How many of us all have old age savings other than the EPF? Did you know, most Malaysians only rely on the Employees Provident Fund (EPF) as their old age savings, while there are many other best investment platforms in Malaysia that provide more benefits and profits than regular savings.
Certainly in old age we need savings and emergency funds to cover daily life after quitting work. The question now is, will our EPF savings be enough to cover the rising cost of living every day?
Based on the latest announcement from the EPF, the new quantum of Basic Savings will be increased from RM228,000 to RM240,000 starting January 1, 2019. This means that the minimum savings target amount for members upon reaching the age of 55 is RM240,000.
Yet, since the Covid-19 pandemic struck, many people have been affected and lost their source of income. Therefore, the EPF has opened i-Sinar and i-Citra applications for members to withdraw savings from EPF accounts as an alternative for members to obtain additional funds to cover living expenses.
There is no doubt that the withdrawal of i-Sinar and i-Citra helps the affected members a lot, but this initiative also has the effect of reducing the balance of savings in members’ EPF accounts. Last September, the EPF expressed concern over the retirement day savings of Malaysians as 46% of EPF members aged 55 and below have a savings balance of not less than RM10,000.
Don’t worry about keeping or investing your money here because Perbadanan Insurans Deposit Malaysia (PIDM) guarantees for protection in case the bank is found bankrupt.
In fact, this platform is also the most popular among Malaysians if they want to perform Hajj in Mecca. Therefore, while you save for old age, you also have enough money to fulfill the 5th pillar of Islam.
Amanah Saham Bumiputera (ASB)
This is also one of the investment platforms to grow your money apart from your savings in the EPF. This is because it is consistent in giving a good dividend every year which is a return of 5% and above.
So, you can consider how to save money in this ASB as the best long -term investment and use of your old age later.
Recently, ASB has just announced an online-only account registration facility. If you still don’t have an ASB account, download the app and follow the next steps to sign up easily.
In addition to old age savings, ASB savings can also be used as a savings instrument for your child, especially their education savings in the future.
The price of gold over the years will keep increasing. This is because gold is a resource. For instance, the difference in gold price, let’s say it was RM112 when you invested it 11 years ago, imagine if you have 100 grams of gold on retirement day if you start investing in gold today.
The price of gold at that time will probably go up to RM300 per gram and you may not have to use EPF money to cover daily living for the first 5 years. You could even invest in crypto by latest crypto news.