Achieving Financial Milestones! How One Man Saved RM1 Million in His EPF Account by Age 45

A Malaysian man recently shared an inspiring story on social media about his friend who managed to save RM1 million in his Employees Provident Fund (EPF) account by the age of 45.

This impressive feat aligns with EPF's recommended savings target for Malaysians to retire comfortably by 55.

Photo via Utusan Malaysia

In a positive Facebook post, Nur Fadhli Bassar highlighted that achieving such a milestone is within reach for everyday Malaysians. He emphasised that his friend, who works in the IT sector in Kuala Lumpur, started his career at 23, just like many others. 

Despite facing typical life challenges, such as purchasing a house and withdrawing funds from his EPF Account 2, his friend stayed committed to his savings goal.

Nur Fadhli shared five key tips learned from his friend's journey to reaching RM1 million in his EPF account. Firstly, having a stable job with a decent salary is crucial, while consistent contributions to EPF, including increasing monthly employee contributions, played a significant role.

His friend also practised financial discipline by avoiding unnecessary withdrawals from his EPF account, maintaining emergency savings for unforeseen circumstances. Additionally, his friend seized opportunities to increase his salary through job advancements, switching jobs eight times to negotiate higher pay.

Despite prioritising savings, his friend remained steadfast in fulfilling his religious obligation by regularly donating zakat, underscoring the importance of giving back to the community.

Nur Fadhli's message resonates with the importance of consistent saving and discipline in achieving financial goals. He highlighted the significant dividends his friend received from EPF, indicating the potential for a comfortable retirement. 

By continuing to work and saving diligently, his friend could accumulate even more wealth, potentially enjoying a pension of RM10,000 per month upon retirement.

Nur Fadhli also encourages readers to start saving and remain disciplined to achieve their financial aspirations. He applauds the silent millionaires like his friend, urging others to follow their example.