I Work in SOHO

SOHO is an acronym for small office home office. I have been working in my own SOHO successfully since February 2004 and never look back. It gives me much pleasure and joy to be able to earn an income from the comfort of home and the office is just a walk to the next room. Working in SOHO has been my main source of income with company benefits like SOCSO, EPF, medical insurance, leave, MCs and the like. I am also able to leverage in the free time to blog as a favourite past time. I love what I do now and I am always online on the internet every day at least 3 hours per day. In between work, I can take power naps and sleep under my silk comforter with the air-con turned on. Now, that is what I call a dream job.

Withdraw All Savings from EPF at age 75

When you reach age 75, you need to withdraw all your EPF savings and not park in EPF because you will not get any more dividends. By age 80, if the savings are not withdrawn, it will be transferred to the bank. The rule has recently been implemented and published in the press for the public to know. So, here is a reminder for those who missed out reading on it in the newspapers.

Last year 2009, we got about 5.45% interests rates for the dividend from EPF, which is higher than the current Fixed Deposit rate at around 2.75% which is low and will not beat inflation at around 4%. Some sources even put the inflation rate at 6% but personally, I think that is too high.

For inflation rate of 4%, it takes about 18 years for your money to become half its value. While for inflation rate of 6%, the your money becomes half of its value in 12 years! This is scary and that is why we need to save as much as we can while we are still working and gainfully employed. Otherwise, your retirement years will be woeful and not golden years.