{"id":18076,"date":"2022-09-27T02:12:19","date_gmt":"2022-09-26T18:12:19","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/epf-msians-will-need-rm1-million-for-retirement.html"},"modified":"2026-03-26T15:59:34","modified_gmt":"2026-03-26T07:59:34","slug":"epf-msians-will-need-rm1-million-for-retirement","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/finance-explained\/epf-msians-will-need-rm1-million-for-retirement.html","title":{"rendered":"EPF: M\u2019sians Will Need RM1 Million For Retirement"},"content":{"rendered":"\n

Looking to retire for the next 20 to 30 years? News flash, you\u2019ll need at least RM900,000 to RM1 Million before you could do it! <\/p>\n\n

The Star<\/a> reported, Employees Provident Fund\u2019s (EPF) Chief Strategy Officer Nurhisham Hussein told that this would be the \u201cbare minimum\u201d after factoring in inflation and medical bills, to name a few. <\/p>\n

\"EmployeesSource: Khazanah Research Institute<\/p>\n

He also said, for those retiring in the next few years, they would need about RM600,000 to live a \u201cdignified\u201d retirement in Kuala Lumpur. <\/p>\n

When you look at the RM600,000 savings threshold, only about 4% of Malaysians could afford to retire\u201d. <\/p>\n

\u201cIt is a little lower outside of the Klang Valley,\u201d he added.<\/p>\n

According to EPF\u2019s calculation, Alor Setar was the most affordable location for retirees to have a comfortable retirement. However, one will still need savings of at least RM480,000 – a figure that\u2019s twice the basic threshold for retirement savings of RM240,000! <\/p>\n

As Malaysia is a rapidly aging society, Nurhisham also mentioned that some 56% of contributors, who are 54 years old, have less than RM50,000, an amount that allows them to sustain themselves for about 4 years, assuming that they spend RM1,000 a month for expenses. <\/p>\n

While about 52% of EPF members have less than RM10,000 in their accounts and about 27% have less than RM1,000.<\/p>\n

\u201cThat\u2019s rather worrying. Obviously, I think the withdrawals have had a significant impact on retirement adequacy,\u201d he said.<\/p>\n

The withdrawals referred to the Covid-related withdrawal schemes,  i-Lestari, i-Sinar, i-Citra and most recently the special withdrawal facility of RM10,000. <\/p>\n

Last month, Deputy Finance Minister I Datuk Mohd Shahar Abdullah told Dewan Negara that in total, RM145bil was withdrawn by EPF members under the four withdrawal facilities.<\/p>\n

On top of that, 4% of respondents said they no longer have enough in their EPF accounts to make a withdrawal, based on a survey conducted by an insurance company, Sun Life Malaysia. <\/p>\n

In addressing the situation, Nurhisham calls for Malaysians to have multiple sources of savings and investments in addition to EPF savings. <\/p>\n

