Deep, deep dive
- What is EPF?
- Who can invest in EPF?
- So why are EPF savings even important?
- How do you know if you are saving enough for your retirement?
- But why invest in EPF? What have their returns been like?
- What is the difference between the Conventional Savings Option and Shariah Option?
- When can I access my EPF savings?
- What is EPF’s new i-Invest platform?
- Practical tips
When can I access my EPF savings?
Since EPF’s goal is to help you with saving for your retirement, you can’t just withdraw money when you want to.
There are 2 forms of withdrawal that are open to members:
- These withdrawals deal with members withdrawing their savings before they hit the full retirement age.
- EPF allows members to make a partial or full withdrawal from their Account 2 when they reach the age of 50
- Beyond that there are several options under which you’re allowed to partially withdrawal:
- housing expenses
- medical expenses
- education costs
- to perform the Hajj
- if you have excess savings
- You’ll have to fulfill specific requirements in order to withdraw from your Account 2
- Once you reach the age of 55, you’ll have full access to the entirety of your EPF savings giving you the option for either full or partial withdrawal
- However, you will only have access to any further savings you make after the age of 55 once you hit the age of 60
You shouldn’t wipe out your EPF Savings just because you have access!
Remember, what you leave in your EPF account, still earns returns. Don’t just withdraw your entire savings once you have full access to your account. You should be budgeting your savings so that it lasts for your entire retirement.