Imagine hitting your mid-forties and realizing you're a millionaire in your EPF account!

A social media user named Nur Fadhli Bassar share the story of 45-year-old information technology professional based in Kuala Lumpur has achieved a significant milestone – amassing over RM1 million in his Employees Provident Fund (EPF) savings. Shared by a netizen named Nur Fadhli Bassar on Facebook, this success story sheds light on the individual's astute approach to retirement savings.

Despite starting his career at the age of 23 and utilizing EPF withdrawals for housing purposes, this individual managed to build a substantial EPF corpus through a combination of strategic financial practices. Commuting on a motorcycle to evade traffic, consistent contributions, and judicious savings management played pivotal roles in his financial journey.

But how did he manage to accumulate RM1 million in his EPF account?

Let's take a look at the 4 simple but crucial tips:

The key strategies that contributed to his success include:With the EPF declaring a 5.4% dividend rate in 2023, this individual earned RM54,154. If he continues to manage his savings diligently, he could potentially retire comfortably with a substantial monthly income. Nur Fadhli emphasizes that prudent financial management and avoiding unnecessary expenditures are crucial components for ensuring sufficient savings to navigate retirement and emergencies effectively.

In contemplating retirement at the age of 60, his EPF savings could potentially surpass RM2 million. This foresight opens avenues for a comfortable monthly pension of RM10,000, all the while preserving the principal RM1 million untouched. Navigating retirement challenges and unforeseen emergencies hinges on these foundational principles, ensuring a resilient and prosperous financial future.

Source / Image Credit : Weird Kaya , FB/ Nur Fadhli Bassar, Azhar Mahfof/The Star