Getting 1M for EPF?
- Thread starter gegeez22
- Start date
roland7777
New member
@roland7777 And employer + employee combined makes it easier! Assuming 3% increment every year makes the chances even higher.
@gegeez22 I agree, but then that's why you need to have other ways to increase your income. This is just one of the many ways to get to a million with low risks. But are you able to stomach higher risks in order for a shorter duration? Do you have the capacity and risk appetite? Do you have emergency funds to fall back on? These are questions to be answered by ourselves individually and there's many paths to becoming a millionaire. EPF is just one of them.. and it's guaranteed to be a millionaire at the age of 60, how many investments out there can guarantee this?
Easier said than done tho, discipline and consistency is key.
Easier said than done tho, discipline and consistency is key.
resjudicata
New member
@gegeez22 Bro, it's very possible to exceed 2 million if you're working in KL.
I'm basing on normal white collar office job in KL la, normally when you reach managerial position around 30-35 years old, you'll be making 5 figures already, depending on your company, you might get bonus and lets say a minimum 5 figure which is 10k, your epf is around 2k+ a month. If you get annual bonus of 2 months, that's around 5k epf. So if you have 24k + 5k, that's 30k a year in EPF.
At the age of 30 years, you should have about 4-5 years working experience, perhaps 50k+ in EPF already. So that's almost 80k at 30 years+. Every year you get increment, bonus, plus dividend from previous years, it stacks up and you can easily reach 2 million through compounding effect by the time you work until 55-60 years old.
From what I chatted with my colleagues, most people would have around 400-500k before 40 years old if they consistently contribute to EPF without withdrawal, it is definitely possible to breach 2 million when you retire. This is just epf, you still got your additional monthly savings and if you put into your investments, stocks, property, etc your asset will definitely exceed that 2 million in total la, not counting whatever you might inherit from your parents if they have something to pass on to you.
But I cannot say for outside KL, as the median earning is lower out of KL la...
I'm basing on normal white collar office job in KL la, normally when you reach managerial position around 30-35 years old, you'll be making 5 figures already, depending on your company, you might get bonus and lets say a minimum 5 figure which is 10k, your epf is around 2k+ a month. If you get annual bonus of 2 months, that's around 5k epf. So if you have 24k + 5k, that's 30k a year in EPF.
At the age of 30 years, you should have about 4-5 years working experience, perhaps 50k+ in EPF already. So that's almost 80k at 30 years+. Every year you get increment, bonus, plus dividend from previous years, it stacks up and you can easily reach 2 million through compounding effect by the time you work until 55-60 years old.
From what I chatted with my colleagues, most people would have around 400-500k before 40 years old if they consistently contribute to EPF without withdrawal, it is definitely possible to breach 2 million when you retire. This is just epf, you still got your additional monthly savings and if you put into your investments, stocks, property, etc your asset will definitely exceed that 2 million in total la, not counting whatever you might inherit from your parents if they have something to pass on to you.
But I cannot say for outside KL, as the median earning is lower out of KL la...
dongchau123
New member
streetcrusader
New member
@streetcrusader How much is saved per month in epf?
@streetcrusader My goal is before 35, which I think is more unrealistic
streetcrusader
New member
shannonhartwell24
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newkittens
New member
@newkittens Yep .. some Bhd and MNCs too