Man Reveals His Friend Spent All RM700,000 Of His EPF Savings In 3 Years After Retiring
The Facebook user said his friend now has to work at the age of 70.
A Malaysian man has taken to social media to share how his friend spent all of his Employees Provident Fund (EPF) savings within three years of retirement
In a cautionary tale, Facebook user Imlan Adabi revealed that his friend was not careful with his retirement savings.
"He used RM700,000 in 36 months! He regrets it and even blames his grandchildren for not giving him a monthly allowance," he wrote.
Image via Salhani Ibrahim/New Straits Times
Imlan added that his friend now has to work at the age of 70 to pay off his credit card debt and house loan
"He told me about his problems, but I kept quiet because I've been giving him the same advice for the past 25 years," he said.
Image via Mikail Ong/New Straits Times
The Facebook user also urged others to be careful with their savings and spending habits
"If your children or grandchild decides to give you money, be grateful. But my wife and I have always told our children to save their own money. We've advised them not to give any money to us — just keep us in their prayers. We're not rich, but we have enough money to get by for the rest of our lives.
"Nowadays, they say you need RM1 million to live comfortably after retirement, but with the rising cost of living, even that seems too little," he wrote.
He advised people not to withdraw from their EPF Account 3 before retirement, especially after it was announced that members could withdraw funds from it at any time.
"My message is to not touch your EPF savings because we don't know what our futures will hold after retirement," he said.
SAYS has reached out to the Facebook user to find out how his friend spent the money after retirement, but has yet to receive a response.
Meanwhile, here's a Malaysian who has planned to spend his EPF savings wisely:
EPF estimates that Malaysians looking to retire in 20 to 30 years will need at least RM1 million in savings:
Read more #EPF-related stories on SAYS:
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