Why dipping into your epf is more harmful than you think

https://mysinchew.sinchew.com.my/20230314/w...than-you-think/

Good reading & valid point stated 👍

This is very basic. My son work part time 2.5 days a week also get 1k+ salary. if full time can get 2k salary. EPF is 460 monthly right? so if he not study and not improve, EPF will be MYR 491,269.06 in 35 years @5.5% interest according to ChatGPT. How to not to reach 240k basic retirement amount? Should be asking the effects on inflation on its future value right?

My point is getting 2k today just needs a part time job. 7 years ago my plant operators gets RM3.5+ with overtime . nowadays should be more. I don't understand how come EPF savings is an issue. Cannot be sitting down doing nothing...

now 240k basis,
later become 350k +/- after considering inflation 

numbers keep changing over the years....

the day would come where even 1mil in EPF not enough for survival

First of all, as you mention, that figure is 2018. That time inflation is around 3% plus minus only. So 240k at that point of time is very reasonable. Second of all, it's basic living. Not lavishly rich. At 2018, having 1k per month is livable. Kwsp only targets livable condition. Not rich ppl lifestyle but i agree on revising it again putting in current inflation data to recalculate.

On a second note, is kwsp dividend is equal or higher than inflation, it just means 240k/15 per year = 16k per year (1,333) per month at current economy. If you ask me, i can live with that. I actually spend less than 1.2k a month currently. If i don't have any big purchases la. If normal living that is acceptable. So i think for it's reason and purposes, it is ok. Let's say food rm10 each, 3 times a day is 900 a month. Electricity and water should cost 100 per month (moderately used) and unifi 94.50 a month (cheapest) and prepaid rm30 (actually coastal rm20 but let's just put 30) per month. Petrol would be minimum coz you retired and not need to travel to work daily. That will be around 100 per month? Just a rough calculation. 1,125.50 a month so far. So, 240k now (today) and if dividend rate equal or higher then inflation, retiree can live 15 years. So i will not say it's very far off yet.

Good point.
NOOOOOOOOOOOOOOO

Even EPF fella don't believe in the 240k threshold set by EPF.

We cam swim together. :lol

Scam is dishonest scheme
intention  to cheat
too harsh a word.
2nd opinion  :thumbsup:
so many kiasi cyst fibroid
sikit sikit go cut
especially can claim/insurance

Is cheating.
An experience:
My friend had a surgery on his gall bladder.
Claim to insurance came to approx Rm30k.
Payment by card cost around Rm10k.

Now tell me, is that a scam or not?

Kinda dangerous but not all details would be displayed...

In the end, needs to visit EPF office with the print out results & proof of connection with the member account 🙏

Boss... You should let that grudge go... Don't keep hanging on to it... Later you constipated not good for your body and you... Ok?

this statement is more emotional than factual.

in my family and circle of relatives there are many doctors,
specialist consultants and pharmacists.

I can categorically say you are wrong there

How can doc insist i must buy his medicine ?
I buy my medicine from pharmacy.

of course those cheap one time treatment i dont bother la, just how much?

I mean the long term medicine  you would be stupid to swallow without asking what is it

I have the choice to choose,
buy from doc or buy from  pharm, i myself decide

So how can you say Doc prevent pharm from selling medicine?
Another emotional fallacy

Drug pusher yes,
pharmacists yes,
your neighbourhood Ah Chong
selling longevity/beauty supplements yes.

If i ever see a doc who  need to rely on selling drugs to become rich,
my conclusion is he is a hopeless doctor.

Docs should earn their bungalow, porsche , Maybach  from their doctor skills
not from selling medicine

Go to any big hospital  we see big big cars,
i think not even the 4 tyres they earned from selling medicine

More hilarious is they are not even allowed to sell medicine at all.

Emotional?
It's a fact!
I have lots of doctor friends too.
And they admit to this!
Especially GPs. Do you get your medication from pharmacy after consulting a GP? Normally you just use their medicines. Especially if you are on s company's panel GP.
It's a fact!
And you are Emotional. Not me.

Helping poor is not discrimination.

Dig one bigger hole fill up the smaller hole. Delay tactic. At least solve issue now delay one year get bigger issue then solve that issue delay another year for a bigger hole then change pm time not my problem. Gov best tactic. I see until don't wanna see already. 😂

it is Rakyat and not Gov problem

Instead of buying public bank better off buying the holding company of PBB which is LPI 🤦‍♀️

Btw both companies haven’t even regain their value since pre pandemic

The better off would be buying MBB, TNB and Telekom confirm better off than EPF dividends

There's goes my hope of buying mbsb at $0.20.

Disclosure. MSM news are meant to mislead and/or instill fear, true or false?

Decades ago China is not a real threat to US dominance. Now they are.

but at times these programs can backfire also... all depends on how EPF implements it...
the old people were so looking forward to taking out all their funds that any attempt to "slow" their withdrawal will be the basis of conspiracy theory.
Imagine say EPF set a rule that anyone who is retiring will need to attend a compulsory course about retirement and financial education. Free buffet will be provided and will be help in a nice hotel...
lol... sure someone will say it is MLM....   

Yes.
Some kind of financial education...

The financial advisor part is just my personal suggestions...
Didn't actually think they also would sell up their own products....

Anyway
If not mistaken...
EPF also got their own Retirement advisors.... That day, while lurking around in EPF website... Found them.... Not seems like many didn't know it's existence.... The failure of EPF part... They should promo them more extensively.... more exposure