Last year i added RM60k. This year i’m not going to add more except i-saraan RM2k.

If there is a will there is a way

Even lowyat has many resources on how to open an overseas acc

Another joker ask for epf withdrawal age increase from 55 to 60

Datuk Dr. Syed Hussain states further that “MEF stands by its earlier support of the decision of YAB Dato’ Seri Anwar of not allowing further withdrawal of EPF savings but look at other alternative ways to assist those impacted by covid 19 pandemic and big floods. MEF appreciates the bold decision and the political will of the Unity Government of not allowing further EPF withdrawals prior to attaining age of retirement. The decision will go a long way to ensure the long-term sustainability of EPF savings for old age. Without further withdrawals EPF contributors would be able to attain minimum level of RM 280,000 EPF savings on attaining the age of retirement. With minimum savings of RM 280,000 at age of retirement the retiree will be assured of minimum of RM 1,555 per month to use up to age 75 years.”

“To address adequacy and sustainability of EPF savings upon retirement it is critical that withdrawal should only be allowed upon reaching the age of retirement at 60. It is therefore critical that the current policy of allowing one third withdrawal upon 50 years and withdrawal of all EPF savings at age 55 be reviewed. Since retirement age was raised from 55 to 60 years in 2013, it is no longer relevant for EPF to allow members to withdraw the EPF savings upon reaching 55 years. Withdrawal of EPF savings should be synchronised.”

SOS

https://www.mef.org.my/news/pr_article.aspx?@ID=188

Shoelicker… i like this word. This is also my impression when i first saw the article.

Monday Kwsp bersasar

Ceo talk so much but all comments only want kwsp bersasar!

Who cares you knowledgeable or not. Rakyat only want kwsp bersasar!

Let everyone expectations down from 4.8 to 5.1. When actual announcement 5.35% everyone will think wow kwsp is doing a good job!

Its really a good rate considering how other pension funds are doing much worse.

But who cares? Rakyat only want kwsp bersasar, right?

nexona88 will belanja champion and runner-up kepci

Went to epf office this morning to withdraw acc 2 and park nexona88 fav place…

This epf portion can put in Sreits. My Sreits has been giving consistent dividend 5-6% on top of capital appreciation.

My sreit portfolio:

Aims Apac reit
Capitaland ascendas reit
Mapletree industrial trust
MPACT
FLCT

Too much political interference

They should make you the governor of BNM

Imagine this. You've led a frugal and financially-responsible life with no exorbitant purchases, living within your means and squirreling away your savings in the Employees Provident Fund (EPF).

With that magical 60th birthday now approaching, retirement looms large and, more importantly, the eligibility to withdraw your retirement savings is becoming a reality. Your mind is now set on taking that round-the-world cruise you and the wife have been talking about for the last 30 years, on top of buying that plot of land in Tanjung Malim and building your retirement home.

However, just before you're able to do so, the rules change. You're now only allowed to withdraw a small portion of your savings periodically. Why? Because too many of your peers had in the past squandered away their savings, only to become insolvent in their retirement years.

How much interference is deemed too much when it comes to managing the people's retirement savings? Prime Minster Datuk Seri Anwar Ibrahim's announcement that the government is open to a suggestion by EPF to make it mandatory for new members in future to withdraw their savings periodically, instead of a lump sum on reaching 55, has triggered debate.

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While Anwar said he was open to the idea, he nevertheless noted that some constraints had to be taken into consideration, including the fact that the savings of some EPF members were simply too meagre. EPF chief executive officer Datuk Seri Amir Hamzah Azizan stated that making periodic withdrawals on a monthly basis could offer members a better way to manage their retirement funds. This, he said, would also allow them to continue enjoying annual dividends for their remaining savings.


There is merit to the suggestion. Data from EPF showed that up to November 2021, some 3.6 million members had less than RM1,000 in their accounts. It also said that members retiring in the next few years would need roughly RM600,000 to have a decent life in retirement. While there is undoubtedly a need to ensure that retirees have enough to enjoy their twilight years, there is also a fine line between managing and micro-managing.


Take the case of Singapore, where the criteria for withdrawing funds upon reaching the retirement age of 65 is ever changing. The criteria for a full draw down of one's savings is difficult to fulfil, especially for middle and low-income earners.

The reality for many Singaporeans is that despite working diligently all their lives, there is little chance for many to enjoy the fruits of their labour, and they have to contend with a dripping faucet of finances to get by in retirement, sufficient to survive, but not quite enough to enjoy the rest of the ride. We have to tread carefully. While there is a noble premise to the idea of limiting access to one's retirement savings, at the end of the day, it is ultimately the people's money.

Analysts have said the government has yet to address the elephant in the room, which is to increase the average salary, which now sees 50 per cent of Malaysians earning less than RM2,500 a month despite the rising cost of living. Anything else would be putting the cart before the horse.

Sos
https://www.nst.com.my/opinion/leaders/2023...draw-all-or-not

Epf already have professional advisors ready for retirees. Apparently the ceo feels this is not enough therefore the monthly withdrawal is suggested.

https://www.kwsp.gov.my/ms/member/retiremen...dvisory-service

Seems like kerajaan madani not so efficient

Best is to contribute 100k when you reach age 54. After 55 can take out whenever you need it.

I think is true. Previously a forummer also reported epf earmark the full 12 months despite monthly withdrawal.

Therefore it would be better do withdrawal manually every month through e-pengeluaran.