With KWSP contributors now allowed to withdraw from Akaun 3 at any time, we genuinely hope the money is utilised wisely to avoid any regrets in the future.
A retired Malaysian man with 5 children recently shared how he finished his EPF savings in 7 years, which is a total of RM750,000! The man, Abdul retired in 2017 when he was 57 after working for more than 20 years at an overseas company.
The 1st major spending with the retirement fund was used for a house renovation, which cost Abdul a whopping RM200,000.
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“I built concrete fence and extended my kitchen, as well as my garage.”
The decision for a renovation was made for a comfortable space for the family. Abdul wanted his married children to be comfortable when they came back to the house with their respective families during festive seasons.
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From 2016 to 2018, Abdul also used around RM70,000 for the weddings of his 2 daughters.
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Now, with RM480,000 left in 2018, how did Abdul finish the remaining funds?
“The remaining funds were spent on daily necessities like food and beverages, as well as utility bills like electricity, internet, gas, and so on.”
“Cost of living is no joke”
Abdul said the rise in cost of living is no joke. Abdul was shocked at how much he would spend on food alone.
“I would spend more than RM100 everytime I buy food.”
Now that Abdul has run out of retirement funds, how does he survive?
Fortunately, Abdul’s wife, who is a retired civil servant supports him by sharing her pension money.
Abdul also advised all Malaysians to be careful in spending their retirement funds and track their cash flow to avoid unnecessary spending.
Do you think Akaun 3 is a good idea to help Malaysians in the long run? To our retired friends, how’s your spending with your retirement fund so far?
Also read: “Riding motorcyle to work, job hopping” – 45yo M’sian Already Has More Than RM1 MILLION in KWSP
