My dad is aged 75 this year and he has not withdrawn a cent from EPF but my mum did, she is aged 74. Both are still healthy and able to walk and drive car by themselves. That's very good!
EPF is like Singapore's CPF. He simply does not need to touch the EPF as he has other means of retirement income and EPF gives good interest rate. It was 5.5% last year.
As of today, his EPF balance stands at RM 523,190. Not bad la for a retiree at age 75.
He was a school principal and was asked to retire at age 55.
He has great pension plan. The government gives him RM3,000 a month from age 56 to LIFE.
As he is now aged 75, he had received the monthly pension for 20 years.
RM3,000 x 12 months x 20 years = RM720,000!
I always ask my parents to continue to stay healthy and expect to receive another 20 years of pension!
EPF is one great retirement monthly income indeed, just like CPF LIFE. :)
EPF invested in stocks and the return is pretty good and it's quite transparent too.
Unlike CPF, they do not disclose what they have invested because they afraid you guys manipulate their stocks. LOL.
