Experts say ‘not ideal’ to rely solely on EPF savings for retirement

CONTRIBUTORS cannot just rely on their Employees Provident Fund (EPF) savings for their financial needs in retirement, a financial management and planning expert said.

Wading into discussions on the recent EPF board disclosure that 97% of contributors aged 55 and below have not reached the ideal savings level of RM600,000 and are therefore unable to retire comfortably, particularly in big cities, Wong Chai Soon said Malaysians need to invest their money elsewhere, including going into business.