imo, a very sound strategy/plan. money in EPF is creditor proof while earning way better than FD rate and still way safer than money in bank!

at least i have not heard of money scammed from EPF directly.
(took out and put into a bank before giving to toyboy or toygirl or lover from nigeria don't count).

wait till gov change the retirement age to 65... then there will be 3 accounts according to age, and 3 more accounts according to liquidity... just to confuse all of us who by then will be senior citizen...
haha

I don't really know as have not reached 60 years of age yet.

"At age 60, all savings in Akaun 55 and Akaun Emas will be consolidated for withdrawal. "
"Pada umur 60 tahun, kesemua simpanan yang terkumpul dalam Akaun 55 dan Akaun Emas akan digabungkan untuk pengeluaran. "

I just copied the english and malay sentences here for reading. It does seem that both accounts will be combined. To me, the words "for withdrawal" and "untuk pengeluaran" are just to stress that we have access to everything at 60 and above.


But a old article mentioned this, which seems to imply the account 55 will last till 100 years old:
"“Akaun 55 will remain open as long as a contributor lives or until he reaches 100 years old. It will only close after he has withdrawn all his savings from it."
link as below.
https://thesun.my/home-news/epf-contributio...t-60-BF10731734


To me, it doesn't really matter. combined or not, at age 60 and above, everything is accessible. ie makes no diff to us.

This post has been edited by Wedchar2912: Jul 10 2024, 09:32 PM

the whole amount of that transfer/transaction will be rejected and send back to you...

say you already sent 95K rm.

then you try to send 10K rm. the whole 10K rm will be rejected and refunded back to you.

at least this is what I experienced.

well, can't help the idiot bankrupt if he/she/it chooses to withdraw right?

EPF is not there to save him/her/it from everything.

the exam is a good idea... but instead of passing exam to take out, how about must take exam before contribution. haha.

but in all honesty, if EPF wish to create a annuities scheme but optional, then by all means, they should and allow each of us to decide on our own. I myself don't mind subscribing to a fixed minimum income of say 5K pm until my death. at least that ensures i have the bare minimum to live off in my golden years.

yeah, what EPF offers now looks like an annuities, but what I meant is an actual annuity...
ie the type that once locked in the series of cashflow, it will not change anymore (or at least change in accordance to the pre-agreed formula).
fully hedged the future movement of returns of div.

This post has been edited by Wedchar2912: Jul 16 2024, 12:59 PM

well, i am not really that fond of insurance firms as their main priority is profit to their shareholders, first and foremost. At least EPF's mandate is a lot more balanced.

so an annuity from EPF should be much much better priced vs one from insurance firms.

based on my experience back in March... if withdraw via counter, takes like 2 days. the staff mentioned up to 1 week, but luckily that was not the case.

vs online, which usually takes 1 day... sometimes 2 days. (this one I do almost every week).

this is a good idea... one can count the funds in acct 3 as emergency funds... that satisfy the good practice of having 6 to 12 months of emergency funds. Much better than keeping them in FD.

curious... what do you really mean by highly liquid form?

Would you consider your funds in EPF, assuming you have more than 1 million or it is in acct 3, to be highly liquid form?
any more liquid is basically pure cash in deposit forms.

You are right about covid19 and gov's actions teaching us something... we had to queue online to even login to EPF to initiate withdrawals... that was quite annoying.

wah... your definition is a lot more stricter than mine...

you talking about actual criminals like kidnappers going to slash my neck?

cos almost anything legal, one can wait for 2 days to pay... or use other means like credit cards.

This one. If ur pocket has a lot of money, confirm higher chance the criminal will slash your neck lor to immobolize you and take the cash.

The again, nowadays maybe even a few K rm also some will be willing to do it.

all the more reasons not to keep too much cash in banks...
safer to put the several hundred to million ringgit cash in EPF... i feel even the info is safer with EPF vs some crap banks.

or keep in tong and spray anti-termite to make sure the notes don't get eaten... then only you know where you hide it... under some old tree or septic tank... haha.

Today do, today get is 0 day.

Today do, tomorrow get is 1 day... that is where T+1 come from.


my experience so far is almost always settlement is T+1. ie today click click, money arrive tomorrow
(provided can get in and the system not overloaded like what happened several months back).

problem is market was extremely benign until 3 weeks ago...

how did EPF's portfolio fare since 3 weeks back.

why not rework your calculation with the target of retiring early with a particular networth number... say 40 or 50 years old (sorry, i don't know your age) with a certain networth.

One thing I did miss is the automatic monthly "free" influx of cash into EPF thanks to employer contribution...

oooo... that means if have 10 million at age 40, one just need to make sure one's networth at age 65 is above 26 million to keep the same standard of wealth... any extra just spend spend spend...

what was the saying already....

when young, got time got energy no money
when mid-aged, got energy got money no time
when old, got money got time no energy


the good thing is at mid-aged, some can choose to change the narrative a bit to "got energy got some money and make some time".