The Star: RM10,000 Withdrawal From The EPF Has Its Risks

It is important to bear in mind that the RM10,000 EPF withdrawal essentially means you are pulling out money from your own retirement savings. Kimberly states that while this withdrawal helps those whose livelihoods have been affected by the Covid-19 pandemic, it is quite subjective for others who want to withdraw to pay their debts, loans and bills. 

Kimberly strongly advises against taking out the money for lifestyle upgrades and home or vehicle down payments as you should be paying for such things from your cash flow instead of pulling it out of your retirement savings which would only affect your future self. She recommends planning for your retirement early as EPF alone is not enough; it would be ideal to have a diversified portfolio while also keeping the inflation rate in mind. 

This article can be found online here.