Because many want the special EPF withdrawal like during Abah time 😁

Already have other investments. FD rates will not beat EPF. Even with special rates.
So how?

If you are able to withdraw ONLY 1K per month and still have the balance upon 75, then why should EPF want to lock your money if you want to take more than that? That is just plain mindless. Keyword is at least RM 1K and 20 years...

personally, I believe there is no need to over react.... all ok to relook into one's plan and do some future planning or some small adjustment.

If one planned and executed properly (plus a bit of good luck), by the time we all reach 55 years old, 240K rm should be a small part of our retirement funds. Allow me to just use a simple example for illustration.


say at 55, one has 3 million ringgit (arbitrary number). if epf wants to hold 240K rm, so be it... let them hold it.... just take it as either we keep 240K rm with MBSB (yeah, I know, not very safe) earning 5% pa FD rate, or we can pretend that we just spent 240K rm on a car.
eitherway, because we still have 2.8 million left, wait 2 to 5 years, our funds would have grown back to 3 million at least.

But if say at 55, one only has 800K rm (cos spent a lot on kids education), then 240K rm is a big amount. But if one really think about it, doesn't this mean that the 240K rm in EPF earning 5% or above is really a good deal?


Eitherway, in reality, stopping the special withdrawal used up so much political will... implement this as mandatory... I just wonder how much our PMX is willing to lose.

You don't need to worry much about this...

really doubt EPF will implement the worst version I can think off (hopefully not due to lack of imagination). Which is the one that regardless of amount, everything is converted into annuity where only 1K rm is allowed to be withdrawn.... defies logic... imagine having say 2 million in Epf but can only withdraw 1K per month

Plus, who are the top 248 members and those with above 5 million in EPF? these are ex or current CEOs and C suites people with connections... sure these guys will make noise too.

keep inside there and sponsor your government lo.

what if people only have all their savings in EPF, maybe 1-2 million but outside nothing left.
then if everymonth only withdraw small amount, die lo.
the money how also cannot finish lo

One drawback that i can think of is if the 240k can be offset any mortgage that should have higher interest rate than epf dividend, then member might be at loss.

Personally i agree with the government's position. You see, majority in malaysia is dumb enough to plan their retirement . The moment , they get their hands on EPF money - they instantaneously spend it.

Example , if you have 2 mil in your epf - the right thing to do is to just withdraw the dividend and survive based on the dividend alone . With 2 mil in account, you can afford to live a decent live ~ RM 120,000 on average .

I knew an idiot ( My father ) who took out close to 1.8 mil and finished using them in 5 yrs and now became a professional beggar .
120k - give out to sister cos she is poor
loan to friend
renovated a properly functioning kitchen

At this moment i told him, if you want money from me , please itemize all your expenses before we can discuss about me supporting you financially .

This post has been edited by akidos: Jul 7 2023, 12:55 PM

Yep it defies logic especially for people with >RM1m. There is also a law that says anything >RM1m can take out. Most probably I think they will make it effective for new contibution (create a account 3 or something). Then EPF will become CPF giving time.

Stupid Abah create issue for EPF now

That's the strike lottery syndrome....

Dad with poor financial literacy becomes Professional beggar hahahaha....

then the 2 million principle give to EPF to play?
work so hard the whole life money cannot touch?
your dad might not know how to manage his money, doesnt mean other people dont know.
there are many who need the money as they have planned to spend it on say children education etc.

Dude the majority doesnt know how to manage the money . you dont see yourself but the morons , cleaner or the technicians who spends all his money modifying his dumbass motorbike instead of sending his kids to kumon .

hopefully he wont itemize what he had spent on you since birth.

Yeah, that would be a problem.

but there is another issue at hand. The retirees did not practice prudent financial planning steps. Diversification. The chap should not have everything in one basket, no matter how tough he/she thinks the basket's material is.
For this chap, his should now start diverting his funds out of EPF into something else....
(yet another problem comes up... what is that something else? )

what to do...

real life problems which almost can never be solved.

Its like health... majority knows cannot overeat, and yet most people eat like no tomorrow if given chance (a sin that I also partake once).... at up with subpar health sooner or later.

I guess many of us are just discussing whether big brother has the right to dictate what we can do with our retirement funds at 55 years old... same thing like can a Doctor dictate whether a serious diabetic patient is allowed to eat Ice-cream even though the patient knows he will lose his left foot...

Now I know why you are so upset over my previous comment.
Because you just cannot handle the fact that it is going to happen.

Why defy logic. Almost everyone here already supports the gov action. Maybe not 1k but definitely it's going to be periodic.

As for those special people. They have special rules.

The funny thing is, you insulted me yet claim I was doing personal insults

Never knew Malaysians are this unsophisticated. Even Singaporeans are so much better. What a disgrace.

So now you are telling others how to spend their money?
Wow.

Most ppl who has this amount are expected to know some financial management to even earn the monies to accumulate this amount.

This thought never come into your mind?