bro, this time different....because the country is really going downhill at accelerated rate due to external and internal factors. Now it is not so much taking your money but throwing a wrench in your plan. If you have a lot outside beside EPF, then it's ok. If EPF represents over 80% of your networth, then better reevaluate your strategies.

Problem is previously. Gov dun dare to tell this type of story.

For the immediate future, the parameters seems to be fixated at 20 years, 1K rm and 240K rm.... and the nonsense talk about mandatory vs voluntary and EPF is here to promote some senses, with a pinch of salt about new members being impacted.

These are the "parameters" EPF and PMX are pre-empting us about.

If we just focus and think about the parameters, we all pretty much can guess the extend of this can impact us.... 

High High wealth amount... not a problem.
Low wealth problem: loss of freedom but could end up a good thing.
Middle wealth.... need to retweak one's plan.

** special category... too much EPF as % of wealth... as you said, re-eval

New members also can consider as new parameters being born since xx.
It think changes is inevitable. Workforce sectors now is not similar as decade ago. EPF will adapt to be relevant. Gig workers esp, don't have EPF. Should expect more changes to come, surely they will find a way to target these people.

Is the newer KWSP I-Akaun supposedly replace the old I-Akaun ?
Same same bu different app ke?

Personally i agree with the government's position.  You see, majority in malaysia is dumb enough to plan their retirement . The moment , they get their hands on EPF money - they instantaneously spend it.

Example , if you have 2 mil in your epf - the right thing to do is to just withdraw the dividend and survive based on the dividend alone . With 2 mil in account, you can afford to live a decent live ~ RM 120,000 on average .

I knew an idiot ( My father ) who took out close to 1.8 mil and finished using them in 5 yrs and now became a professional beggar .
120k - give out to sister cos she is poor
loan to friend
renovated a properly functioning kitchen

At this moment i told him, if you want money from me , please itemize all your expenses before we can discuss about me supporting you financially .

will continue dump all fresh funds into epf...

40 yrs liao...variation of same story gov/epf gonna take all your money... lol...

anyways ...

I am sure if the father knew then it'll come to this, he would just wank off and fed the fishes

true... can see drastic changes after najib... also we are running out of oil... gov increasing taxes, reducing subsidies... dun say future generations, current generation also tough

as for epf... will deal with it once the time comes lah... right now cant worry too much... our retirement plans exclude epf, hence my outlook very different

Is the newer KWSP I-Akaun supposedly replace the old I-Akaun ?
Same same bu different app ke?

how bad also is father
dont  lah wash too much dirty linens in public
not nice
:thumbsup:
i would think so
people are over reacting
too early.

It's an emotional thing. I would have been very angry if it happened to me.

While we are all not perfect, i think we can learn something from the original poster about parents not knowing how to do financial planning. Those who come to LYN finance, has the intention to improve their finances or already "OK". At least those who are learning can keep this in mind lo. Like someone say, abit like strike lottery syndrome

I view it as, let's not end up like that person, get 1.8mil, and didnt do proper planning.

Being an adult is about being responsible for your actions.

Wait... the proposed mandatory withdrawal plan.. does that mean we cannot choose to withdraw all if we want to? Then i got a problem with that.. it is my money.. i won't even know how long i can live... i hope they give us a choice... mandatory withdrawal unless we take out more lump sum...

Good if you can exclude EPF as your retirement plan. Most cannot. Like me. 

save 100/mth flat in epf for 35 yrs at 5.5% = 127K

include company contribution easily > 250k

if salary increase only match inflation 3% > 390k liao... easily beat 240k epf talking point today... can retire early... lol

this just means your retirement activity...includes how to divi up and shifting your wealth...   no necessary spending it... hahaha...

did a simple calc...

dunno lah these ppl...

Personally i agree with the government's position.  You see, majority in malaysia is dumb enough to plan their retirement . The moment , they get their hands on EPF money - they instantaneously spend it.

Example , if you have 2 mil in your epf - the right thing to do is to just withdraw the dividend and survive based on the dividend alone . With 2 mil in account, you can afford to live a decent live ~ RM 120,000 on average .

I knew an idiot ( My father ) who took out close to 1.8 mil and finished using them in 5 yrs and now became a professional beggar .
120k - give out to sister cos she is poor
loan to friend
renovated a properly functioning kitchen

At this moment i told him, if you want money from me , please itemize all your expenses before we can discuss about me supporting you financially .

Good illustration.
Many do not understand the power of yearly compounding.  The longer the better.