Age is often used as a measure of wisdom and better still financial wisdom. The harsh reality is unfortunately not always so straightforward.
A case in point is the recently reported news of elderly parents having a decent amount of retirement fund of RM500k being all utilised within one (1) year instead of many is quite shocking. Is there anything one can do to safeguard even oneself against such shortsightedness? EPF provides only nomination of one's savings in the event of untimely death of the account contributor. No other mechanism is provided by EPF or the government to prevent one from withdrawing all your funds or to limit what you may spend your savings on.
Setting up a retirement trust to control one's utilisation of EPF funds while you are still earning and saving in your earlier years will work to safeguard and protect your future savings from mistakes like this. Moreover, with increasing scams (eg love scams, investment opportunity scams, etc), predatory relatives or even divorced spouses are compelling reasons for setting up a trust to protect yourself or your loved ones' hard-earned savings. Get a free consultation with Generations-ASIA Solutions to guide and point you in the right direction to setting up a trust that will protect your funds and safeguard the important relationships in your future.
URL Link: Retired Father-In-Law Depletes RM500,000 Retirement Fund In A Year, Struggles To Make Ends Meet (msn.com)
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