"I Blame My Children For Not Giving Me Money!" Man Depletes Thirty Years Of EPF Savings In Just Three Years

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"I Blame My Children For Not Giving Me Money!" Man Depletes Thirty Years Of EPF Savings In Just Three Years

29-Apr-2024
By JustineG

It has recently surfaced that an individual has exhausted their EPF savings, totalling RM700,000 amassed over a span of 30 years, in a mere 36 months. Malaysian citizen Imlan Adabi shed light on his friend's unfortunate situation, where reckless spending habits have resulted in dire consequences, compelling him to reenter the workforce during his retirement years.


Despite warnings against depending on children to support financially irresponsible parents, these cautions went unheeded for a quarter of a century. As the old saying goes, "You reap what you sow," the friend now finds himself back in employment at the age of 70, burdened by substantial financial commitments like credit card debts and mortgage loans.



In addition to feelings of remorse, the friend also assigns some blame to his children and grandchildren for failing to provide the expected monthly allowance. However, it's crucial to acknowledge that the younger generation may already be struggling to meet their own financial needs and familial obligations.


Imlan emphasized how he and his late wife had always been mindful not to overly rely on their children for support in their later years. He underscores the importance of having RM1 million for a comfortable retirement, without factoring in inflation and future living expenses, which will inevitably necessitate a significant sum of money for their twilight years.


https://life.futuregenerali.in/media/1115038/tips-and-tricks-for-saving-money-in-your-twenties.webp


Despite not being wealthy, Imlan has instilled in his children the value of saving from a young age. While modest savings can suffice for a comfortable retirement without burdening others, he only seeks blessings from his children, regarding any pocket money as a bonus.


Regarding the new EPF account, Imlan advises the public against tampering with their savings.

malaysia viral news entitled parents savings EPF KWSP depletes money Retirement broke work


JustineG

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