Banks and credit card companies often join other financial institutions in helping young people save for retirement and they do this through a variety of different methods including newsletters, blogs, and detailed information on their websites. An Employee Provident Fund (EPF) is one of the most popular ways for salaried employees to save money and if you make over a certain amount of money each year, these programs are mandatory. An EPF is easy because the money comes directly out of your check and therefore you barely notice it. Over time, however, the money in your EPF account builds up to a nice sum, enabling you to retire comfortably and enjoy your later years.
The Basics of EPF Investments
There are a few rules that apply to all EPF accounts regardless of where you work. For the most part, this is an account specifically designed for your retirement so if you withdraw money before a certain age, there are certain conditions that usually apply. Having said that, you are usually allowed to withdraw money if you are getting married, to educate your children, or to pay for medical emergencies. Interest is added to the account and the money is usually invested so that it can grow over time. The general rules that apply to the accounts are easy to understand; however, a good financial institution can fill you in on the additional details so that you can more fully comprehend what they are and how they work. If you are curious about any type of EPF investment in Malaysia for young working adults, the best thing to do is contact your bank, credit card company, or financial advisor so that you can learn all about it before signing the paperwork.
Become Worry-Free in Later Years
Everyone wants to be able to retire comfortably one day and an EPF account helps you do just that. While you are saving, you won’t notice the money coming out of your account because it is taken out before you receive your salary. Over time, the money adds up and can equal quite a large sum by the time you retire. You are also allowed to choose where your money is invested, including entities such as Prudential Unit Trusts Berhad and Commerce Trust Berhad. Signing up is also very easy and you can get started with an online application, through a mail-in application, or even by visiting your financial institution in person. Although your involvement in an EPF is mandatory when you are working and receive a certain salary, it is still good to learn all you can about the account so that you can better manage it and therefore better prepare for your eventual retirement.
Investing for the future is a lot easier than you think and an EPF account is one of the easiest ways to save for retirement. They are easy to sign up for, easy to manage, and easy to keep track of and it all starts by contacting a reputable financial institution and letting them know what you need.