Something to ponder about

Omg, something hilarious to think about...

Taken from TheStar 22nd July 2008

RM120,000 enough for life after retirement

AN average worker will have about RM120,000 in his Employee Provident Fund (EPF) account by the time he retires or reaches the age of 55, Deputy Finance Minister Datuk Seri Ahmad Husni Hanadzlah said.

He said this amount would give a person RM500 a month over the next 20 years and enable him to meet his basic expenditure needs after retirement.

However, the person should contribute more than RM120,000 to his EPF account to enjoy a more comfortable retirement life, he told Senator Ikhwan Salim Sujak.

He also said EPF contributors were allowed to withdraw from Account II to buy a house or buy a second house if they had settled the loan on their first home.

To a question, Ahmad Husni said there were no plans to compel contracted or part-time workers to contribute to the EPF.


OH COME ON, RM 120k is not enuf to survive the next 20 years if you take into consideration of inflation using the rule of 72. For example if I were to work another 30 years to my retirement, my 120k worth now will be only 50k. And to think of 50k to survive another 20 years if I live to 75 years old.. that would be RM2500 a year and RM 208 a month. HOW TO SURVIVE?????