What's your target epf saving before retire and target age ?

Min 2 mil, target 3mil. Age, i guess around 55-60.

Since when IT is just about training?

Quite similar to mine.
So if you hit target at 55, you will retire early ?

Depends on the working situation. If can shake leg most of the time while taking salary, why not continue working?

Use investment to cut short the time la. Depend on EPF to raise the target will be slow.

Migrate where?

still early stage, don't even know if there is an opportunity, but finding out

migrate is the best, but overseas retirement age is 65 and above. of course nothing stopping you from moving back to malaysia for retirement when you have enough money

I hope you guys take into account inflation as well.

2-3 mil is definitely enough to retire today, if you're in the 50s TODAY, nothing luxurious, just very middle-class spendings.

But if you're 40 years old today, and thinking 2-3mil to retire by 55, you're severely underestimating the impact of inflation. 2million TODAY, will feel like 1.1mil 15years down the road, and that's with a very conservative inflation rate. So yes, to retire TODAY, 2-3mil is already a good enough sum.

To retire with 2-3mil in the next 15-20 years... uhh just make sure you've prepared yourself and understand the spending power of 2-3mil in the 15-20years to come.

I still remember, my CKT at foodcourt 15 years ago, in 2010, was just rm4-5. Today? rm10 bucks. That's a whopping double the price.

wanna stay and live (not survive) in KL... 5mil...

if manage save less than that... move out and stay else where...

i've seen a few ppl alrdy just surviving.... in kl when they could have live a more comfortable life outskirtss...

don't let your ego drive your final dayss... life in place where your money can go a long way...

Not trying to be rude, I'm not sure if some you guys are exaggerating or being serious but I can understand everyone has their own opinions.

The question of how much savings one needs to retire, it will very well depend on the person's requirements and way of living as everyone would have guessed. To me, RM1 million for retirement is already quite sufficient. Of course, if you want to live a more luxurious life, more is required and everyone would want more and the more the merrier. Most middle-oncome earners would not have any issue hitting RM1 million and higher without self-contributing to EPF, and it's the lower income earners who make up the majority in the country will have less.

Yes, inflation is real but salary hasn't risen much throughout the years. 25 to 30 years ago the salary of a fresh graduate is about RM2k. Today it's just slightly higher but young people are still surviving, though having a tough life particularly if planning to buy a property. With RM1 million in EPF and assuming a yearly dividend of 5% which is on the low side, one would have RM4k+ for monthly expenses which is already more than the salary of a fresh graduate today. For people who are retiring, I would assume most if not all would already have a property with the loans all paid off. Hence the retirement funds are just to service the cost of living. For seniors, it's mostly about medical and for people who have an insurance plan that would be covered. Food won't cost much if one cooks and have meals at home, and even having meals at restaurants once or twice a week with your spouse will still do fine. Utility bills and other expenses won't cost much assuming all loans are paid off.

Of course, if you want to live a more luxurious life such as going for holiday trips overseas, Tokyo or Europe up to once or twice a year, or have kids who are still in school and require funds for college and university, or you want to help pay the downpayment of the 1st car for your son or daughter etc., than that's a different story, and perhaps you will need more funds in your retirement savings.

For low income earners or people who don't have much in their savings at 60 years old, they would have no choice but to continue to work to sustain their lives throught their twilight years. Sometimes or most of the time, it's not about having enough for retirement but on how one would spend their time during retirement. To me, this is very important as well. It's surely more useful or important to find something to do, if not work a hobby or something rather than sitting down idling and doing nothing. Everyone is different and based on my short experience during the COVID era, a fixed schedule of work which forces a fixed time to wake up and sleep is important, at least to me. In other words, being awake during day time and sleep during night time and not the other way round.

This post has been edited by ryder_78: Yesterday, 08:12 AM

To earn 1mil = one just need to put in rm700/mnth for 40 years...
Do you really need high income to achieve this figure?. Not really, you just need discipline which 90% ppl lacks.

Most pepolz when i reveal the math.. they wished they know it earlier.
So what's problem here, they did not work out the numbers and the plan to get there...
most dont even know their retirement numbers. If you aiming for 1mil, you would not be able to even afford a kfc snack plate without breaking your wallet in next 20 years.

Most pepolz on avg retirement target is 3-5mil...

5mil = One just need to save for 45 years... from 0 savings.
every month 2500/mnth. that also with a modest 5% dividends i'm talking about.

i do not know what the future holds or how my thinking will change, but for now, my migration aspiration is to live at that place long term without returning. First action now is to find a job at the new place.

Bear in mind that more developed countries have higher cost of living. And also jobs r getting scarce for all ages.

To be fair when we started out to work, rm700 savings is alot. It took us years to climb to that number.

First of all many people leave an important info out when they state how much is their target retirement saving.

Do you have a spouse and what is his/her savings ?

yes, hence will move once there is an opportunity.

By investment u meant stock investment?

U already have strong financial backup/networth?

no debt, house and car fully paid off, and around 1 year emergency saving (on par with my nett salary X 8)