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Category: EPF

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ABCs of Personal Finance

Personal Finance 101: Could we survive with RM42 per month?

Personal Finance 101: Could we survive with RM42 per month? Failure to save is failure to be safe There are many reasons why EPF is

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EPF

Financial news: Only 19% EPF contributors have sufficient savings to live above poverty line after retirement

If we take these two and we combine the info, then RM2,208 divided by 4 persons meant that this household has RM552 per person in the household. Fortunately it’s a household, so whether rental / home loan repayment is just one person and not all. Meanwhile cooking at home will lessen some of the burden versus eating outside. Nevertheless, it’s not a good life and Statistics Department classified any household with RM2,208 as living under poverty line.

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ABCs of Personal Finance

Financial News: When EPF savings are ‘finished’ 19 years too early

If you have been reading kopiandproperty.com for some time, you may notice that I usually use 15 years as a benchmark for the years we will need money for post-retirement. I always assume we would work until 60 and then live to 75 years old. That’s 15 years post-retirement where our funds, whether inside the EPF or in our bank accounts or even in the form of properties should be enough to cover our expenses when our income has stopped. Now, let’s look at some numbers. Real ones as at currently. One major cause is definitely Covid-19. Fortunately it has passed the most dangerous stage, I hope.

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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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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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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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