The Employees Provident Fund (EPF) has launched three new initiatives to assist Malaysian retirees in managing their retirement savings and better estimating their retirement needs as expected lifespans continue to grow.
The new initiatives allow eligible members to transfer excess savings to family members , receive structured monthly retirement payouts , and better estimate their retirement needs as Malaysians live longer.
The Employees Provident Fund has launched three new initiatives aimed at helping Malaysians better manage their retirement savings, as rising life expectancy continues to reshape long-term financial planning in the country EPF on Monday, 11 May, introduced i-Legasi, i-Emas, and the Retirement Goal Calculator as part of a broader effort to strengthen retirement security and financial resilience across generations.the initiatives reflect the fund's evolving role in helping members not only accumulate retirement savings, but also manage and sustain those funds over a longer retirement period.
"As life expectancy rises, retirement planning must go beyond savings accumulation to focus on adequacy and sustainability," he said in a statement. "We are evolving to support our members not just in saving, but in making informed decisions to ensure their savings last a lifetime and to leave a legacy for their loved ones.
"It's a new facility that allows EPF members aged 55 and above to transfer part of their savings to the EPF accounts of their spouses or children once they reach full withdrawal age. According to EPF, the transferred funds will come from savings already eligible for withdrawal and will be placed directly into the recipient's retirement savings account to ensure the money remains preserved for long-term retirement purposes.
Members aged 55 or 60 and above who have savings above the required Adequate Savings level may transfer funds to more than one immediate family member, provided the remaining balance still meets the threshold. Recipients must be Malaysian citizens or permanent residents who are also EPF members and below the national minimum retirement age of 60.
Ahmad Zulqarnain said more than 21,000 members have already chosen monthly withdrawals after turning 55 or 60, signalling growing awareness among Malaysians about the importance of structured retirement income. He said i-Emas could help retirees better manage their daily expenses while reducing risks such as scams, overspending, and rapid depletion of retirement savings.
At the same time, EPF also launched a new Retirement Goal Calculator through the KWSP i-Akaun application The digital tool allows members to estimate how much retirement savings they may need based on their preferred lifestyle, expected expenses, and retirement age. It also helps users identify potential savings gaps and assess whether they are financially prepared for retirement. The launch comes as Malaysians are expected to spend longer years in retirement due to rising life expectancy.
With the national minimum retirement age currently set at 60, many Malaysians could potentially spend 15 to 20 years or more in retirement, increasing the importance of long-term financial planning. EPF said retirement planning should take into account several factors, including future monthly expenses, healthcare costs, dependants, inflation, and additional income sources such as rental income, dividends, or part-time work.
The fund added that the newly introduced initiatives are part of a broader strategy to build a more holistic retirement ecosystem focused not just on savings accumulation, but also on sustainable income management and intergenerational financial security. Govt Mulls New Law To Penalise Children For Neglecting Elderly ParentsGovt Agrees In Principle To Remove RON95 Subsidies For Wealthier Malaysians.
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Malaysian EPF New Initiatives Retirement Savings Life Expectancy Retirement Planning Long-Term Financial Planning Financial Resilience Structured Monthly Retirement Payouts Transfer Excess Savings To Family Members
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