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> 2 mil more than enough to retire

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TiramisuCoffee
post Jun 14 2021, 03:58 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.
*
Ehhh, ur RM4k tara Inflation forever... laugh.gif
TiramisuCoffee
post Jun 14 2021, 04:08 PM

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QUOTE(eddyooi @ Jun 14 2021, 04:01 PM)
majority of us working class can achieve it bro
*

Wow!
& U better check with epf bro, c how many % hv savings 2 last till RIP...

Got stats somewhere... last yr i saw ....

High chance majority kena work till drop! mega_shok.gif

That RM4k now= RM400 future easily... whistling.gif
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
TiramisuCoffee
post Jun 14 2021, 07:28 PM

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QUOTE(andrewhtf @ Jun 14 2021, 07:24 PM)
as this tered title, rm2mill is more than sufficient to last me till 70, if start counting from 55.
*
New norm, some ppl can easily reach 96yo n counting. Enuf or not then? bruce.gif
TiramisuCoffee
post Jun 14 2021, 07:50 PM

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QUOTE(andrewhtf @ Jun 14 2021, 07:42 PM)
as i said, it is estimated FOR ME. orang lain saya tatau and takesah.
*
thumbup.gif

Dun make the same mistakes like Sgore elders... retired early, duduk tunggu tunggu but still flex.gif , then savings depleted, then gotta go back 2 work ar ripe old age,... wrong 🧮 !

My take is carry on working until u cannot. That’s d safest! cry.gif

This post has been edited by TiramisuCoffee: Jun 14 2021, 07:51 PM
TiramisuCoffee
post Jun 15 2021, 01:24 PM

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Still at tis topic ka? biggrin.gif having 2m considered helang grade ady?! notworthy.gif Cukurrr!

https://www.theedgemarkets.com/content/adve...s-in-a-pandemic

According to the latest data in September, active Employees Provident Fund (EPF) contributors make up just over half of all registered members. This comes up to 7.54 million, out of a total membership of 14.8 million. Of this number, as many as 54% of contributors aged 54 have less than RM50,000 set aside for retirement.

In a May interview with The Edge, KRI senior research associate Hawati Abdul Hamid noted some worrying findings. “More than 80% of EPF contributors do not meet the minimum savings target of around RM240,000 by retirement age, and the bottom 20% of contributors average less than RM7,000 in savings.”
TiramisuCoffee
post Jun 15 2021, 01:42 PM

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https://www.hsbc.com.my/financial-wellbeing...for-the-future/

You can estimate your retirement needs very roughly using a few simple steps.

Let’s suppose you currently earn INCOME (approximately INCOMEAFTER TAX after tax). You plan to retire aged 65. You are fit and healthy. Several members of your family lived into their nineties, so you might need an income for as many as thirty years. Your retirement goal is:
(INCOME AFTER TAX x 2/3) = (INCOME AFTER TAX x 30 years) = SAVINGS GOAL
[Current salary after tax x 0.66 x Number of years = Savings goal]
(Remember that you can subtract the income from at least one state or government sponsored retirement income over the same period.)

 

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