Why I Think EPF Account 3 Is A Good Thing

EPF just announced an all new account, account 3 or akaun fleksibel.
This allows Malaysians to withdraw 10% of their EPF money whenever they want without needing to provide a reason.
Some Malaysians think its a bad thing considering many of us already don't have much in EPF. In my opinion, this is actually a good thing because of the flexibility it gives us with our money.
⌚ Timestamps:
00:00 Intro
00:26 What is account 3 and what changes have been made
2:07 The downside of account 3
5:12 Why I think Account 3 is good
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#TheMillennialFinance

[@Viv-xh3yv]

very good advice and break down, thanks for sharing !

[@MillennialFinanceMalaysia]

Appreciate it!

[@SaadonAksah]

Great! Ive transferred my money from account 2 to 3! 😍

[@MillennialFinanceMalaysia]

Make sure don’t spend it 😂

[@jcsenhamster315]

Yea, agreed. It is more to emergency use or investment or studies. Don't be that uncle who used up all his EPF saving of 750k on expenditures and blamed their children for not giving him enough money. I rather put that 750K back to EPF and get monthly dividend lol....

[@MillennialFinanceMalaysia]

Moving mine to account 3 but gonna be leaving it there for now haha

[@KishenSingh-yi9qi]

Can you self contribute to Account 3 and get tax deductions of up to RM3K?

[@saufi262]

any self contribution will split into 75:15:10 ratio. no choice for only to Acc.3

[@aanat3664]

Plan to do the transfer to acc3 and top up the same amount in the form of voluntary contribution. Better option than FD and liquidity is not affected.

[@MillennialFinanceMalaysia]

Like saufi said you can contribute to epf but not specifically to account 3

[@imansyamil9450]

yea but how about the tax deduction?

[@Jjames126]

Open account 3 and increase petrol price next month. Good move

[@MillennialFinanceMalaysia]

Hahaha that’s one take 😂

[@aranperumal]

Dah keluar rm10 000 . Yaaaaaaay!

[@MillennialFinanceMalaysia]

Don’t spend it unnecessarily 😅

[@_masterbait]

Walaun dream comes true