My retirement savings
I have been contemplating to withdraw some part of my Employees Trust Fund savings and I have to make a decision sooner than later. I know if I do decide to go ahead, this will be my life-long investment – buying a house. I have checked the requirements and procedures of withdrawing my savings – it looks simple and straight-forward. I am also qualified for the early withdrawal scheme which means that I can withdraw at least 40 % of the total savings. This is indeed a good investment as part of the amount to purchase my dream house would be from the mortgage. At least I don’t have to pay that much interest.
Still I am unsure. After all the money, though it’s mine, is meant for my retirement and even TAP wouldn’t allow for unneccasary withdrawals. We could not predict what would happen to us, not just in the future but even after this very moment. I have already planned on what I would do when I retire. I don’t like the idea of depending on my children, thinking that they might help or ‘pay back’ when I am old – not hoping here. Hopefully my health will allow me to be independent just like at this very moment.
I went to the nearest TAP office and enquired in depth on the process and procedure for early withdrawal scheme. The lady was nice and I felt at ease. I like their idea on the e-kiosks. If you are a member of TAP, you just need to insert your Brunei identity card and all your records would be shown. You can check your balance and see if your employer is really putting in the five percent contribution as required by Brunei law. It also shows the dividend rate for the respective year. I noticed that for the past four years, it has increased to 4.25% from 3.1%. Nice…
I would perform the special hajat prayer and hope that God will guide me to make my decision, amin.