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Planning Your Retirement Income

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Questions and Answers

What is the total percentage contribution by an employer to an employee's EPF account?

12%
11%
12% to 13% (correct)
13%

Which of the following is a benefit of contributing to a Private Retirement Scheme (PRS)?

No tax relief
Tax relief of RM1,000
Tax relief of RM2,000
Tax relief of RM3,000 (correct)

What is the main objective of the Employees Provident Fund (EPF)?

To help members achieve a better retirement (correct)
To aid national infrastructural development
To safeguard and grow members' retirement savings
To provide excellent services to members

What is the percentage of contribution by an employee to their EPF account?

7% (C) Signup and view all the answers

What is the total percentage of contribution by an employee and employer to SOCSO?

2% to 3% (D) Signup and view all the answers

When was the Employees Provident Fund (EPF) established?

1951 (B) Signup and view all the answers

According to the EPF chief strategy officer, what was the impact of Covid-related withdrawals on the savings of contributors?

It resulted in critically low levels of EPF savings for many members below age 55 (D) Signup and view all the answers

What percentage of EPF members have less than RM1,000 in their savings?

3.6 million (A) Signup and view all the answers

What is the minimum savings EPF members should have at age 55, according to the Household Expenditure Survey Report 2019?

RM240,000 (C) Signup and view all the answers

What percentage of EPF members have the minimum savings target of RM240,000 in their account by 55?

18% (C) Signup and view all the answers

What is the average annual growth rate of the mean monthly household consumption expenditure in Malaysia from 2016 to 2019?

3.9% (D) Signup and view all the answers

How much is the estimated monthly withdrawal needed to cover basic needs for 20 years, according to the Household Expenditure Survey Report 2019?

RM950 (D) Signup and view all the answers

What percentage of EPF contributors can afford retirement, according to an official of the Employees Provident Fund?

3% (C) Signup and view all the answers

What percentage of EPF contributors withdraw their EPF savings in one lump sum once they reach 55 years of age?

99.9% (A) Signup and view all the answers

What is the primary source of retirement income for private sector employees in Malaysia?

Employee Provident Fund (EPF) (C) Signup and view all the answers

What is a key aspect of developing a balanced budget for retirement?

Receiving all retirement income to which you are entitled (B) Signup and view all the answers

What is a tax advantage available to retirees in Malaysia?

Tax exemption on pension (C) Signup and view all the answers

What is a key consideration when investing for retirement in Malaysia?

Monitoring investments for growth (A) Signup and view all the answers

What is a recommended approach to dipping into retirement savings?

Dipping into savings with caution (C) Signup and view all the answers

What is a key aspect of living on retirement income in Malaysia?

Developing a spending plan for retirement (B) Signup and view all the answers

What is a common source of retirement income for individuals in Malaysia?

Employee Provident Fund (EPF) (A) Signup and view all the answers

What is a key consideration when planning for retirement housing costs in Malaysia?

Developing a spending plan for retirement (A) Signup and view all the answers

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