Thanks for pointing out that doing so will affect credit eligibility/assessment, I guess I will apply credit card/s and mortgage/s first before thinking of opting higher EPF. By that time, may not consider that already since commitment/s became higher,   

also the same. my clients children, some havent grad yet, age 19-21, got millions in bank account. not RM 1 million...RM 2 millions ya..., 8 figures..
so how they got so much money? you know, i know.

sound absurd? not surprise, we also even read the news that MACC raid someone house with RM 100 millions cash. cash.......

How they count the dividends by date of month bank in ? Or there is cut off date for dividend to be counted for the month ?

Perhaps coz mine is akaun emas.

I understand where you are coming from. But Jul-Dec 2024, there are employer contributions, mixed with my own contribution. And I thought the RM500 is only for those that dont have the employer contribution the whole year..

I hope you are right, then I can get another RM500 this September. I basically have 4 years to qualify. After that I go past 60....

Or 12.5k per month

Which I think is sufficient enough for survival in Malaysia 😁

Actually I'm at this stage. Joined work force around 23 and now 56. Hope to survive the rat race till 60 as the last 10 years of corporate career is where the peak earning capacity lies. So next 4 years is where I'm pushing to have my cake and eat it too.

As some say, you will face many headwind where you also considered high cost to company and they will find way to rid you while enriching the top C and shareholders. It's a never ending game... that a topic for another day.

Health wise, I can tell you, 45 is first big one. There was an article mention where there are 2 age stage that sudden seems hit a turbo button on aging...45 and 60. I can attest to that personally. Suddenly, you can't be as crazy as agile as physically as you want it to be. Mentally still good but one never know so I'm trying to make up for lost time... for next 3 decades. It actually terrifying to know what lies ahead where it's not about work, it's how to get age gracefully in terms of health, wealth, relationship, etc as these age where one attending funeral and wedding dinner become routine, empty nester etc

Anyway back to EPF planning, I have seen it.. it can be done. I did some financial assessment and comparisons for friends on their numbers. They are making above 30k monthly for MNC and they are only early 40s. Not even C level. The only bad habits for them, was minimal retirement planning because their income are good and comfortable that they spend thrift ... they felt invisible. Money is good and retail therapy also equally good...watches, wine, michelin rated restaurant, etc...they will have EPF 3M, if they sustained until 55 provided they don't get cut. Cash flow or emergency funds is horrid for them.

'm doing fine at the hawker center..sipping my teh gelas than fancy rm20 latte... lol..my kid education is done, insurance balances being built that I hope enough to self paid from 65onward, mortgage done, etc. Just need to keep up the health and mental well being...stepping into the unknown,... it's almost like a fresh grad clueless day on what come next ... it's all over again..

AI is creating a lot of uncertainties, many r predicting that there is less jobs security in the future. Future generations will have to depend on inheritance cos much harder to build wealth from jobs or biz.

I think your planning is very good. Another 4 years of wealth creation b4 the onslaught of disruptive AI revolution.

so when the kids grown up they dont earn a living yet depends on the FAMA bank to feed them??? ( i wish i can...  ) then after sometime they will leave you behind and move on right??? by that time you will have double the cash you have to survive (the 2+2 case)... dont tell me that you need to feed them until the day you gone and maybe feed their BF/GF also... if that is the case u really need more than 13m just to survive...

sorry ya, to me the kids are the kids they need to learn to survive, dont keep feeding them, teach them how to fish instate... and i belief most of us do have a house... by the time u gone they will not stay in your house anymore means there is more 'money' for them right???

yaya to save as much as possible but not to the extend like 1.3m is peanut, infact alot of people who have retired with even less than 13k with them...

end of the day is a choice, what you want... continue to stay in a 3000sf bungalow with only 2 head count or go round the world while you still can walk...

im 36 yo this year and have about rm 1.4 mil..i am contributing max rm 100k per year. as per my calculations, i can reach rm 5-6 mil by the time im 45 yo. Hope by then i can retire

PSA:

Please do your Self Contribution TODAY if want to include for the month of March...

Thanks 😊

I self contributed some on Monday 8.00 am, the funds were reflected at 7.00 am Wednesday.

On the same day I self-contributed.

Hi

Wanna ask anybody did self contributions after age 55?

The self contribution made after age 55 will go into your account 55 or account emas?

Thanks for replying.
For migration from ordinary account to account 55, kwsp do so based on birth date or 1 jan birth year?

May I ask:
Upon 55, all 3 accounts merge into account emas right?
If withdraw small amount at 55, all balances migrate into account emas? Then at 56-60 and beyond still can withdraw any amount from account emas right? Only new contribution after 55 in account emas will be locked until 60 then only can withdraw?

To illustrate:
Age 55: 1 mil in emas - this sum can withdraw any amount anytime till decease?
Age 56-60: new contribution 100k - locked until 60th birthday to withdraw?

Not just good daddy bro
One has to be very capable to be able to do that

Self and wife already rm200k per year
Plus kids some more tak boleh than lo
Where got so much money to do that for every kid
Every year.....till max them all?

Actually for EPF, I won't transfer my EPF money to my kids
Wait till I die they automatically all get it and easily

For other assets eg properties bonds etc yes
Better do some transfer early when you are still around

tqtq ... so far only 20k... lol... end of the year will sit with waifu to do proper budget planning but 100k should be ok...

told my kids to pursue their dreams and focus on career... they can keep their savings and start a business... i have always said, when young, minimum epf, maximum outside...

me moving money to kids epf is more my early estate planning than trying to give them 1m before they are 21/25... this way, some money is locked in and can never be scammed or blown away before their retirement...

anyways...

If you are born in poverty then you would understand the emotions behind that.
Now is a good time. USD1 ÷ RM4.25
Yup. Same thoughts as mine. Though none of my kids are business inclined. For me at least a degree, a car, a house and some seed money in EPF. Gotta give kids a headstart in life. Seed money is to comply with chinese saying ' money scared of cold'.