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> 2 mil more than enough to retire

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max_cavalera
post Jun 14 2021, 04:20 PM

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QUOTE(New Klang @ Jun 14 2021, 05:17 PM)
I am 50.

My epf is 1m.
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Congrats
TiramisuCoffee
post Jun 14 2021, 04:20 PM

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QUOTE(James1983 @ Jun 14 2021, 04:12 PM)
What if… ringgit devalues significantly in the next ten years?

e.g. Turkish lira went from
1 USD = 1.18 lira in 2008 to
1 USD = 8.30 lira in 2020
In a span of less than 12 years

Your RM2 million asset in asb or epf also GG
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Talk of hyperinflation otw. Tenkiu US! notworthy.gif
TSeddyooi
post Jun 14 2021, 04:22 PM

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QUOTE(New Klang @ Jun 14 2021, 04:17 PM)
I am 50.

My epf is 1m.
*
salary now must be rm17k rite?
scorgio
post Jun 14 2021, 04:22 PM

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QUOTE(eddyooi @ Jun 14 2021, 03:49 PM)
1 mil leave in epf or any generating interest
calculation:
1 mil = 5%@ rm50k per year rm4k per month passive .... this money can leave it to compound interest (A)

1 mil to spend ... assumption no interest (B)

i million bahagi 12 months bahagi 20 years = rm4166 per month
so easy to retire with such amount
emergency can use the funds from[B] A[/B] to tambah.
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2mil leave in EPF.
Assume 4.5% interest, u get 90k interest a year, avg 7.5k/mth.

Apply for a standing instruction for EPF to transfer RM7.5k to ur bank account every mth.

Basically u're just spending interest without touching the capital.
KineticKill
post Jun 14 2021, 04:22 PM

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QUOTE(eddyooi @ Jun 14 2021, 09:18 AM)
dont worry

should reach it with annual salary increment... once above 15k, easy to hit 1 mil in epf already
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As of now 1 mil is within sight already. I’m still in my thirties, still got time.

What’s important is we have enough and being grateful.
James1983
post Jun 14 2021, 04:23 PM

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QUOTE(TiramisuCoffee @ Jun 14 2021, 04:20 PM)
Talk of hyperinflation otw. Tenkiu US!  notworthy.gif
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Once US starts to tighten their monetary policy, i.e. reduce their money printing speed/roll back the easing, like they did in 2014-2015, ringgit will plummet again.

TSeddyooi
post Jun 14 2021, 04:25 PM

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QUOTE(scorgio @ Jun 14 2021, 04:22 PM)
2mil leave in EPF.
Assume 4.5% interest, u get 90k interest a year, avg 7.5k/mth.

Apply for a standing instruction for EPF to transfer RM7.5k to ur bank account every mth.

Basically u're just spending interest without touching the capital.
*
epf will issue the SI?

problem is how to dump in the extra rm1 mil to the existing rm1 mil now/? or else just dump all money into epf easy
New Klang
post Jun 14 2021, 04:30 PM

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QUOTE(eddyooi @ Jun 14 2021, 04:22 PM)
salary now must be rm17k rite?
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6k.

I started working from young and saved
TSeddyooi
post Jun 14 2021, 04:35 PM

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QUOTE(New Klang @ Jun 14 2021, 04:30 PM)
6k.

I started working from young and saved
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respect
prophetjul
post Jun 14 2021, 04:35 PM

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QUOTE(New Klang @ Jun 14 2021, 04:13 PM)
I target my epf to be 2 million by 60.

I still need to work to earn for my kids university, my first conti car,  my first Rolex, my first bitcoin
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I am already there. biggrin.gif

Without the Rolex.
New Klang
post Jun 14 2021, 04:45 PM

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QUOTE(prophetjul @ Jun 14 2021, 04:35 PM)
I am already there.  biggrin.gif

Without the Rolex.
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Congratulations

Buy the cheapest Rolex to humblebrag here
prophetjul
post Jun 14 2021, 04:49 PM

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QUOTE(New Klang @ Jun 14 2021, 04:45 PM)
Congratulations

Buy the cheapest Rolex to humblebrag here
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No interest in Rolex.

Just want to travel and travel. But now....... cry.gif O
New Klang
post Jun 14 2021, 04:51 PM

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QUOTE(prophetjul @ Jun 14 2021, 04:49 PM)
No interest in Rolex.

Just want to travel and travel. But now....... cry.gif O
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You travel on luxury or thrifty budget?
kolamazu
post Jun 14 2021, 04:53 PM

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can try using EPF projection with your current salary and a little variable to know by when you can achieve 1 mil or when you retire.
prophetjul
post Jun 14 2021, 04:53 PM

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QUOTE(New Klang @ Jun 14 2021, 04:51 PM)
You travel on luxury or thrifty budget?
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Depending. Sometimes thrift. Sometimes biz class
Matchy
post Jun 14 2021, 04:56 PM

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by compounding interest in epf, you can accumulate quite a sum when you retire. thats why im quite worry for those that withdraw isinar.
fuzzy
post Jun 14 2021, 04:56 PM

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QUOTE(kelvinfixx @ Jun 14 2021, 03:59 PM)
The problem is how to get 2 million, 1 million in EPF is very very hard to achieve.
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Can one if you start when you are 20 and you don't touch it at all.

Issue with EPF is talk for retirement, but given loads of caveats to withdraw it last last wonder why not enough for retirement.
ListenToTheWind
post Jun 14 2021, 04:57 PM

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2million might sound like lot but it's not so much 20 years later.
For those who are 20 yo and aim for 2 million by their 50yo, better you set a higher target.
ukauka2020
post Jun 14 2021, 05:03 PM

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actually if we manage to save up 1 to 2m by 50s 60s. i think thats too late. in the process do we enjoy? or being really thrifty af. buy 1st conti when im 50? man, thats not the life i want.
sjteh
post Jun 14 2021, 05:07 PM

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QUOTE(New Klang @ Jun 14 2021, 04:17 PM)
I am 50.

My epf is 1m.
*
I wish too,
Hopefully can 1M48 (1M age 48)

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