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Have you ever wondered how much EPF money you will have after retirement? Every month 11% of the salary has to be deducted in the EPF. But we realize how much money will accumulate after we retire later.
If you want to check how much your kwsp account is now, it’s actually easy. Go to banks that have kwsp machines that have the statement, then just print it there. Later I will see how much your account 1 and account 2 are. Can’t apply for epf i-account online. I don’t even make this one anymore. If you follow the online check, it’s easy.. but that’s it… it’s too lazy to go to register at the EPF counter.
IF YOU’RE TOO LAZY, DO IT LIKE THIS…
If you are too lazy to go to the bank and too lazy to go to the EPF, then you can use the retirement calculator and the EPF saving calculator to estimate whether the amount of money you have accumulated is enough or not to support you after retirement. later…
Below is a video on how to use the EPF calculator:
In this video above as an example only.
Expected retirement age = 56 years
Estimated monthly income required after retirement = RM 2,000
Estimated life expectancy = 70 years
Estimated inflation rate = 2%
The estimated amount of savings required during retirement up to the age of 70 is RM 707,600.
WHY ARE THE EXPENSES SO MUCH IN OLD AGE?
Fuhh.. a lot of savings is needed after retirement?
Above, I put an amount of RM 2,000 per month for expenses in old age because I assume there are still months of house debt that have not yet been settled.
Imagine buying a house at the age of 28. Make housing financing for a period of 35 years. It’s not until the age of 63 that you still have to pay house installments again.
That’s why people say that this house debt will last until old age. So you have to study properly before making a decision to buy a house.
So let’s assume RM 1,000 is a house installment, another RM 1,000 is monthly expenses in old age.
With expenses like this, we have to be ready to prepare accumulated savings of RM 707,600. Can?
HOW IS A FRESH GRAD’S SALARY ENOUGH?
Ok the next part in the above video is the estimated amount of savings we will have with our current salary.
Assuming a fresh grad with a starting salary of RM 2,500. 25 years old.
Total savings in the new EPF account can reach RM 603,600.
Lower than the estimated expenses needed in the old days.
So what do you want to do?
Die early. Haha… just kidding..
If with this budget we can already see that there is not enough money to save for the old days, then we can do it from now on:
1. Find ways to increase monthly income.
2. Find a way to get a better salary.
3. Invest in any investment that we believe can multiply profits.
4. Invest in a takaful scheme that has a saving plan.
5. Make sure the extra money from items 1-4 above is put into a retirement scheme such as EPF.
TRY TO GET OUT OF THE COMFORT ZONE..
As the saying goes, ‘prepare an umbrella before it rains’.
I share this so that we don’t get too comfortable and always stay in the comfort zone.
This thing is a reminder for me who is the type who is hard to do something out of comfort zone.
One form of motivation for us to work harder to be more successful.
So as not to trouble others in the future.
So when I do something like this, I know why the insurance people keep asking the question “What are you most worried about? 1) Old age savings; 2) Health 3) Blah..blah..blah..” Apparently there is a possibility of old age. later we won’t have enough money…
The conclusion of this entry is that everyone has to be a millionaire. Simple. Huh..
Are any of you already millionaires? Try to confess a little below. ^_^