sorry lor... i guess it is not common knowledge that upon 55, everything can be taken out, regardless of amount.

no need to stress on your 2 million amount... ...

but back to the real question (sorry, could not resist teasing above)... since you have 2 million already or close, why need to wait till 55 then only withdraw all? u can take out the excess as is, which is also what I am doing since last year...
no need to wait till a specific date.

This post has been edited by Wedchar2912: Jul 10 2024, 02:15 PM

I still have many years before I reach that age... So asking first

EPF is my buffer if my other investments go kaput which I hope not 🙏🏻

so you have 1mil or not?

that's the important part.

if not, no point asking because majority needed to wait till 55 to withdraw all. full stop.

I ask A. You ask me B.

You're right. Maybe things will change in a decade or more. Why ask now.

imo, a very sound strategy/plan. money in EPF is creditor proof while earning way better than FD rate and still way safer than money in bank!

at least i have not heard of money scammed from EPF directly.
(took out and put into a bank before giving to toyboy or toygirl or lover from nigeria don't count).

I have asked at EPF counter before, they say not available from their table-based computer system. Same visible number of years that we can access online.

Regret throwing away annual paper based statement that they snail-mail over. Cause at that time it was insignificant with few hundred or 1-2 thousand inside only for many years.

just like the account 3 flexible.

who would have think it's become reality when all this time only have 2 account with 70/30 ratio.

so maybe next 10 years to come. account 4 available??? or Medical account under EPF since the cost is out of control?

Yes. People overrated their own investment skills and underrated what EPF can do for you long term.

Never discount both. Have both portfolio and manage funds % accordingly depending on your age

Correct. I won't think far first. Thanks 🙏🏻

EPF got send printed statement now?

didn't get any for years....

No more lah for years decade.

I'm not sure about him, but my concern is because suddenly I saw somewhere mentioning money move to another Account Emas after 55 which is withdraw able 60 years old - which if include the 1M threshold, then this is something that needs to plan.I don't have intention to withdraw now but also will be cautious on if once hit 55 years old and then stuck at another account for 5 years before I withdraw out, should I forgo the withdrawal by 55 years old. Having said so, I've got my questions answered earlier (as long as >1M threshold it can be withdraw regardless of the Account type)

in simple term

any contribution or balance (even those 1mil).

all goes into Account 55. which you can withdraw anytime. No issues with that.

new contribution from age 55 to 60 would credited into account Emas. which can only be withdrawn after 60yo.

after 60, both account is combined become 1 account. which everything is accessible to you

wait till gov change the retirement age to 65... then there will be 3 accounts according to age, and 3 more accounts according to liquidity... just to confuse all of us who by then will be senior citizen...
haha

Yup..my target retirement date is abt 4 years away. Projecting that my retirement funds to be abt 60% in epf and balance in other financial assets at that point.

Slight correction on the last sentence. After 60 y/o, it will not combine into 1 account. It will remain as separate account 55 and account Emas.

Really ahhh boss??

Why I read in EPF website is different 🤔

https://www.kwsp.gov.my/member/life-stages/...5-60-withdrawal

Wedchar2912 Can confirm please 🙏

The website says the saving amount is consolidated for withdrawal, not the accounts.

I don't really know as have not reached 60 years of age yet.

"At age 60, all savings in Akaun 55 and Akaun Emas will be consolidated for withdrawal. "
"Pada umur 60 tahun, kesemua simpanan yang terkumpul dalam Akaun 55 dan Akaun Emas akan digabungkan untuk pengeluaran. "

I just copied the english and malay sentences here for reading. It does seem that both accounts will be combined. To me, the words "for withdrawal" and "untuk pengeluaran" are just to stress that we have access to everything at 60 and above.


But a old article mentioned this, which seems to imply the account 55 will last till 100 years old:
"“Akaun 55 will remain open as long as a contributor lives or until he reaches 100 years old. It will only close after he has withdrawn all his savings from it."
link as below.
https://thesun.my/home-news/epf-contributio...t-60-BF10731734


To me, it doesn't really matter. combined or not, at age 60 and above, everything is accessible. ie makes no diff to us.

This post has been edited by Wedchar2912: Jul 10 2024, 09:32 PM

a question for you guys - what happens when u have exceeded the 100k voluntary deposit into epf ? does the transaction get rejected ?