Deep, deep dive
Step 4: Don’t touch your retirement savings
It’s important to keep your retirement savings for your retirement. According to EPF, 70% of members who withdraw their funds at age 55 use up their savings less than a decade after retiring. This is a massive problem since Malaysia’s average life expectancy is 74.5 years.
Sometimes it may feel like accessing our retirement savings is the only option we have particularly to pay for the downpayment for a home or emergency medical expenses. As much as possible, avoid putting yourself in this position to begin with. You can do this by have sufficient savings for expenses that we can predict (like housing & education) as well as money set aside for a rainy day.
Read Investing 101 to learn more about how to start investing.