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Category: EPF
EPF

Personal Finance 101: How to calculate EPF money we have when we retire?

In order to benefit from this article, you need to be an EPF contributor first yeah. As for EPF, much has been said about the recent RM500 being deposited by the government to EPF contributors who have too little money in their account. Some said that EPF members should be allowed to do another round of withdrawal. Some say it is irresponsible to allow that because these savings are meant for retirement days. Well, the debate rages on but for all other contributors, did you know that you could estimate how much total EPF money we have when we retire?

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a confident woman holding bundles of cash money
EPF

EPF savings as collaterals for loans, no withdrawals

EPF is a form of retirement savings. In other words, it should just be used after retirement. Okay, I also agree that if should also be called upon in times of emergency. That’s why I am on the side of no blanket EPF withdrawal. Please be reminded that when people withdraw their funds suddenly, EPF would have to liquidate some of their investments quickly, whether or not they have profit or loss.

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retire
EPF

EPF members with less funds than poverty level

When I started working, there was one particular month which due to an unforeseen circumstance, I had just RM20 and it was 5 days till salary day. I was already a working adult and thus did not want to ask my parents for money. Those 5 days were tough because I needed to go to office. I needed to go out for lunch which I did not and gave excuses to my colleagues and drank just the Milo provided in the office. For breakfast, it was Gardenia bread and for dinner it was the same. It was a feeling I would not wish for anyone at all.

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interest rate
EPF

EPF payout totalled RM51.14 billion for 2022

This was a super big news before it was announced; so many media outlets were predicting the potential number. It was also hotly discussed after it was announced. Some say it’s low, some say it’s respectable. Some say it could have been better IF… Regardless, here’s that article on the details of the announcement by the EPF just a few days ago.

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investing
ABCs of Personal Finance

Personal Finance 101: EPF is for retirement. Period.

When the government first allowed EPF withdrawals, I was against it. Even from the FB comments and my conversations, it is safe to say that many of the ones saying they will withdraw since it’s allowed do not need it in the first place. To these people, the withdrawal either gives them money to invest (which is great) or the extra money to spend (which is bad). These people are not the actual target of the ones in need of funds during the pandemic. The real target were these people; people who needs the money for emergencies.

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savings
EPF

Our EPF returns over the years?

This statement has been mentioned to me many times by many different people. In actual fact, EPF has given me one of the best returns for many years and for recent years, the returns are higher than my FD returns and higher than the home loan repayment interest which I have to pay. There’s no guarantee it could be the same in the future but my wish is for this to continue and remain as high as possible.

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epf
ABCs of Personal Finance

RM240,000 is the minimum we need to have in EPF when we retire

If this is a question for me, “Should I withdraw my EPF before 55?” My answer is a simple one, NO. My main reason is because EPF savings is really for post-retirement, when our active income has stopped or has gone down significantly versus the time when one was still working full time and thus has monthly income. In fact, I would like to leave the savings in EPF inside EPF as long as possible so that I have something to fall back upon.

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