Put in US FD can already.

May I suggest, go for a more diversified portfolio instead of just focus on US ETF such as SNP/Nasdaq.

For if the timing is not correct, you may have to wait for years to see black. Then the accumulated EPF returns wins

Your kids will have 40 years time frame. Good enough to go with S&P500 or QQQ over EPF.

ETF can be good choice to diversify to improve the return of retirement fund.
But it will never able to replace EPF that provides safety net on principal and consistent positive return rate.

Imagine your entire retirement fund that you accumulated for the last 30 years, put in ETF or whatever suddenly down 30% when you retired.
When bear market hit, then we will see the importance of EPF like fund as retirement safety net.

Nasdaq took almost 18 years to recover back its previous high during 1999.
While when we retired, we may not have 18 years to wait for.

EPF still serve a very important retirement planning, even though other investment tool can or may provide better return. Also, there is no guarantee those other tool may able to gain, may as well losses.

Extra fund - take risk to maximise return.
But for retirement fund, it is different strategy.

Also the ability to withstand the risk also depended on age.
For those near retirement, the risk should be lesser, as we don't know whether we have another15 or 18 years to wait or not.
Also the emotionally being affected by market crashed. Imagine 30 years of hard saving halved due to market crashed, even though it may rise in much long term future.

Retirement money is not the same with ordinary saved money in the planning.

I don't agree with 6. Bolded.
Reasons
1. You are holding ringgit. Ringgit depreciated with time which means you are losing future purchasing power faster Vs if it it's overseas. If it's SGD, different story. No issue.
2. Return is just constant 5-6%p.a if it's not increasing yearly you are losing to inflation and losing future purchasing power.

I have very limited cash. If I were to max out my EPF, That will make me reliant on EPF to find my retirement. By putting into S&P500/QQQ your money is working more efficiently for you Vs putting into EPF.

Ok to max out EPF if you have infinite money glitch.

Based on retirement age 50 today.
Assume average age 85 - I used Singapore average age not Malaysia which is lower
assume no debt. Have fully paid house and car.
Assume asset replacements 10k yearly
Assume holidays 10k yearly each
Inflate rate 4% epf rate 5% or real gains 1%

doesn’t make sense to put anything more than  1.5~2m in EPF