With EPF contributors now being allowed to withdraw money from Account 3 at any time, we sincerely hope that the money is used wisely to avoid any future regrets.
A Malaysian retiree with five children recently disclosed how he utilised his EPF savings over seven years, amounting to RM750,000! Abdul, who retired in 2017 at the age of 57, had spent over 20 years working for an international company abroad.
The first major expenditure with the retirement fund was for home renovations, which cost Abdul RM200,000.
“I built a concrete fence and extended my kitchen and my garage.”
The decision to renovate was made for a comfortable space for the family. Abdul wants his married children to be comfortable when they return home with their respective families during the festive season. From 2016 to 2018, Abdul also used around RM70,000 for his two daughters’ weddings.
With the remaining RM480,000 in 2018, how will Abdul spend the remaining funds?
“Most of the money has been spent on basic needs such as food, drinks, and utility bills such as electricity, internet, and gas. The cost of living is not something that can be ignored,” said Abdul seriously.
He was shocked to see how much money had been spent on food. “I now have to spend more than RM100 every time I buy food,” he said astonishedly.
With his retirement fund almost gone, Abdul worries about how he will survive. Fortunately, his retired civil servant’s wife provided support by sharing her pension.”
Abdul also advised all Malaysians to carefully spend their retirement funds and track their cash flow to avoid unnecessary expenses.
Do you believe Account 3 is a beneficial initiative for the long-term welfare of Malaysians? Fellow retirees, how have you used your retirement funds so far? Please share your opinion.
Source: Sinar Harian
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