Did he spend his money for medical treatment until he has to withdraw all from his savings?

That's because of changing demography in the country. People live longer and healthier these days, life expectancy increases.

Someone has to pay for this extra projected lifespan, so if it's not yourself, who else is going to do it for you? So you have to work more till 60 years, and at the time of your demise at age 75, the money in EPF would have been exhausted.

well, maybe you are financially very savvy and can take risk in higher return investments.

For me, so conservative and stupid, I put my money with EPF lor. Tried property , lost money. Tried stock market, lost money... thank you for your sympathy.

This post has been edited by Chrono-Trigger: Feb 20 2018, 12:39 PM

what is the maximum rate of contribution for employer and employee?

Yes, you can choose more than that.

Fill up this form

PILIHAN CARUMAN LEBIH


Your employer / HR needs to sign it. Best if you take the initiative yourself and sent it to EPF , and they will give you an acknowledge form. Give the acknowledgement form to your HR, EPF will contact your HR , and usually they will start deducting in 1 or 2 months time.

If I remember correctly , the maximum contribution is 50% (or 55% ? ) of your gross salary. So if your employer is paying 13%, you can opt to pay your employee portion up to 37%

This post has been edited by Chrono-Trigger: Mar 4 2022, 10:33 AM

edited

This post has been edited by Chrono-Trigger: Mar 4 2022, 10:35 AM

Caruman melebihi kadar berkanun

If I remember correctly, maximum is 50% ( or was it 55%) of your gross salary.

HR usually don't bother to do it for you as it involves a lot of paperwork.

In my case, I took the initiative to fill up the form myself, sent it to my boss to sign and approve, and submit to EPF manually. EPF gave me the acknowledgement form, and I sent it back to HR for their record and action.

Good luck.

This post has been edited by Chrono-Trigger: Mar 4 2022, 10:38 AM

how to withdraw past 1million?

need to apply every time need to withdraw?

1 million

still quite far away

You did good, I wish I had the insight to contribute more when I was younger. But there are more employers these days opting for contract work which they don't have to pay EPF. I think this is the loophole the government should look into. I was in such employment for few years.



The compounding interest from EPF will work its magic once you reach a certain threshold.

I would say when it reaches 500K, you will really see it getting very significant.

1 million in EPF with no debt - very decent life. Probably can dine out every weekend won't feel pinch. Can go local holiday every 2-3 months. But no big ticket items such as car replacement. oversea holiday probably once in a year. May be affected by inflation, so need to keep track of spending. Need to really "think" a few times before purchasing iphone / laptop / holiday trip.

2 million , decent life + replace car every 7 years. oversea trip 2-3 times a year. Quite resistant to inflation.

3 million, technically a "rich" retiree. Can get iphone/ laptop/ etc without much hesitation.

p/s a banker who used to work for foreign bank told me that 5 million cash is the standard of very comfortable life after retirement.. She probably talking about 5 million in Fixed Deposits with return of 3-4% pa.



All the above only possible IF
1. you have health ( so please invest in health, get some swimming lessons, eat properly)
2. your children don't come back to bug you with their family/ divorce/ ah long/ debt / gambling problem

This post has been edited by Chrono-Trigger: Mar 5 2022, 12:40 PM

Yes, 1 million is OK but have very little room for maneuver . For example need to repair home once in 10-15 years, unexpected expenses (medical bill , some items may not be covered, cataract surgery lense, etc). Fixing an aging car all need money or give money to parents/ siblings relatives that need emergency money..


This post has been edited by Chrono-Trigger: Mar 6 2022, 01:18 PM

Yea 1 million is enough to live a financially independent live, but there won't be any new cars, oversea trip, iphones/ laptop need to think few times.

But if requirement of life is low, or rather minimalist lifestyle and a person can be happy about it , yea it's enough



This post has been edited by Chrono-Trigger: Mar 6 2022, 07:01 PM

you can stop working now lo, everyday go starbuck limteh.