Beware the drawbacks of EPF withdrawal

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Now that the conditions have been lifted, most people can withdraw their EPF funds via the I-Sinar scheme but the question is, do they need to? (Bernama pic)PETALING JAYA: Experts are cautioning contributors against withdrawing their money from the Employees Provident Fund (EPF) through the i-Sinar scheme even though all conditions for withdrawals have been lifted.Robert Foo.Financial planner Robert Foo from MyFP said most Malaysians lacked even a basic “kitchen table” financial plan and, as such, it was best not to withdraw their EPF savings.“Yes, now, with i-Sinar, you can withdraw. But the question is, do you need to withdraw?”He suggested that people withdraw money only if they intended to invest, but not to spend.It would be better if they could talk to a financial adviser who would look at their balance sheet and offer sound advice, he said, adding that it was important …