Hard lessons in store for those who take our EPF savings, says planner

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According to EPF statistics, 50% of members above 55 exhaust their savings within five years. (Freepik pic)PETALING JAYA: Malaysians who withdraw money from their EPF retirement account will learn the consequences of their actions the hard way, according to a licensed financial planner.The planner, Robert Foo, said there would be long-term effects of withdrawals which would not benefit contributors, especially if the EPF sells its assets to make available billions of ringgit for withdrawals.Earlier this month the government allowed EPF contributors to withdraw up to RM10,000 each in 2021 from the EPF Account 1, which contains retirement savings.Foo said the idea of allowing contributors to withdraw their hard-earned money to tide over difficult times was “fundamentally flawed”. Instead, it is the government which should help the people.He said the government should reduce oper…