In only 7 years, Abdul Rahman's entire retirement fund (EPF), totaling to an amount of RM750,000 was all gone.
Speaking to Sinar Harian, the former manager of a direct sales company said that the majority of his EPF was used to renovate his home and also cover the costs of his children's weddings.
Abdul Rahman Abdullah, 64 this year, retired in the year 2017 when he was 57 years of age. His decision to retire was not something done in haste as he serviced his foreign-based company for a long 27 years.
Receiving his retirement funds in two accounts, Abdul had RM500,000 in Account 1 and RM250,000 in Account 2.
The money was then used to renovate his house for about RM200,000 including building a concrete fence, adding a kitchen and garage.
"Another amount of RM70,000 was used to carry out the wedding celebrations of my two daughters in 2016 and 2018 while the rest was spent on food, drink, electricity, water and internet costs as well as car petrol during the retirement," he told Sinar Harian.
According to the father of five, his intention to renovate the house is so that he may provide the utmost comfort for his children when they are to return home during festivities with their family of their own.
Besides, he mentioned that the cost of living currently has definitely been a contributing factor in the depletion of his funds.
With everything being so expensive, he added "every time I go out to buy groceries, I would need to have RM100 or more."
"Thankfully, I'm lucky enough because my wife (62 years old) is a government retiree who receive pensions and can help cover our next expenses in old age," he said.
Abdul shares his advice to retirees, urging them to save their funds and use it wisely so that their EPF money can continue to help them throughout their post-retirement life.
