The suggested minimum amount for a Malaysian to retire gracefully varies from RM240,000, RM600,000, and RM1,000,000. This amount will differ depending on locations, individual needs, and spending habits as well as post-retirement lifestyle. If you are thinking about ways to build up your retirement kitty, here are four ways you can grow your wealth in the long run (more than a year).

1. Employees Provident Fund (EPF)

EPF is a retirement scheme for private sector workers in Malaysia. It offers a mandatory and consistent ways to accumulate funds for our golden years. Each month, an employee and their employer contribute 11% and 13% of the employees’ salary respectively into their EPF. EPF just announced its full-year 2023 dividend rate at 5.50% for conventional savings (5.40% for shariah savings). Between 2000 and 2023, the average dividend rates for conventional and shariah savings were 5.60% and 5.43% respectively. Source: EPF Source: EPF Is EPF a good retirement tool? Let’s project the potential EPF balance for a...