Withdraw EPF Savings at 75 ??

Wow, some advice from our government - all EPF contributors should withdraw their savings at 75 - the Star 28-Oct-2010.


I don't know about the announcer but for him to make such a statement clearly defines the apparent lack of faculty most higher corporate figures seem to possess. They assumed that they are in a position which empowers them to depart wise words without the need to do homework. Or is this behavior atypical of high income receivers - income which is not confined only to salary alone - got my drift? 


I begin to worry. Now, if I have to retire at 55, assuming I'm not eligible to continue contributing my skills within the same company until 60, who will sustain me for the next 240 months? Can I confidently get another job before my last drawn salary is used up? 


I am not one to have amassed huge sums of money during the tenure of my employment and I have no other source of generating side income, be it legal or "ill-gotten". Nor am I classed under the category of those fortunate group who started out with high paying jobs and were able to build a mountain of savings over the years.


Simply put, I am not on par in financial status as the one who blurted out the advice. In fact, I would not even survive were I to withdraw my EPF savings even a month late.


My day in the office have not been peaceful, so please, Mr EPF Employee, spare me this bad and tasteless joke! And please don't tell us that it's because the government stops giving dividends after the age of 75. Don't convince the citizens that you have a case of bad eye-and-hand co-ordination!