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Friday, May 6, 2016

3 Reasons to Maximize Your EPF Savings

One of the questions that people always asked #YourFinanceDoctor if they should opt to take out their EPF to invest in Unit Trust Fund. (In case you have no idea about this, read here) My answer will always be YES. Here are 3 reasons why you should totally do that!

1. EPF wants you to do so! 
If you visit to EPF website (click here), there's a list of different types of withdrawals. "Members' Savings Investment Withdrawal" is one of it whereby the purpose is to allows members to transfer a portion of their savings from Account 1 for investments in order to maximize retirement savings


2. EPF is not stupid too!
As always, EPF put your best interests in heart! In order to safeguard the members' retirement savings, EPF only allows members to invest not more than 20% from the savings in excess of the Basic Savings amount in Account 1 through the appointed Fund Management Institutions approved by the Ministry of Finance. So that is just a small portion of your EPF savings! FYI, there are a total of 234 trust funds qualified and approved by EPF effective 31st April 2016. (EPF will carry out fund evaluation, funds will be suspended from time to time if fail to meet the strict specified selection criteria)


3. You deserve BETTER! 
Take 2 of the EPF approved funds as comparison. A starting withdrawal of RM100,000 for investment with no additional contribution, after 8 years, the return could almost double the figure of those do absolutely nothing about it! Check out the chart below! 

EPF - 100,000 => 158,761
KGF - 100,000 => 302,104
EISC - 100,000 => 304,373!


Conclusion
Don't get me wrong, EPF is one of the most efficient fund manager. Given such a huge amount of members' savings that EPF gotta handles, it is not easy at all! But there must be a reason why EPF allows us to withdraw for investment right? Well, simply because EPF believes we could do better if given a small portion! So bottom line, always invest in funds that generate higher return than EPF (2015 = 6.4%), otherwise what's the point of withdrawal right? Trust me, #YourFinanceDoctor have seen those that putting in those lower return ones! But do take into consideration on your time horizon as well! So now the question is... can you do better? 



Retire Earlier, Wealthier, and Happier
It's never too late to start maximize your EPF savings and you can get a head start by contacting #YourFinanceDoctor for the latest EPF approved fund tips, retirement planning advice, and the tools you need to make the most of your retirement savings! (click here now)

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