My main goal is to fund my RETIREMENT.
But how much do I need when I am retire at 55 years old???
Our EPF do have a calculator ( HERE )
Based on the calculator, I need 2.8 million, with present value of RM 3k per month needed for now and adjusted for 4% inflation.
I need RM 5600 per month when I am retired at 55 years old.
If time and health allowed, I will work until 60 years old.
So now questions is whether my EPF can accumulate until 2.8 million when I retired at 55 years old???
The answer is very obvious : CAN NOT
I only manage to accumulate 1.1 million from EPF if I retired at 55 years old.
What I can do is?
1) REDUCE my current spending of 3k to 2k, I just need 1.6 million, when I am retired at 60 years old, I need RM 4600 per month.
2) Increase my retirement age to 60 years old which increase my EPF saving to 1.7 million when I am retire
CONCLUSION:
1) Increase my retirement age to 60 years old
2) At 60 years old, spend only RM 4600 per month
Any suggestion to improve it???
My optimum suggestion will be:
1) Retire at 58 years old
2) Died at 75 years old
3) Target: 1.5 million
1 comments:
if u practising healthy life style , u wont be die at 75 also lah.. haha
good website also . thanks for sharing , mine even worst. need 3 mil.