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Category: EPF

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ABCs of Personal Finance

EPF News: When we are 54 years old, how much should we have as retirement fund?

Malaysians on average will live to nearly 80 years old. In other words, we do need a lot of money to sustain us after we retire at… 60? Or perhaps just work till 70, then it’s easier too. It’s a choice if we remain healthy and able. Okay, what’s the reality on the ground. Do Malaysians actually have enough funds to retire? Perhaps we look at how much a 54 year old Malaysian has in their EPF account? That should give us an idea of the life post-stable income years.

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ABCs of Personal Finance

EPF News: Retirement savings up to RM512,500 with Progressive Wage Policy

Let’s be honest. Every working Malaysians would want to have higher salary every year; salary increments. Even if I am an entrepreneur, I also want to have a higher pay for myself every year versus the year before. Typical salary increments are usually said to be between 3-5 percent. Well, except for some talents who are harder to find and thus may be able to demand a salary increment which is many times higher. Else, 3 to 5 percent does seem like the typical.

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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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