Wondering what is "basic income drawdown"?

Assuming 240K rm at start of 56 years old, EPF div rate stable at 5% pa, achieve 0 balance by age 76 (ie 20 years drawdown),
can spend 1.6K pm.

worth it?

I think they gonna cap withdrawl at RM1k monthly from 56 since only 18% of members have enough money. And then later extend retirement age to say 65.
https://www.nst.com.my/business/2023/07/927...post-retirement

RM240k/20 years = 1k monthly?


This post has been edited by batman1172: Jul 6 2023, 02:09 PM

problem is if the starting amount is 240K rm, and cap withdrawal at 1K pm, it becomes a perpetual annuity...cos 5% div means 12K rm dividend already.

Then this will be even more draconian than SG's CPF version.... EPF want to keep our funeral and burial funds and more!!!!!!!
Any worse is everyone can only take out max 1K pm regardless of balance. haha




EPF and gov really need to be better in communicating this to the public...

I feel like i am back to 30+ years ago when so much rumours about EPF flying around.

EPF say will discuss with gomen, and PM say will be decided by EPF.

Topkek.

Nothing wrong, after EPF discussed with gomen, then EPF makes the decision. It is quite normal in many organizations / companies, collect info and discuss, but only one will make the decision.

Sure. EPF is the one making the decision.

This news really make people who volunteer contribute more up car already... Now even if they announce can contribute extra RM200k I also don't dare already. Masuk senang keluar no pintu.

This is a policy change... hence it is more the gov's move. Pointing at EPF is just a coward way out by PH gov.

I believe it's not max RM 1K but should be min RM 1K...

https://www.utusan.com.my/berita/2023/07/kw...ntuk-pesara-pm/
*



Still got hope

Have been saying it's not really your money.

That's why they are even encouraging you to self contribute.

So if now it's for 240k can you imagine 5 years later?

But gov has no ill intentions right?

This is crazy man.

What can you even do with 1k per month.

Have been saying even in kopitiam that this is going to happen

.It's ok. Gov can never do this.
This is what you got by putting Anwar into power.

This post has been edited by BrookLes: Jul 6 2023, 03:33 PM

Haha... while I understand you are sore and trying to be cheeky for some reason, you must also be really naive to think that the majority of us trust 100% of the current and future politicians of Malaysia's gov? Today say A but tomorrow is a different gov made of different politicians but of same rubbish DNA.

So, if you think your funds in EPF is not yours, then take it all out then if you can. If you cannot, then think of a constructive way to alleviate the situation. If you admit there is nothing you can do, then I guess all you can do is complain....

If one has been planning properly one's retirement and didn't screw it up fully (or gotten so much bad luck that it just didn't work out), 240K being withheld by EPF is just a joke vs one's retirement eggnest. 240K just pretend you put into a FD issued by EPF which will pay better than FD rate by CIMB.
And any worry that EPF will raise the amount withheld sky high, say 1 million, is also silly to ponder.

The only catastrophic step EPF can take is everyone's amount regardless of notional is frozen and everyone can only take out 1K pm... Now this is the only scenario worth worrying. (ponder under what kind of economic situation will this happen).

This post has been edited by Wedchar2912: Jul 6 2023, 03:51 PM

If you want control take out 🤦‍♀️ otherwise leave it for govt political machinisation

Blame it on PR dept and mass media for spinning it out of hand 🤦‍♀️

EPF makes the decision 🤦‍♀️ but the signatory and amendment to the act is more important than the decision

Another rush job again 🤦‍♀️ just like EPF contributions forced raised to 20% from the employers

Now you know why the encouraging such thing 🤦‍♀️ it is because the coffee is drying up and while losing investments holdings and remember this is a govt of indecisiveness 🤦‍♀️ this what happens when ppl can’t decide and leave it to bunch of political fools to decide to the man of power

Another master stroke 🤦‍♀️ since Labor Day announcement and proposal

Well I will not be surprised it's not going to be just 240k when I reach 55. So you think in 10 years time, they cannot raise it to say 500k? At this point they are just seeing the reactions that's all.

Of course 10 years or even before that it's a long time and if they really try this, I can always plan ahead.

Still dunno why you are so upset with me.

But you really are not that smart to be honest if you think they cannot implement the same thing that Singapore does. Maybe you really are not.

This post has been edited by BrookLes: Jul 6 2023, 04:37 PM

Rather than worry about my smartness, you are better off thinking of ways to take your funds out of EPF if you have any and is really worried....
Don't just talk and no action...

If really concern, be like me... took almost 150K rm out 3 months back to readjust my position...

This post has been edited by Wedchar2912: Jul 6 2023, 07:25 PM

If I can I would.
But I have not reach 55 years or 50 years

In fact I took out as much monies as possible when given the chance to do so.

And in my current job, I took a contract role in such a way my company does not need to pay epf to me.

But side note. Do you have mental issues?

This post has been edited by BrookLes: Jul 6 2023, 07:34 PM

Government and any bodies have no business to hold our retirement fund to ransom.

If wanna do to epf. Then also do too older people bank accounts.

This will piss off so many people.