While not being talked about that much anymore, many people are still crying for another round of KWSP withdrawals for survival.
More withdrawals means lesser savings in your retirement funds, and have you ever wondered how much do we really need monetarily to go through our retired life? 1 of the Ministers of Finance, Datuk Seri Ahmad Maslan has an exact figure in mind. If you wanna live comfortably after your retirement, make sure you have at least RM240,000 in your KWSP savings.
If you use RM1,000 per month, that amount is enough to support you for the next 20 years after you retire. Assuming you’re retiring at 55, it means you have RM240,000 to spend until you’re 75, which Ahmad said is the life expectancy of Malaysians, according to a video shared by Buletin TV3.
“Malaysians have to start thinking about their retirement days with that amount in mind.”
RM240,000 in your retirement funds before you bid farewell to the working environment, is that possible?
According to the Minister of Finance, it’s possible if you start contributing yourself every month and not just solely relying on the contributions that your employers have deducted from your salary.
Those who wish to contribute on their own, especially the ones who work for themselves can do so through the i-Saraan which was introduced by the KWSP.
As of now, Ahmad said a number of 500,000 contributors have done so but he wishes to see more contributors participating in the effort.
“You don’t just get incentives but also dividend, depending on the amount of your contribution.”
If you’re unsure about contributing on your own, KWSP provides retirement advisory services where the related officers will speak to you to understand your situation better, and suggest the best retirement plan for you.
Ahmad visited the KWSP in Kota Bharu, Kelantan yesterday where he also praised KWSP’s efforts in providing mobile counters.
“Those working with the mobile counters will travel to areas far from KWSP offices to help giving financial advises to the contributors,” he explained.
Fellow Malaysians, have you started saving up and making sure that you have at least RM240,000 by your retirement?