Tuesday, January 29, 2008

No money to invest? Withdraw from EPF lar!!

It's really a good news for ppl like us, who likes/intend to invest but got no extra money to do so. Last time, only those ppl that got RM50K in their account 1 allowed to withdraw 20% of your RM 50K. Not everyone can reached RM 50K that fast right? But now, they changed their withrawal eligibility. First, based on your age, you need to check the basic savings you need. Then the amount in account 1 must be greater than the basic savings. If it is greater, then take account 1 amount minus the basic savings, the remainding multiply by 20%. If it's more than RM 1K, then you are qualified. hehe, sounds complicated? Let me give you an example.

Let say you are 30 years old this year, so check the basic savings table. For 30 years old, basic savings = RM 18K. So now check your account 1. Let say you have RM 35K in your account 1. So..
RM 35K > RM 18K = you are qualified
RM 35K - RM 18K = RM 17K
RM 17K * 20% = RM 3400 (min investment is RM 1K)
So you can withdraw RM 3400 to invest lor.. interested? For more information, check the KWSP website. Check and see whether you are qualified or not lar..


kljs said...

Never take money from EPF... unless it is an emergency.... they money is kept for a reason....


Joyce said...

To me, i think it's ok to take the money to invest. Why? well, it's not a big amount, it's only 20% out of the amount left after deducting the basic savings.

If afraid of loses, invest in something more stable such as unit trust.

Deana E said...

Yap agree with jocye..but too bad i have opt for pension plan in the govt..yes, go for unit trust!!! the agents are now jumping happily !!