Deep, deep dive
- What is EPF?
- Who can invest in EPF?
- So why are EPF savings even important?
- How do you know if you are saving enough for your retirement?
- But why invest in EPF? What have their returns been like?
- What is the difference between the Conventional Savings Option and Shariah Option?
- When can I access my EPF savings?
- What is EPF’s new i-Invest platform?
- Practical tips
So why are EPF savings even important?
Did you know that a total of 64% of members who have reached age 54 have savings below RM50,000? That person may have only RM50,000 to live off till they die which is scary because your EPF savings are meant to be your income when you retire.
This is why planning for your retirement is critical. To learn more about retirement planning, click here.
How do you know if you’ll have enough for your retirement?
Well, first it’s important to identify the type of retirement you want to have. This way you can more accurately plan for the amount of money you’ll need when you retire. To use our retirement calculator, click here.
It’s much easier to achieve your retirement goals if you start early because you get to enjoy the benefits of compounding. Let’s see an example of the benefits of compounding:
RM1,000 invested in EPF 20 years ago would be RM3,018 today
RM1,000 invested in EPF 10 years ago would be RM1,822 today
RM1,000 invested in EPF 5 years ago would be RM1,362 today
Other than helping you save and grow your money for your retirement, EPF allows you to withdraw your savings for education, health as well as to buy a home.