Aug 24 2019, 02:18 PM
QUOTE(RigerZ @ Aug 24 2019, 02:06 PM)
I started working when I was 21 and now 26.
My first job of 4 years had performance incentives and commission. Times were good and I started 3 savings plans introduced by my insurance agent (the plans are from the insurance company itself). The plans are as follows:
After I changed jobs last year (New job dont have incentives and commission. Admittedly this was a financial mistake), I did not get the increment and bonus I expected due to "below average company performance". It looks like it may be the same next year.
Long story short, I predict my total income next year to be just barely enough to cover living costs (and I live quite minimally) and contribute to my savings plans. There may not be surplus (or very little) for emergency funds and unforseen expenses.
I have about RM50,000 in F.D and thinking of putting a portion of them in other investment options.
I am looking around for a better paying job.
In case of a serious emergency I can still withdraw from any of the above savings plans but the lost amount will have a compounded effect on the future cash-out value unless I return the money soon enough.
Would appreciate your advice and feedback on my situation.
Forget about it. Use EPF instead. My first job of 4 years had performance incentives and commission. Times were good and I started 3 savings plans introduced by my insurance agent (the plans are from the insurance company itself). The plans are as follows:
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After I changed jobs last year (New job dont have incentives and commission. Admittedly this was a financial mistake), I did not get the increment and bonus I expected due to "below average company performance". It looks like it may be the same next year.
Long story short, I predict my total income next year to be just barely enough to cover living costs (and I live quite minimally) and contribute to my savings plans. There may not be surplus (or very little) for emergency funds and unforseen expenses.
I have about RM50,000 in F.D and thinking of putting a portion of them in other investment options.
I am looking around for a better paying job.
In case of a serious emergency I can still withdraw from any of the above savings plans but the lost amount will have a compounded effect on the future cash-out value unless I return the money soon enough.
Would appreciate your advice and feedback on my situation.
A. Contribute RM3,600 per year indefinitely. By age 65 I would have contributed around RM150,000 but the plan's cash-out value would be around RM450,000. Will be higher if I let it sit longer.
EPF will give you 588,475.70 at 65 years old
B. Contribute RM12,000 per year for 20 years (total RM240,000). By my mid 40s I will stop contributing but the cash value continues to grow until whenever I close the account. By age 65 the cash-out value is around RM900,000, RM1.1mil at age 70.
EPF will give you 1,532,158.60 at 65 years old
C. Contribute RM15,000 per year for 20 years (total RM360,000). By my mid 40s I will stop contributing but the cash value continues to grow until age 55 where the account matures and closes. Cash-out value is around RM700,000
EPF will give you 1,915,198.22 at 65 years old
Assuming 6% return from EPF.
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