No longer than necessary
I read this in The Star today. Excerpts:
The average Employees Provident Fund contributor would have exhausted 70% of his retirement savings benefits from the fund in just 10 years, according to an EPF survey.
If nothing is done to address this in the near future, many Malaysians may face poverty in their old age.
……..
With premature withdrawals at 50 years of age often depleting the final withdrawal amount at 55, EPF is now studying ways to help a retired member sustain his finances for the future.
Goodness knows what *ways* they are *studying*. Please don’t let them prolong the withdrawal age…I don’t want them to keep my money any second longer than is necessary! Or even worse…withdrawals by installment…*chokegagshudder*
Comment by Pinkelle on 9 April 2007 @ 2:25 pm
I don’t want them to hold on to my money any longer either! They should just educate ppl on the importance of saving for their retirement rather than relying on their EPF funds which everyone knows pays measly dividends anyway! I read somewhere which said that if you wanted to maintain your existing lifestyle after retirement, you’ll need at least RM1-2 mill, of course depending on your lifestyle! Eeps..isn’t it a scary thought?!
Comment by sooyin on 9 April 2007 @ 9:12 pm
Agree 100%! Yup, to maintain my current lifestyle, I calculated that I need to have RM2.6 million by the time I retire. So it’s either eat bread for the rest of my life or strike lottery…hehe…
Comment by merv on 9 April 2007 @ 10:17 pm
If EPF says that the avg contributer can only survive 10 years on their contributions after retirement, something is very wrong. Just goes to show EPF isn’t investing the cash well!
Comment by sooyin on 10 April 2007 @ 8:54 am
Merv: Well, considering that they are buying banks that they don’t know how to run…
Comment by Pinkelle on 10 April 2007 @ 2:23 pm
How to calculate how much we’ll need after retirement? I think I better calculate mine!
Comment by sooyin on 12 April 2007 @ 9:04 am
Pinkelle: Just go to any insurance website like Prudential, Great Eastern, ING…they have those automatic calculators there…