This guy doesn't understand the concept of hedging.

Not diversifyingn currency means you are solely at the mercy of Malaysia BNM monetary policy and Putrajaya's fiscal policy.

By investing abroad, I am not betting if Malaysia will outperform or underperform, or if Malaysia currency will moon or doom, I am hedging against MYR to ensure total ruin does not happen to me personally.

EPF is denominated in MYR and unlike PRS, your portfolio doesn't fluctuate along with market condition. If MYR hyperinflates, your EPF and FD are done for.

Do you want to end up like people in Venezuela, Argentina, Zimbwabwe, Brazil, Weimar Republic, Colombia etc?

Look, this thread's title is "EPF - Self contribution".

If one can put extra into EPF, they have extra funds. I am actually suggesting AGAINST putting extra into EPF because it's a risky move.

The self-contrib portion could have gone to robo-advisors low-mid risk portfolios and that's a good hedge against MYR. Most robos take deposits as low as RM 1~100.

Seriously if you can sendiri top up extra to EPF, you owe it to yourself to at least put a bit of $ in other places and not all in EPF.

The top T0 has over RM10 mil in EPF...you think they high salary earner or not? Surely these are not dumb people...we ikan bilis look see look see and follow only lah....lol.

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.

To all eagerly waiting for 100k contribution limit, how much extra do you plan to contribute? The way I see it here, quite a few forummers blow like they have rm 1mil in the sideline waiting to deposit into epf account

I am a bit concern if more and more people treat epf as a high interest saving account for those people that exceed 1 mil. If too many reach 1 mil and do this, epf might raised the bar further to 2 mil . 1 mil is achievable in near future but 2 mil, might as well i wait for retirement.

It would be too risky for me to transfer from my ASX if the rule is revised further to 2 mil. A lot of my fund would be locked out and out of reach for significant amount of time.

Totally agree with you.
just for sharing, nothing to show off. Since I am not active user on giving input, but always like to read other forumers comment in these thread.

I m 48 now, I am quite lucky as having high pay salary since age of 35 till now, I never do the withdrawal from EPF before, I achieve my target at my age of 45. I think some of you here may have better achievement or no..., no comparision, just purely for sharing.

3 years ago, I asked my wife to top up her contribution of 30% every month + 12% from employer including her yearly bonus deduction of 30%. Since she has intention to retire as housewife before 50 yo. Expecting end of this year, she may achieve her goal...just within 3 years time, the saving really hit the level we never thought of till recently dividend paid off, we check the statement together...

What I can say, we need to have planning on our commitment if we can allocate some extra cash... of course, we need to standby the Cash for rainny day in our bank, cannot put all into EPF account.

fyi, I was in share market and UT last 2-3 years ago, BEER :beginning enjoy, ending regret...that is why, it is much better do save it in bank or EPF if we do not know much on these investment.

I also want to quit the job now since my commitments all paid off, but due to children education fee, have to work harder for their portions now, pay them whatever I can afford... high pay, high stress... really hope can achieve it when reaching my age before 55.

Wish everyone here can achieve whatever things we wanted and have a blessed life ahead.

Cheers

Why do you need 10 mil?..

So you can spend 50k a month? Are you flying first class every 2 months?

Isn't it over saving? And give yourself unnecessary stress?

1 mil gives you around 5k a month
2 mil gives you around 10k a month
3 mil gives you around 15k a month

For me, it's simple. Hit 1 mil by 45.

If you've 1 mil by 45, you'll have 3.2 mil by 65 without anymore contribution and provided dividend remains the same. That's 16k a month .16k a month is pretty good. Just from epf. Imagine if you've other investment as well

Try hit 1 mil by 45. You'll do your retirement a great deal of favor.

While dreaming, ...it is worthwhile to remember to wake up frequently to live in the real world.
Don't be too indulged in that dream until it forced us to be too frugal or too risk taking to try to achieves that dream.

Which is why epf might revise the limit to control outflow? Do u get my point? Top up? Dont think top up is a major source of inflow for epf, most of it is made up Mandatory contribution which you and i have no choice.

Ya sure, u compare a situation without implementation of tier dividen. Fun fact

Average saving above 1 mil is 1.6 million and this is old data and we have 70k contributer exceeding that 1 mil.again old data.

70k X 0.6 million is like 42 billion. These are potential for outflow

last time... only retire can withdraw

then... account 2 can withdraw

then... >1 mil can withdraw

so far have been relaxing withdrawals... can u turn?... sure but not likely imho... dun forget 240k (money of day 2023) is the basic required

also dun forget countdown to 55/60... where you are free to withdraw everything... also account 2 can withdraw for a lot of stuff also...

imho... epf is not concern with ppl >1 mil... they are more concern with <10k... and politicians meddling...

Ya sure, u compare a situation without implementation of tier dividen. Fun fact

Average saving above 1 mil is 1.6 million and this is old data and we have 70k contributer exceeding that 1 mil.again old data.

70k X 0.6 million is like 42 billion. These are potential for outflow

Dec 2018 there are 39k individuals >1M with a total of RM66B+


Dec 2020 increase to 68k individuals >1M (total up last two rows) with a total of RM116B

By Dec 2022, projected 2 years growth at nearly double the individuals and double the amount.

Dec 2020 assume 68k individuals withdraw everything >1M and leaving a base of 1M
= 116 - 68
= Outflow of 48B

Assume Dec 2022 projected double
= 2x 48B
= 96 billion withdrawal, it won't be insignificant if tiered dividend happens. Even more than the total i-series ?

huh?

like seriously?

u not trolling right?? making fun / pulling legs
later not true. I go report your post then 

yeah...

but imho biggest risk is scam after full withdrawal and sweet talk by bank into shitty investments...

My company decided to remain the same employee contribution for all staff during that period, and I'm sure it's not the only company that did that.

in this case its daily liao wor, cos you stated March 1 day interest

oh nice. deposit 100k today, then 30th April take out again put back FD.