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:
- Set aside another retirement saving on top of Employee Provident Fund (EPF)
- Enjoy up to RM3,000 Tax Relief allowable by Lembaga Hasil Dalam Negeri (LHDN)
And also the newly added and change to the advantages:
- Nominate for your loved ones
- 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:
- Your Income is Tax Liable (You are required to pay tax!)
- 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:
- Your Income is not Tax Liable (You doesn't need to pay tax!)
- 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!
To be able to get into the telephone banking of a certain banking facility, you have to do a registration with the institution for that service. You may get a customer number and passwords to verify your identity whenever you want to use the service. Michael Bach Atlanta & Michael Bach Atlanta The customer calls a special phone number that the bank sets up and then goes through the authentication process before they can carry out any transactions. The service can be carried out using a live representative or through a system that is automated and one with the capacity to recognize voices.
ReplyDeleteNice post it give me loads of idea.
ReplyDeleteLots of ideas, lots of tips..i got so many new info from your entry..thanks so much for sharing
ReplyDeleteInteresting info..i just did my unit trust..perhaps i should try this..but not sure which one to choose
ReplyDeleteThank you for sharing. So many tips. will share with my friends!
ReplyDeleteThanks for the info..will start to plan for my future retirement schemes
ReplyDeleteOne 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
ReplyDeleteI income pun tiada sangat then, dah tua.....
ReplyDeleteGood info nasib kerja ada juga yang boleh bantu di masa tua nanti...
ReplyDeleteso informative and great advice! really helpful. will bookmark this article. thanks finance doctor!
ReplyDeletenice info. TQ..
ReplyDeletethanks for the info. let's spreas to others :)
ReplyDeleteVery2 good info & helful 👍
ReplyDeleteThanks 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.
ReplyDeleteNice sharing and so informative for me. Will make my husband read it too hihi
ReplyDeleteGood advice for the young... never knew abt this before...
ReplyDeleteThis 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?
ReplyDeletenice sharing. investment utk hari kedepan.. bagus!
ReplyDeleteIs a good way to save before reach golden age as our money has become smaller and smaller.
ReplyDeleteso good to read these kind of readings. Indeed very motivating and a good sharing! Thank you for the tips!
ReplyDeleteGood sharing. Like to drop by here to read more financing tips.
ReplyDeletegood 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
ReplyDeleteThanks for sharing. Like to read the finance tips from your blog. Good sharing
ReplyDeleteWahhh what a good sharing! Will surely look up more of your contents on finance. A good read indeed!
ReplyDeleteJenuh mengatur kewangan zaman sekarang ni ... terima kasih sharing ...
ReplyDeletePRS is so good.. no reason to say No..
ReplyDeleteUntuk private sector ni memang bagus ambil PRS. I memang dah buat PRS. Almost 3 years 😊
ReplyDeleteGood information & very helpful. 😎
ReplyDeleteGood info... and sharing..
ReplyDeleteThinks 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.
ReplyDeleteThanks for sharing! Good info
ReplyDeleteThe 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)
ReplyDeletethank you for sharing.. many tips!
ReplyDeletegood entry indeed.. got many tips and info.. will bookmark this entry
ReplyDeleteHi finance doctor. I'm already invest in prs for my future and for tax relief. Others should follow too.
ReplyDeleteTerima kasih pengkongsian ni.. Tip yang bagus ni
ReplyDeleteThanks for sharing this entry, very good information and very helpful
ReplyDeleteyanmieonline.com
I think i should follow to invest in prs for my future..will find out details on this later
ReplyDeleteGood sharing. Got lots of idea and tips how to invest in prs
ReplyDeleteThis post is very informative.. will share with others the tips and idea..
ReplyDeleteI scared of risk so I just invest in provident fund. Slow and steady
ReplyDeleteHahaha i sayang duit, takut nak melabur dah. Kena cukai pun i emo. Duit mengalir macam air.
ReplyDeletehappy new year photos
ReplyDeletebirthday wishes messages
ReplyDelete