Could we survive with RM42 per month? – kopiandproperty.com
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 really to be used for our retirement. There are also many reasons why relying on EPF alone will not be enough too. I am very sure many of the investment product sales person would tell you the same thing yeah. I am not a sales person and have nothing to sell to you. I will still tell you the same thing too. Please have a few sources of income and please do not rely on just one source or even think that EPF alone will save you and you are safe. No, you may not be. EPF has these sobering statistics to tell about their members.
Article in malaymail.com A total of 94,827 Employees Provident Fund (EPF) members have less than RM10,000 in their savings as of January 1 this year. Deputy Finance Minister Steven Sim made the disclosure during Question Time in the Dewan Rakyat today, saying the figure made up roughly 35 per cent out of 274,715 EPF members who are 54 year-olds.
He said, “Members who are 54 years old who have RM10,000 recorded a high percentage — 35 per cent — with savings amounting to RM264.1 million, while members who are 54 who have RM1 million (savings) recorded the lowest percentage at 2 per cent, or 4,877 members with a total of RM7.9 billion.”
Finance Ministry also said that with savings of less than RM10,000, members are expected to have a retirement income of less than RM42 per month for a period of 20 years. Please do read more details here: Article in malaymail.com
Please never rely on ‘lottery’ investments yeah
Investment will always take time. This is why we need to start soonest possible. Meanwhile please do not withdraw your EPF and then use the money to “invest” into something you have no idea and thinks it could suddenly goes up in value and your returns are amazing. If we have no idea how that “thing” can earn returns, then the fool is not them. it’s the investors who believed them. By the way, even a promise of 2% returns per month or 24% returns per year is most likely a scam. If there are such lucrative returns, banks already invested because banks are only giving us 4% in FD rates. They would love a 24% rate and then they give us back 4%. Think again.
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