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EPF Lets You Share Retirement Funds With Family
12 May
Summary
- EPF introduces i-Legasi for members to transfer savings to family.
- i-Emas rebrands monthly withdrawal for steady retirement income.
- Retirement Goal Calculator aids in future financial planning.
The Employees Provident Fund (EPF) has unveiled several new initiatives aimed at bolstering retirement security for all generations. These programs reflect a strategic shift from mere savings accumulation to ensuring the long-term adequacy and sustainability of retirement funds.
The i-Legasi initiative allows EPF members aged 55 and above to transfer a portion of their excess retirement savings to immediate family members, such as spouses and children. These transfers utilize funds above the adequate savings threshold and remain within EPF accounts for long-term retirement purposes, preserving wealth for future generations.
Furthermore, the monthly withdrawal option under the Age 55/60 Withdrawal has been rebranded as i-Emas. This option encourages retirees to opt for structured monthly payments over full lump-sum withdrawals, helping them manage expenses and maintain a steady income stream while continuing to earn dividends.
To aid members in their financial planning, EPF has also launched the Retirement Goal Calculator via the KWSP i-Akaun app. This tool assists members in estimating their retirement needs based on lifestyle expectations and projected expenses, helping them identify savings gaps and plan more effectively for a secure future.
