...
but later... another group will dengki and make noise why is EPF allowing those with more than 1 million in EPF to earn the very very very good div rate of EPF...

https://www.kwsp.gov.my/en/w/epf-releases-b...quacy-framework

I just looked at the table... it is kinda funny.

In the table, it listed the levels one should at each age category from 18 to 60.
for example, at age 40, one should have 107 or 149K or 279K for each respective Adequate Savings, Basic Savings and Enchanced Savings.


since already so terang terang say even the highest level is only 279K, then why not allow any 40 years old chap/gal which has balance above 279K the flexibility to take out any excess?
then only fair rite?

instead of the new 1.3 million ringgit limit stagnant across all age? sure if someone at age 40 can have 1.2 million ringgit in EPF can manage their own funds that is in excess of 279k rm rite?






This post has been edited by Wedchar2912: Dec 12 2024, 08:12 PM

ah... but a good question to ask is...

what is EPF's mandate? to ensure a good ENHANCED retirement lifestyle as and when and what they defined?

to help ensure a decent, respectable retirement lifestyle... that I can agree...