Managing money is a challenge for many Malaysians. Despite living in a rapidly developing economy, a large portion of the population struggles with debt, low savings, and financial insecurity. But why does this happen, and what can be done to improve the situation? Let us explore the key reasons why Malaysians face financial difficulties and …
The Employees Provident Fund (EPF) is a retirement savings scheme designed to help employees build a financial cushion for their future. While mandatory contributions are deducted from your salary, you also have the option to make voluntary EPF contributions—but is it worth it? In this article, we’ll explore the pros and cons of voluntary EPF contributions to help …
Retirement planning is essential for everyone, but if you’re single and child-free in Malaysia, your strategy needs to be even more structured. Without the traditional family safety net, you must take full control of your financial future. The good news? Being single means you have more flexibility in how you save and invest. Here’s how …
Dreaming of early retirement? As Malaysians, we’re lucky to live in a country with affordable living costs, making Financial Independence, Retire Early (FIRE) an achievable goal. But how much do you really need? Let’s break it down. 1. Monthly Living Costs for Early Retirement Here’s what you can expect to spend monthly: Expense Budget (RM) Housing …
Retirement is a significant milestone, and your Employees Provident Fund (EPF) savings play a crucial role in securing your financial future. Knowing when and how to withdraw your EPF funds can help you maximise your retirement income. In this guide, we’ll cover:✅ When you can withdraw EPF for retirement✅ Types of retirement withdrawals (full, partial, or phased)✅ Key considerations before accessing your …
Retirement is a dream many Malaysians look forward to—a time to relax, travel, and enjoy life without the daily grind. Retirement should be about freedom—not financial stress. But with rising costs, how much do you really need to retire worry-free in Malaysia? The answer depends on your lifestyle, location, and financial planning. The truth? Most …
Surviving solely on your Employees Provident Fund (EPF) in Malaysia is possible, but it depends on several factors, including your savings, lifestyle, and retirement strategy. Let’s break it down with a case study. Case Study: Can a Malaysian Retire on EPF Alone? Assumptions: Scenario 1: Withdrawing EPF as a Lump Sum If you withdraw RM500,000 …
The Employees’ Provident Fund (EPF) has declared its dividend for 2024. The rate for conventional savings is 6.30% (2023: 5.50%). It is the same (2023: 5.40%) for Simpanan Shariah. This is the first time that both types of accounts having the same dividend rate. This dividend rate is better than what I expected. Dividend history …
The most common financial planning mistakes made by Malaysians include: 1. Not Saving Enough or Starting Late Many Malaysians do not save enough for retirement or start saving too late, missing out on the benefits of compounding interest. This is a significant issue as the saving rate has decreased over the years, and fewer people …
In this article, I am going to share my plan to achieve financial freedom. The FF in the title stands for financial freedom. This can also be considered as my retirement plan as my purpose is to stop working once the target is achieved. How Much? The first question that I had to answer is …
