Ya hate to see the split unnecessarily...

also no full confirmation if the dividends is same for acct 3...

The fact that it mentioned you can opt to move acct 3 to 2 for better capital appreciation, I think that sums up the token dividends comments.....ie lowered???

Then again, with MY policy makers... One never know ....

This post has been edited by gamenoob: Apr 24 2024, 06:55 PM

So those that below 55 by May 11th, will get 3 acct split but zero seeded in acct 3 unless opt in to shift from acct 2?

Then when they hit 55, all 3x accts will become 1 acct 55 which they can withdraw at will?

Then they start the acct 1/2/3 if continue to contribute to EPF from 55 Yrs old onward where it will become acct emas at 60yrs where they can withdraw at will.?

So one get acct 55 and acct emas at the end?

This post has been edited by gamenoob: Apr 25 2024, 03:38 PM

Whatever stat and classification or min retirement amount they projected to..it is illogical becauseif one work from 25-60 from 3500 per month with 1% annual increment at 4.5% epf dividends.... they would have almost a million ringgit.

The way the data/stat bein sliced to the public clearly to serve a different narrative... and the lack of clear clarity of who these so called B40 with super low savings, need to be clarified... lest they serve the typical polarised and racialised narrative which ever so prevalent....

Yes there are real inflation cost issues, but there just too many devil hidden in the details ...

This post has been edited by gamenoob: Apr 28 2024, 09:42 AM

Indeed....

Different folks different stroke..... problem with some folks don't understand or don't want to understand EPF mandate and expect epf to do miracles for every needs.

The way they condemn it as if they can do better job managing such needs at that scale balancing all needs ....at country level machinery

Seems like the KWSP apps with black colour logo, it's been decomm.

Is that what you all seeing?

While I don't have the stat but I'm sure many of these folks are just poor financial literacy. If you truly need that last 1k... something is seriously wrong somewhere. Meaning they are certainly not cut out to manage any sums prudently. The newspaper interview many of them transferring 1-3k max from acct 2.....

So all these withdrawal or whatever aids not going to help other than blowing bigger deficit to the government revenue. The rot is too deep.

They wanted more from acct 2 but there is capped if your acct 2 is less than 3k where you entitled max 1k only. Well that what most of them going for. Meaning in total their overalls are low unless they just withdraw them for housing recently...

I went to kwsp recently and saw the crazy ques and the ridiculous inquiries when many just showing their app balance and checking their funds.... and talking about what they going to shop after the withdrawal... thought I heard new phone....

You should the FB comments on this..... you will understand why the country is screwed on financial planning.... I mean lacking of it for the masses....

Right the next group with <100k will say the same nonsense ... and never end. It's flood gate that shouldn't been opened....

Dude.... you have full access to your entire epf accumulated to 55 at that moment.

And you don't have to take all your acct 55. You can treat it almost as ATM while still enjoy the dividend until 100 yrs old.

As for Acct 60, think of it as 5yrs bond/FD when you are 55-60 yrs old.

Actually your last 5 yrs of 55-60 technically is your peak earning and should be sizeable earning even only 5 yrs. Say you earning 22k a month at 55 at 23% contribution, you would accumulate 340++K ..... that more than what majority of the members % that have less than 250k that always published by epf etc.

This post has been edited by gamenoob: Jul 5 2024, 10:21 PM

Then the last few years of your employment should be the peak of your earning regardless 50, 55, or 60.

As for working from 55-60.... each year I stay employed is a bonus for me. And yes I do have few colleagues work till 60.

For those mistakenly think they need that last 5 years of income,.. 55-60 meaning their financial independents is still at risk.

I hope my mental and physical health and well being allow me to be financially productive until 60... beyond that I may do pro bond work if the right calling come along.

As for your company have zero 55-60, than that's a sign for you....

Tough time build strong man
Strong man create good time
Good time create weak man
Weak man create tough time

Rm4m at 4% dividend will last 38ys with 17000 monthly withdrawal.

Or Rm3M at same dividend will last 40yrs at rm12.5k monthly... that last until one is 90yrs old.

Is Rm4m the benchmark now?

Is rm10k monthly at 55/60 yrs old assuming no more loan other than medical insurance, kids all grown and paid for, house loan done.... is not adequate for many?

Granted there are inflations but overall necessity consumption also dropping ... unless one still want luxury oversea holidays, lifestyle consumption etc. But as some say at that age, still got energy? One will slow down and see medical coverage creeping up instead....

This post has been edited by gamenoob: Aug 24 2024, 05:54 PM

You always have to keep this RM1m balance ya?

Too bad epf only allow max 100k self contribution

Not that hard la young man...

Say one work at 20yrs old at 4k a month with 3% average annual increment at 5% rpf dividend, you have rm1m in 30trs.

Surely with promotion, job hopping, one will it much earlier...much much earlier.

The problems is most folks have no patient for delayed gratification and thinking gov cheats their epf, bla bla bla and invest in some dodgy scheme or trusting too much UT. If you are not well informed as investors, let EPF do theirs and you expand other investments.... at least it's a safety net....

I'm using very conservative measurement to do above scenarios..

4k starting pay and 9.2k 30 yrs later.. surely if one care enough they would have make 9k a month and more. these are based on without bonus or job hopping or promotion..

Even without promotion and stuck at 4k monthly until retirement, one still have 750k after 30yrs.

So the argument that so many have less than 250k in epf after working for decades, is very questionable....

it's just some smoke screen, political rhetoric to spin some narratives. They never tell what and who these groups are. Yes there are exception... but time and compounding is truly a 8th miracle of the world...

Here play with these calculator which I used to simulate the numbers...

https://www.thecalculatorsite.com/finance/c...calculators.php

Yes... the 250k is BS....

Rm1M is very doable... I'm sure you otw if not have already exceeded it.

Indeed... but not sure how their calculations method are...

But this snippet from kwsp news is disturbing...

The provident fund estimates that 73% of its members will not be able to meet the already-low Basic Savings threshold of RM240,000 at age 55.

devil in the details...