The drop dead amount was USD 2 million.

From urban dictionary...

"The term comes from a character in the James Clavell novel, “Taipan”. A character in that novel, a lady executive has the objective to have “drop dead money”. The “drop dead money” is that amount of money that she calculates she needs so that she would have the freedom and the luxury to tell anyone to “drop dead” without worrying about her financial security.

Actually, it was in another novel I read, Noble House, published in the 80s. The lady executive was

Casey Tcholok – Kamalian Ciranoush (K.C.) Tcholok, vice-President of Par-Con Industries.

At that time, in the 80s, the drop dead money was about M$2 million. Now RM 6 million.

This post has been edited by ScooterBoi: Mar 6 2022, 05:12 PM

Try saying to your boss!

The drop dead amount, which you see as 'gold standard' is in USD, hardly changes over time.

$2million is about rm6million. This is the amount for luxurious travel, and making a fuss over little things... telling them idiots to drop dead or fuck off! LoL

Edit: it should be 8 million.... still living in dream land when the conversion rate was about 3. hahahahaha



This post has been edited by ScooterBoi: Mar 6 2022, 05:41 PM

In that case, 1 million in cash and no more debts and housing loan and car loan all paid up is more than enough.

But no annual holidays in the swiss alps and telling anyone there to go die la you over small small things. LoL.

The drop dead money was USD 2 million in the James Clavell's Noble House (published 1981, 40 years ago)... still good today.

(I still remember the drop dead figure after so many years reading the book.)

Just need to covert it into ringgit using today's exchange rate.

1 million... new car need to downgrade to proton 1.3, no more 200-250k continental.

Among the proposals was having the withrawals as "interest free loans." So, dividends is paid on the withdrawn money too. LoL.

This is cooking the ledger... interest paid to non-existing money.

Since there is no proposed deadline when the withdrawn 'loans' must be returned back to EPF, we should be more adventurous and give everyone future "imaginary loans".

Give everyone an "imaginary loan" of 200k for their future earnings. So, 200k added into each account, but the 200k is non-existent.

This would be better than the initial proposal, because more dividends will be paid on the non-existing 200k than on the non-existing 10k that have been withdrawn.

Brilliant!

That's beside the main point that epf, after age 55, is better than having a bank account.

It is much more convenient than a fd account. In fact, some people withdraw, either icitra or otherwise, because banks opening hours were shorter during mco. Need to go to the bank for fd withdrawal, while epf can be done online.

(Epf did a good job in its icitra withdrawal website. It even explained how much compounding interest would be lost in the withdrawal. )

After age 55, dividends paid till age 100, can withdraw any amount at anytime, can withdraw everyday or every week if you want.

The online transaction is very secure... can only transfer money to your own bank account under your name. Transfer is fast too, about 2 days.

The beneficiary named is airtight too... no one else can touch it. Correct me if wrong, I don't think anyone can take legal means by court order to compel EPF to release any money to them.

Problems only arises when no beneficiary is named. So, it is important to get this done at a epf branch.

The beneficiary can be several names, and each name allocated different % as you like.

And not to forget... before eyes and mind are going poorer and poorer from old age, you can set the epf account to release a set amount every month to your bank account.

The nominations are safe and secure, can check it and view it online.

Thr trick is not to nominate people you normally travel together. Like for example nominate wife, children and also a brother or sister who don't usually travel with your immediate family.

Can put like 10% to the brother or sister. So, if anything unfortunate car accident on the road and both couple dead, the brother or sister got 10% soon. Any will or probate/administration letter (if without will) would take some time.

So, if the fund inside epf is hundreds of thousands or millions, the brother/sister got tens of thousands or maybe hundreds of thousands to initiate any necessary arrangements such as taking care of the children and parents, and of course, funeral expenses.

This post has been edited by ScooterBoi: Mar 8 2022, 06:47 PM

If all the nominees were dead and can't claim directly from vepf, then it is same as no nominees.

Then the claim will have to proceed by court order - whether got will or not. As like assessing any funds or assets in bank accounts and/or properties.

The reason why epf account is better than any bank account is because you can nominate beneficiaries. Bank account don't have this benefit.

My wife's nominations is in reverse percentage... only 10% to me.

If any road accident occurred, if I'm dead too, the bulk of her epf goes to family.

If I survived the accident, I got enough in my epf, don't need hers.

I should have completed the sentence that my wife's allocations was in reverse to mine... mine is 10% to family and the bulk to her.

So, if we both were involved in any fatal accident, bulk of her epf goes to family. If she survives, bulk of my epf goes to her.

It was self-contribution la... Max is RM60k a year.

The 9 or 11% is employee's contribution (compulsory).
The good thing of being an employee is that there is also employer's contribution - which is tax free.
And employer's contribution can be up to 19%.

If you working in banks, the employer's contribution is 18%.

This means about 30% of the monthly salary goes into retirement savings in EPF.

Note the tax free in employer's contribution. If given a choice, up the employer's contribution, not the employee's.

---+---+---

Maybe in recent years, lots of new self-contributions... that's why so many members with little money in their accounts.

6.1% dividend in 2021... making it 10-years annualised 6.11%.

Let's see how the performance is this year... which already started badly, oil predicted to hit $200... gold already at about $2k.