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 EPF SELF-CONTRIBUTION

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TryingToSurvive
post Mar 4 2022, 06:43 PM

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QUOTE(overthemoon @ Mar 4 2022, 04:40 AM)
If you are a year or two away to the age of 55, should be safe to max self-contribution lor. That’s what I’m planning to do when the time comes in the near future.
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But financially speaking, since if you load up on EPF early you would get more interest over time.
Wouldnt it be better if you put more in the beginning?

Personally since I started working at 25, eventhoug I get the normal employee+employer contribution but yearly 15% annual salary self contribution.

Now at 32, my dividend from EPF is double my peers.
TryingToSurvive
post Mar 4 2022, 11:10 PM

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QUOTE(Chrono-Trigger @ Mar 4 2022, 07:14 PM)
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.  sad.gif
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.
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Yeah I had it easy, stayed with my parents until I got my own house.
There was an 10 year old spare family car for me to drive so I didn't have to get a car.
Didn't have a "baller" life. Hopefully it's enough for later. Don't want to work till I'm 60.
I'm calling it quits around 50 ish haha

QUOTE(Lembu Goreng @ Mar 4 2022, 08:28 PM)
He is pointing out nearing age 55, which means he is talking about liquidity.
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Yeah I mean based on cumulative interest, it would have been better to add smaller amounts in the beginning rather than maxing out 60k self contribution later on in life.

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