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epf

[SPONSORED] This is Why You Need to Use EPF i-Akaun

This is a continuation of a series of sponsored posts about EPF and retirement. See the previous two articles here: Will You Fight or Flight? and What Actual Retirees Say.

Here I’ll share an EPF tool, called i-Akaun and why you need to use it. For the purpose of this article, I created my own EPF i-Akaun.

Click here for the original i-Akaun article on CompareHero.

How to Create EPF i-Akaun

EPF i-akaun

For first-time login, get the activation code first. You can do this by:

  • Go to EPF counter or EPF Kiosk, or;
  • Call KWSP at 03-89226000. Press ‘0’ to talk to the nice operator, then answer some personal questions for identification purposes. They’ll send the code via SMS.
  • THEN go to the first-time login page here. (this page took me a while to find)
  • For subsequent logins after activation, click here.
  • Optional but handy – download the EPF i-Akaun app.

Reasons to Use EPF i-Akaun

1. View and check EPF statements

This is how much you should have, based on your age.

retirement in malaysia

2. Check how much you can withdraw

EPF i-akaun

You can withdraw for education and housing purposes. View status of withdrawal application here too. Note: You can only withdraw from Account 2.

3. Check who’s your beneficiaries

I.e. who is going to get your EPF money. If you haven’t added beneficiaries, I suggest you do that asap. It’ll make it much easier for them to withdraw later on. Note: You can only submit the names at EPF counter. For security and anti-fraud reasons.

4. Check  when is the last time your employer submitted your EPF

Sometimes, irresponsible employers conveniently ‘forget’ about this. If you work, your employers should contribute 13% (or 12%, depending on how much you earn) of your salary towards your EPF. If they did not contribute this, they are in the wrong.

5. Latest info on EPF and office locations

Quite handy I think.

Conclusion

Having tried it out, I’ll have to say the experience was good. It’s convenient – I managed to change my address with no problem. I also checked my beneficiaries and felt secure seeing their names listed there – it’s reassuring to know that if anything happens to me, they will be able to access my EPF money. If you haven’t, I highly recommend you to open your EPF i-Akaun now!

This article was written in collaboration with CompareHero. To stay up to date with the latest news on personal finance in Malaysia, please follow CompareHero Facebook Page

[SPONSORED] What Actual Retirees in Malaysia Say About Retirement

In my previous sponsored post about retirement, I talked about the importance of saving up for retirement, because the fact is that the majority of Malaysians don’t have enough money to support their golden years.

Who best can show you the reality of retirement, than actual retirees in Malaysia? Here are 3 retirees, and what they’re doing now to financial support themselves.

The original article appears here. Read it. It contains more details of these retirees.

Mr Moothy. Age: 65. Spent EPF money for family. Returned to workforce.

retirees in malaysia

Mr Moorthy bought property, but had to liquidate it to help his children’s finances. Because of a parent’s love, he had to return back to the workforce.

The consequences of not saving for ourselves can affect our parents.

 

Mr Haris. Age: 57. No EPF savings (self-employed). Still working.

retirees in malaysia

Mr Haris is self-employed, and still works to support himself and his dependents. This scares me, as I am self-employed as well, which means I don’t have the ‘paksarela’ 11% deduction every month.

If you’re self-employed, channel a percentage to EPF savings anyway. And have some passive incomes to help you.

Mrs Cheng. Age: 74. Survives on late husband’s minimal pension. Depends on daughters.

retirees in malaysia

Mrs Cheng stays with her daughter. Her financial position can be summed up in two words: filial piety. It’s not uncommon for us as Asians to expect this.

This is a poor strategy though. What if you don’t have children to depend on, by choice or by force?

Conclusion

Are you on track to retire without money worries? Go to the original article and find out more about the reality of being retirees in Malaysia, and more about Mr Moorthy, Mr Haris, and Mrs Cheng’s life.

This article was written in collaboration with CompareHero. To stay up to date with the latest news on personal finance in Malaysia, please follow CompareHero Facebook Page

Link Love: December 2015

M'SIA PF LINK LOVE(1)

Starting something new: link love – where I curate the best articles about personal finance! I also like to add the ‘personal’ part of finance in, so they are not aaallll about money. Here are the best from the web in December 2015!

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This one woman regretted her RM200k wedding. I am an older sister to a younger sister who is about to get married, and I am worried that she will start her married life with loans, or seriously deplete my parents’ retirement savings just to ‘keep face’ 🙁

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Which is more important – time, money or love? This incredibly personal post by Mr Stingy made me think of life. There’s no point in having money if you don’t have time or love.

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I followed SpeedRent’s development with interest. Did you know that property agents gave him death threats? All because they found a way to do their jobs better. The update now is that their in-built rental agreements are legally binding. Very cool!

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Techies rejoice – in this list, programmers, developers, analysts, and designers bagged 10 out of 25 best jobs for work/life balance. In Malaysia, I’m looking up to these programmers – they are behind some of the apps we use.

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We know that we can use EPF money to purchase a house. Now that the Malaysian property bubble is bursting (or at least stagnating), those of you who are looking to buy property can start looking for bargains. To make it easier, you can apply to withdraw your money via i-Akaun. Online. Without visiting the EPF office. Woah.

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And if you want to buy your first home, here are some available options for you.

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Want to get into stocks but don’t know how to start? Check out Dividend Magic’s handy dandy guide – all you need to know about investing in stocks in Malaysia. Super informative.

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Did I miss anything? Want to add to this list? Tell me via comments!

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