70yo M’sian Spends All of His EPF Worth RM700k in 3 Years, Blames His Kids for Not Providing for Him

The retirement fund (KWSP) is there for a reason – to support your life financially after you have retired. Without a proper financial literacy, you’re bound to finish off the fund in a split second.

A Malaysian retiree landed himself in trouble after he had used up ALL his retirement fund – a whopping RM700,000 in just 36 months!

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In a viral Facebook post by Imlan Adabi, the man shared what happened to his friend who spent ALL the money in his KWSP account, and when he’s left with nothing, he points the finger and puts the blame on his family members.

“He blames his sons, daughters, grandsons and granddaughters for not giving him any money. It’s not their responsibility to support him, they have commitments too!”

Imlan, who heard the story remained silent. He had nothing to say because he had given his friend a lot of advice 25 years back about money.

“He forces himself to work now at the age of 70. I don’t know what he works as, but he has commitment for house and credit card loans.”

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“Don’t touch your KWSP under any circumstances”

In his post, Imlan reminded Malaysians NOT TO withdraw anything from the retirement fund. Yes, in just a couple of weeks, KWSP will implement Akaun 3, a specific account that will allow contributors to withdraw funds at any time.

Just because you can, doesn’t mean you should.

“We need RM1 million to live comfortably today after retirement. RM1 million is too small when targeted subsidies are being revised,” Imlan said.

He added that he has never asked his family members to give him any money but merely prayers are enough.

“My late wife and I used to tell our kids to save money. As parents, we’re not rich but with our financial condition, we can survive until the end.”

Imlan then emphasised then KWSP funds should not be touched at all because we have no idea about what the future holds for us.

“I’m debt free, and I’m not on any loans.”

Will you be withdrawing part of your retirement funds when Akaun 3 comes into play?

Also read: “Riding motorcyle to work, job hopping” – 45yo M’sian Already Has More Than RM1 MILLION in KWSP