Well you can always try. Not true. Can put in max RM60k/year if you have the cash.

See reply above.

Key in your EPF account no. No need to state self contribution or what. I use maybank so cannot really comment about Cimb, HLB or rhb. Not sure which bank allows self contribute to EPF. Best to check with customer service
1) whether they support self transfer
2) if yes what are the steps.

Just drop them an email.

Whatever money you put into EPF will get dividend.

This post has been edited by Ramjade: Jul 19 2019, 07:49 PM

It's your own money. No one is going to question you if you put more inside EPF. If I were you, I will just taruh. At the end of the day I am the one going to withdraw. Not govt. So if they let you put just put and keep quiet about utm

This post has been edited by Ramjade: Jul 20 2019, 07:08 PM

You need to buy PRS.

Can. No problem. I usually just use Maybank to deposit money in.

Yes. Up to rm60k/year.

Use Maybank2u. Not sure if Hong Leong can do it.
Yes exclude. This is self contribution.
I never inform EPF also cause I use Maybank2u.

Can share the link?

Which means we add rm3k into EPF next year can get tax relief?

Before this EPF on its own already rm4k. So are they going to add extra rm3k to it?

I am not surprised. Lots of people are super conservative in sg and Malaysia. When FD rates drop, all crying.

This post has been edited by Ramjade: Oct 11 2022, 01:02 PM

Actually it's all about choice. If you have extra money, do you want to put into EPF or overseas? For me no brainer to put them overseas.
I am Kuli earning only 5k/month and dump all my money overseas. What do I do with my leftover money after paying for all the bills? For me I collect until rm10k then send all of them overseas.

So being average does not give you the excuse not to diversify oversea. It come down to choice and willpower.

Actually lots of rich people are super conversative. 5% is easily RM500k/year. Do they need to take in extra risk to get RM500K a year? No they don't need. Why do you think all the uncle and aunties all grab EPF, FD and amanah saham? For the reasons mentioned above. EPF, FD. amanah saham give them cukup makan.

Do they need to park their money overseas. Depends on them. If they want to protect or send children overseas than yes.

This post has been edited by Ramjade: Oct 12 2022, 12:35 PM

I have rm2k of emergency fund. More than enough. You can go say RM10k if you feel RM2K is not enough. Whatever floats your boat and how comfortable are you.

Once the money goes overseas, it will never come back to Malaysia unless really really needed. Cause as someone once told me, why the hell you want to hold/invest in a currency that depreciate yearly against almost all currency? The simple act of just putting your money overseas already protect your future buying power in Malaysia.

2md thing he said, don't keep cash overseas. Put the currency to work so that it can generate more foreign currency for you.

It's all about consistency. Like clockwork I send money every 3-4 months overseas once they reach RM10k. The only stuff I have in RM are my EPF. PRS, emergency fund.

Even if I got money, I won't bother with extra contribution into EPF. Cause long term dividend growth investing can outpace anything EPF give me.

I said it again and will say it again. Putting money into EPF = you have trust in Malaysia and ringgit for next 20-30 years.

Now if I give you a time machine to go back 20 years, will you top-up EPF or move your money overseas?

So now imagine a new time machine have come from the future. You get to decide your future and your family future right here, right now. What will you? Only you know the answer.

This post has been edited by Ramjade: Oct 12 2022, 03:11 PM

First lesson is never just leave money into overseas banks or just overseas FD.
Make them work you to earn foreign currency.

Depend on individual and their style of investing.

If you want to invest for income (money coming into your account every few months)
Buy sreits. They can match EPF return and earn you an increase 1-2%p.a and majority of them payout in SGD.
Some quality reits are going at 6.1% and 5.7% respectively.
Downside of investing in sreits is they will ask you for money somewhere down the road. It's inevitable.

Sg banks is also another good place currently yielding 4.3% but growing at conservative 7-8%p.a which means in 10years+ it will give almost 8%p.a on yield on cost (rule of 72)

If you want super safe go with ETF investing. Either sp500 or qqq. Long term wise 8-9%p.a. I recommend QQQ over sp500 as QQQ have more high quality companies.

If you are like me, pick the best high quality stocks from sp500 and qqq, buy and hold them. This method is better than ETF as you don't get the rubbish companies that come with the ETF like Boeing, IBM. GE, ford. Intel. You pick an choose which companies you want to hold.

Hope that helps.

This post has been edited by Ramjade: Oct 12 2022, 03:53 PM

Er you need to see how deep pockets BOE have Vs our BNM. BNM does not have deep pockets. So.ethinh you need to keep in mind.

Don't believe me? See the 1mdb saga. They cannot even defend the RM then.

Ok. We will see if they go that route. They got their own mess to settle with anyway.

Few questions you need to ask yourself.
1. Do you wand the tax relief or you do want to go beyond tax relief.
-if you want tax relief, I believe rm4k+3k (next year got additional rm3k) enough.
-if you want for long term retirement then yes. Dump in RM60k.

2. Second question see back previous post. How confident are you of Malaysia and the Malaysia currency say 20-30 years later?
-if you are confident, by all means go ahead
-if you are not, follow the examples I listed above.

TOS CPF sucks. So complicated the rules. Our EPF better. Clear cut. Only issue is RM and Malaysia.

This post has been edited by Ramjade: Oct 12 2022, 11:02 PM

For me, I got no choice to be pessimistic against Malaysia cause 20 years of lousy track record and no improvement.
It's like a company. You already give it 5 years for it to turn around but still it cannot turn around. You hold or you add more or you sell? Same concept here.

Not to mention our neighbours Vietnam, Indonesia have improve a lot and may have overtaken us.

Versa slow withdrawal. Not to mentioned bonus here and there in units and not in RM makes it confusing to count the actual bonus. Not very clear cut while KDI save is all in RM. Withdrawal is same day if done in the morning for KDI.