Saving for overseas trips

Not eligible.

with FD rate at 4.5% @ 18mths, wonder if it is still wise to self-contribute 60k p.a. to EPF ?

Epf you need to wait till old age only can take out. FD after 12months, 18 months only can take out. Just in case got emergency. FD is definitely more flexible than epf.

Both different things

If it's for emergency then FD.

If it's additional cash, then epf

Epf can still withdraw for special situation. I take it as a discipline to force save

once more then 1 mil, u can also decide to take out.

In my opinion, if FD is 4.5, epf surely give more than 4 5. Never seen epf is lower than FD interest yet.

Also if you don't see yourself needing to use the money, can put in epf. Worst case you can take out 30% of the 60k (given if you have a house loan).

I think everyone's situation is different so it really depends on you. My only regrets is not putting it in sooner. Cant wait for new Gov to approve 100K limit
Btw anyone tried the new method yet? FPX directly from EPF's app.

This post has been edited by N9484640: Jan 3 2023, 08:55 AM

Repost here for more comments. Didnt know there r 2 same titled thread, the other at kopitiam.

yes correct, anything put in after 55 can only withdraw at 60

I will invest my extra money when I reach 54yo 11 month
But seems like NO
No one know when your God cabut nyawa 🤭🤭

Quite easy to withdraw.... just fill forms, queue, submit, and 3 days later the money will be in your bank account

Btw, anyone knows what's the yearly self contribution limit ?

60k

Below is my ee and ey contribution, can I still make self contribution?

yearly epfee is 62,832
yearly epfey 73,944

Self contribution limit is excluding mandatory contribution.

Wow...... wish I have this much worth of contribution per year. lol

Work hard and smart is the key good luck

Yeap agreed. If I'm not mistaken, EPF dividend rate must always ideally be equal or higher than the inflation rate, thus it will be higher than FD.

It will be better if epf allows users to withdraw a small amount like rm500 per month for emergencies usage.

if only you know majority of malaysians have less than rm10k, in their epf, then you wont be saying that