I received my KWSP slip for this year just now. It should came much earlier but I don’t know why it’s really late this time. For you guys who never heard of KWSP or Kumpulan Wang Simpanan Pekerja, and it’s basically where all the working people in Malaysia need to put an amount of their salary each month into KWSP. It’s like a forced savings that the government applies to all working individuals in Malaysia.
So how much did I save for my retirement after 2 years since I’ve started working? Well, it’s close to ten thousand dollars now. I know it’s not much but at least I know that I have that much already for my later days. The one we have in Malaysia is similar to the system they have in America which is to protect the elderly and the disabled against poverty, old age, disability, unemployment and others. In America, they usually call this social security but I’m not sure the funds will come from the government itself or from the employees like here.
Social Security Solution provides a lot of articles and resources on social security. There are articles from many different aspects such as social security requirement tips, personal finance, managing your funds, debt consolidation as well as other resources. It’s still a long way for my retirement but I find it very helpful to read such things now so that I can plan for my future. That brings me the question whether we can cash out of savings in KWSP for investments or to buy golds?
I hope we all will plan for our retirement and hopefully, we get the best out of our working years. We will be busting our ass for our family and children, and when they all grown up, we just want to settle down and enjoy the rest of our lives watching them busting their ass like us before.