With RM1 million in their EPF accounts, members can withdraw their money at any time. All they need to do is to keep at least RM1 million in their CPF accounts.
According to the official website of the Employees Provident Fund Board (KWSP), members do not have to wait until they are 55 years old before they can withdraw money from their EPF accounts, there are at least 11 circumstances under which members can withdraw money from their EPF accounts when they are below the age of 55.
These 11 circumstances include withdrawing from the second account to pay for education, withdrawing from the second account to buy a house, withdrawing from the second account to build a house, withdrawing from the second account to repay a mortgage, withdrawing from the second account to pay for medical bills, etc, and there is also a circumstance where a member’s savings in his/her EPF account reaches RM1 million.
Once a member’s savings in his/her EPF account reaches RM1,000,000, the member only needs to keep RM1,000,000 in his/her EPF account and the rest of the savings can be withdrawn. Withdrawal request can be made through KWSP i-Akaun or through KWSP service counter.
With RM1 million in the EPF account, based on this year’s dividend payout rate of 5.50%, the dividend payout for a year would be RM55,000, which averages out to about RM4,583 a month.
