Time to max up your quota of 100k per year 😁

That is why there are strong supporters for tiered dividend.
Why pay more for the rich to go for holiday?

Dun forget EPF withdrawal for buy house/PTPTN etc etc....

Recently my colleague withdraw EPF money to buy house, both husband and wife, and i ask them why need withdraw all out? renovation so much? how much u loan?

Answer : we borrow minimum only because dun want pay so much loan...House example RM 500k but borrow RM 300k, the difference RM 200k all pay by savings & EPF...Notes : they can loan 90% of the house price but borrow lower intentionally....

i said EPF 5-6% interest is much better then housing loan around 4%....But they said they dun like loan so want sailang everything to lower the house loan...

i was like

errmm...if you say being less educated in financial literacy then yeah...there is no right or wrong in this...different people have different financial literacy level...

but taking out EPF money to pay as much as possible upfront for the house purchase definitely doesn't sound right if the existing home loan interest rate is much lower than what EPF is paying out as dividend...
assuming RM100k, if the interest is 1.5% more, that's RM1500 already yearly difference...

I must admit I assumed and treated the >1mil EPF as CASA, and that’s where my annoyance lies when they change the limit arbitrarily, and progressively up to equal to voluntary contribution. To me it means if you put in 100k per year it must stay inside until you retire.

In my own now silly assumption I was planning to park a some money for my kids tertiary education and for opportune market investment times, but after putting some to chase the 1m, now they say hotel California. These moneys are for all intents and purposes NOT a for 55 year old reaping.

Personally I think that the statutory 25% of our income deducted for fixed income retirement savings is more than enough honestly. For young people, I personally think you should consider to take some risks for better returns in business or stock market. Otherwise you benefit the country and it’s masters by allowing EPF to make 30% and giving you 6.3% and then we jump around for joy.

Lastly the actual population affected by this is 0.13+0.12 out of 16.22 which is actually the 1.5% “wealthiest”.

Why does EPF need to care so much for such a group? Except it is not, and there is a unspoken motive here.