‘Make use of EPF calculator app for retirement planning’

BANGI: The ‘Calculator’ application on the Employees Provident Fund (EPF) website can function as a supporting tool for members to plan their savings for sustainable retirement.

The EPF Savings Calculator and Retirement Calculator, which can be accessed via www.kwsp. gov.my or Google search ‘EPF calculator’, can provide much useful information for members to make informed decisions in planning for their golden years.

Retirement Advisory Service (RAS) officer, Janaith Lee said the ‘Calculator’ was one of the tools she used during her session with EPF members for guidance on retirement and financial planning.

Depending on what lifestyle one would want after retirement, Lee said the ‘Calculator’ would help provide ideas on questions such as ‘how much is enough?’ ‘how much do you need for retirement?’, ‘are you ready to retire?’ and ‘how will you spend your money during retirement?’

“The EPF Savings Calculator projects expected total savings at retirement age for both accounts one and two while the Retirement Calculator can summarise the total savings needed by age, expenses during retirement and year-end savings balance, incorporating the inflation rate,” she told Bernama here recently.

The objective of RAS is to create awareness and during the face-to-face sessions, which normally last 30-45 minutes, RAS officers will share information on retirement and financial planning for each member, she explained.

“Each session is geared to provide basic awareness and guidance to members on ways to make retirement and financial planning. But the power to act further is really in one’s hand,” stressed

Lee, who is based in EPF Kota Kinabalu, said the RAS team provided advice on the scope of basic retirement and financial planning as well as EPF products and services.

They include the Flexible Age 55 Withdrawal Scheme, Option To Contribute Voluntary Excess; statutory rate contribution, savings by Skim Simpanan Persaraan 1Malaysia (SP1M); Self contributions and other EPF withdrawal schemes.

On whether it is too late for older members to plan financially for retirement, Lee pointed out that planning should start as early as possible, no matter at what age or stage in life.

“The more you procrastinate in your retirement planning, the harder it will become due to the rising cost of living,” she added.