let EPF do the compounding for you then you will see that long term stability, EPF is the best. Glad to report that i have reached 7 digits at the age of 35. Cant imagine what happanes when im 55, believe i am able to retire comfortably.

Serious question

Since EPF got account 3 and I have opted to move all my eligible fund to account 3 and it has quite a good amount there for emergency or for whatever reason which I am quite happy with it. Here come the question - I am thinking of withdrawing my ASM 1, 2 and 3 and move it to EPF as well since EPF give higher dividend compare to ASM 1 2 3. And since now I can easily transfer out from account 3 to my CASA. Is this a good move or a stupid move?

hard copy with name... lol...

Accountability of MBSB BOD.
That's the question.

Now also can transfer back to account 2 or 1...

Just little hassle...

Need to go EPF office & fill up form manually... And give them to process...

But what I'm scared of..

Sudden change of policy...

EPFn/ gomen. allowed like the previous 10k withdrawal.... To stimulate the weak economy...

it is possible if you are earning a high paying job , remember not all job pays well
and if someone is earning 15k per month then i dont think he needs any withdrawal
the idea is gov/epf have done the analysis that ones need 240k to retire so let just say someone has achieve double of it or even triple of it then gove should allow the mto withdraw

240k you can withdraw 1k per month for 20 years before the fund is exhausted (source = EPF)
so what if you have 480k then is 2k per month which is very good

so Rakyat need to propose to revise the RM1.0 Million withdrawal policy and lower it t0 like 480k or 500k (looks better if keep it 500k)

anything above 500k allow withdrawal from EPF
500k EPF saving is a realistic target and Rakyat will try their best to meet 500k as compare to now 1.0M which i see the number also i have no motivation

any MP here following this forum, please help to propose this to our finance minister
**source**
The Employees Provident Fund (EPF) recommends a minimum retirement savings of RM240,000 by age 55. This would allow for a monthly withdrawal of RM1,000 for 20 years.

u cant predict the future you only can plan
20 years is good enough
anything more just have to do adjustment here and there
if we die half way before reaching the honey pot then how...
so there is no perfect plan...

You never read news about people losing money in their bank accounts after the phone was hacked/install malicious apk?

But some would say 6% average is not good enough

Need minimum 10% or above to satisfied 😔

It's never ending...

EPF rates is always not enough...

Cannot satisfied everyone.... Sure there's people who disappointed what given...

Assuming all children are independent & grown up, car and house loan are paid up.
Apart from the medical expenses (monthly prescription, yearly medical insurance premium), and other fixed expenses like condo/house monthly maintenance fees + cukai pintu/tanah  + electricity/water/internet/mobile bills, is there any other big expenses that may incur after retirement?

late 40s
Should be on track, barring any unforeseen f**k-ups

once you have 1 mil by the age of 40, and not contributing more, it will be 2.6/2.7 mil by the age of 65 = 13k/ month passive.

1 mil as soon as possible is the game to play! rest is bonus.

Now many are talking about RM4 million and above.

So, the revision of govt salaries is good to match the many well paying jobs in Malaysia.

And if what the economists said is true, the ringgit will continue to strengthen and this would not be good news to those who park their wealth overseas. And the coming petrol subsidy will provide the spark.

https://www.freemalaysiatoday.com/category/...w-epf-chairman/

New EPF chairman from 1 September 2024

Zuki Ali is former chief secretary to the government of Malaysia

For my case, T + 2 days.

Yes, you can use the same form to transfer fund from Account 3, to Account 1.
I agree with nexona88, that it is a pre-emptive action, in the event that the dividend rate for Account 3 is lower next year.
For me, the second reason of my fund transfer from Account 3 to Account 2 is to prevent myself from withdrawing the fund from Account 3 in order to satisfy instant gratification and pay for unnecessary spending, such as buying new handphone, or going for expensive vacation.
I am considering the fund in Account 3 is also forced savings strictly intended to be used after retirement. As such, I am forcing myself to avoid withdrawing any fund from Account 3, unless for purposes allowed for Account 2 withdrawal.

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....

UT is the most fark up scams. Gov shouldn't allow UT agents to leach off unsuspecting contributors in the first place.

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