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Wednesday, November 8, 2017

Time for Private Retirement Scheme (PRS) Again!

Every year I have written one to two posts on the Securities Commission (SC) Malaysia regulated Private Retirement Scheme (PRS). This year I will do the same as well since we are going towards the end of 2017 and it's about time to invest in PRS again! 




If you have read my previous PRS post back in 2015, you would have known all the advantages of investing in PRS. Up to date, the advantages are still remain the same, which include:

  1. Set aside another retirement saving on top of Employee Provident Fund (EPF)
  2. Enjoy up to RM3,000 Tax Relief allowable by Lembaga Hasil Dalam Negeri (LHDN)


And also the newly added and change to the advantages:
  1. Nominate for your loved ones
  2. Get rewarded with RM1,000 Youth Incentive (Only for Malaysian aged 20-30)  

If you happen to be one of #YourFinanceDoctor's clients, one of my advice is to invest at the end of the year. PRS allows you to enjoy the RM3,000 tax relief regardless of when you invest the money, as long as it is within the calendar year. So why not make good use of the money first in the beginning of the year, be it to invest in share market or unit trust, then only invest in PRS at the end of the year. 


Of course, this does not apply to all, especially those non-financial savvy person or those without the discipline to keep the money, which may ended up with no more cash at the end of the year. So in this case, #YourFinanceDoctor may advise you to just apply for a monthly auto deduction (direct debit authorization) from your bank account to PRS. 


So regardless which type of person you are, if you are reading this and you have yet to invest in PRS, NOW IS THE TIME! I strongly believe that you should be investing in PRS as long as you fulfill the following criteria:
  1. Your Income is Tax Liable (You are required to pay tax!)
  2. You are Malaysian aged 20-30 (More reason to invest!)

In other words, I can't think of any reason for you to say no to PRS unless you are:
  1. Your Income is not Tax Liable (You doesn't need to pay tax!)
  2. You are older than aged 30


So let's get it done! Then, your next question will be...  Which PRS Fund to Invest? Similarly, I have written in 2015 (click here to read) on the 3 methods for you to determine which fund to invest out of a total of 56 available PRS funds.  


Contact #YourFinanceDoctor now to kickstart your PRS!


Next PRS post I will be writing about the newly added advantage of Nomination and the change of Youth Incentive from RM500 to RM1,000. Stay tuned! 

45 comments:

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  2. Nice post it give me loads of idea.

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  3. Lots of ideas, lots of tips..i got so many new info from your entry..thanks so much for sharing

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  4. Interesting info..i just did my unit trust..perhaps i should try this..but not sure which one to choose

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  5. Thank you for sharing. So many tips. will share with my friends!

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  6. Thanks for the info..will start to plan for my future retirement schemes

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  7. One of my friend is client of your finance doctor's . I should share this to him so he could do some research and maybe invest in it

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  8. I income pun tiada sangat then, dah tua.....

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  9. Good info nasib kerja ada juga yang boleh bantu di masa tua nanti...

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  10. so informative and great advice! really helpful. will bookmark this article. thanks finance doctor!

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  11. thanks for the info. let's spreas to others :)

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  12. Thanks for being so informative, I was planning for this for so long but never got the time to do it. Guess this round I better do it.

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  13. Nice sharing and so informative for me. Will make my husband read it too hihi

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  14. Good advice for the young... never knew abt this before...

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  15. This is indeed a good way to invest your financial. Maybe this is kind of out of the topic, but can you advise on how to invest for people who doesn't have fixed income source?

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  16. nice sharing. investment utk hari kedepan.. bagus!

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  17. Is a good way to save before reach golden age as our money has become smaller and smaller.

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  18. so good to read these kind of readings. Indeed very motivating and a good sharing! Thank you for the tips!

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  19. Good sharing. Like to drop by here to read more financing tips.

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  20. good info . If only I foun dthis tip long ago, now its too late. I am retired hehe but nevertheless I will share this info with my kids and gradchildren

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  21. Thanks for sharing. Like to read the finance tips from your blog. Good sharing

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  22. Wahhh what a good sharing! Will surely look up more of your contents on finance. A good read indeed!

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  23. Jenuh mengatur kewangan zaman sekarang ni ... terima kasih sharing ...

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  24. PRS is so good.. no reason to say No..

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  25. Untuk private sector ni memang bagus ambil PRS. I memang dah buat PRS. Almost 3 years 😊

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  26. Good information & very helpful. 😎

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  27. Thinks should bear in mind don't ever run from paying tax, they will chase you soon. PRS is very important for our future life, supposedly have stable and enough money for retirement later.

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  28. The private retirement scheme (PRS) is a long-term volunteer investment scheme designed to help individuals make savings for their retirement. The scheme complies with the mandatory contribution made to the Employees Provident Fund (EPF)

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  29. thank you for sharing.. many tips!

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  30. good entry indeed.. got many tips and info.. will bookmark this entry

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  31. Hi finance doctor. I'm already invest in prs for my future and for tax relief. Others should follow too.

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  32. Terima kasih pengkongsian ni.. Tip yang bagus ni

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  33. Thanks for sharing this entry, very good information and very helpful

    yanmieonline.com

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  34. I think i should follow to invest in prs for my future..will find out details on this later

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  35. Good sharing. Got lots of idea and tips how to invest in prs

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  36. This post is very informative.. will share with others the tips and idea..

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  37. I scared of risk so I just invest in provident fund. Slow and steady

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  38. Hahaha i sayang duit, takut nak melabur dah. Kena cukai pun i emo. Duit mengalir macam air.

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