Adding that EPF is also encouraging Malaysians to open an EPF retirement account early instead of waiting until they officially start working.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Looking to retire for the next 20 to 30 years? News flash, you\u2019ll need at least RM900,000 to RM1 Million before you could do it! <\/p>\n","protected":false},"author":268230141,"featured_media":789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[419],"tags":[],"class_list":["post-18076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-explained"],"yoast_head":"\nEPF: M\u2019sians Will Need RM1 Million For Retirement - CompareHero<\/title>\n<meta name=\"description\" content=\"Planning for retirement in the next 20 to 30 years? 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Recent reports have shown that only 4% of Malaysians are\u2026","rel":"","context":"In "Finance Explained"","block_context":{"text":"Finance Explained","link":"https:\/\/www.comparehero.my\/blog\/finance-explained"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/What_is_EPF_Voluntary_Contribution_and_How_Does_it_Work_-FI.png?fit=1200%2C629&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/What_is_EPF_Voluntary_Contribution_and_How_Does_it_Work_-FI.png?fit=1200%2C629&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/What_is_EPF_Voluntary_Contribution_and_How_Does_it_Work_-FI.png?fit=1200%2C629&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/What_is_EPF_Voluntary_Contribution_and_How_Does_it_Work_-FI.png?fit=1200%2C629&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/What_is_EPF_Voluntary_Contribution_and_How_Does_it_Work_-FI.png?fit=1200%2C629&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":18447,"url":"https:\/\/www.comparehero.my\/blog\/government-policy\/pmx-malaysians-will-struggle-during-retirement-with-early-epf-withdrawals.html","url_meta":{"origin":18076,"position":1},"title":"PMX: Malaysians Will Struggle During Retirement With Early EPF Withdrawals","author":"CompareHero","date":"5 March 2025","format":false,"excerpt":"(Image: Bernama) Prime Minister Datuk Seri Anwar Ibrahim, during the Minister\u2019s Question Time at the Dewan Rakyat sitting yesterday, warned that allowing too much flexibility in withdrawing Employees\u2019 Provident Fund (EPF) savings before retirement could lead to financial problems later in life. He said early withdrawals would leave people with\u2026","rel":"","context":"In "Government Policy"","block_context":{"text":"Government Policy","link":"https:\/\/www.comparehero.my\/blog\/government-policy"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/datuk-seri-anwar-ibrahim.webp?fit=1200%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/datuk-seri-anwar-ibrahim.webp?fit=1200%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/datuk-seri-anwar-ibrahim.webp?fit=1200%2C797&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/datuk-seri-anwar-ibrahim.webp?fit=1200%2C797&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/datuk-seri-anwar-ibrahim.webp?fit=1200%2C797&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11329,"url":"https:\/\/www.comparehero.my\/blog\/lifestyle-finance\/epf-savings-2.html","url_meta":{"origin":18076,"position":2},"title":"How To Withdraw EPF Account Savings For Personal Use?","author":"CompareHero","date":"19 February 2021","format":false,"excerpt":"This article was first published on January 2017 and has been edited and updated for accuracy and clarity.Do you know the rights you have over the retirement money you save in your EPF account? CompareHero.my spoke to Puan Balqais Yusoff, Head of Strategy Management Department in EPF to help answer\u2026","rel":"","context":"In "Lifestyle Finance"","block_context":{"text":"Lifestyle Finance","link":"https:\/\/www.comparehero.my\/blog\/lifestyle-finance"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2021\/02\/image-1.png?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2021\/02\/image-1.png?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2021\/02\/image-1.png?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2021\/02\/image-1.png?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":18072,"url":"https:\/\/www.comparehero.my\/blog\/investments\/epf-announces-dividend-release-for-2023-what-you-need-to-know.html","url_meta":{"origin":18076,"position":3},"title":"EPF Announces 5.5% Dividend for 2023: What You Need to Know","author":"CompareHero","date":"3 March 2024","format":false,"excerpt":"On March 3rd, 2024, the Employees Provident Fund (EPF) of Malaysia announced its dividend release for the 2023 financial year, which is 5.5% for conventional savings and 5.4% for syariah savings.\u00a0 This equals a total payout of RM50.3 billion for conventional account holders and RM 7.5 billion for syariah account\u2026","rel":"","context":"In "Investments"","block_context":{"text":"Investments","link":"https:\/\/www.comparehero.my\/blog\/investments"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/2-EPF-to.png?fit=1200%2C629&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/2-EPF-to.png?fit=1200%2C629&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/2-EPF-to.png?fit=1200%2C629&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/2-EPF-to.png?fit=1200%2C629&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/rpstagingdot.wpcomstaging.com\/wp-content\/uploads\/2026\/02\/2-EPF-to.png?fit=1200%2C629&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":18077,"url":"https:\/\/www.comparehero.my\/blog\/government-policy\/epf-special-withdrawal-april-2022.html","url_meta":{"origin":18076,"position":4},"title":"EPF: Special RM10,000 withdrawal payout to begin on 20 April","author":"CompareHero","date":"17 March 2022","format":false,"excerpt":"The Employees Provident Fund (EPF) has announced that all contributors below the age of 55 years old may start applying for the special RM10,000 withdrawal facility. 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