Planning for retirement can feel overwhelming, especially with rising living costs and longer life expectancy.
To help Malaysians better manage their retirement savings and future financial security, the Employees Provident Fund (EPF/KWSP) has introduced several new initiatives, including i-Legasi, i-Emas, and the Retirement Goal Calculator.
According to KWSP, the new features are aimed at helping members not only save for retirement, but also manage their income sustainably and strengthen financial protection across generations.
What is i-Legasi?
One of the newly introduced initiatives is i-Legasi, a feature that allows eligible EPF members to transfer part of their savings to immediate family members after reaching the full withdrawal age.
The amount that can be transferred depends on KWSP’s Retirement Income Adequacy (RIA) framework. Only savings exceeding the “Simpanan Mencukupi” threshold can be transferred.
Currently, the RIA savings levels are:
- Simpanan Asas: RM390,000
- Simpanan Mencukupi: RM650,000
- Simpanan Dipertingkatkan: RM1.3 million
The transferred savings will go into the recipient’s retirement account to help support their long-term financial future.
Who can transfer their savings?
KWSP members who:
- Are aged 55 or above
- Have savings exceeding the Simpanan Mencukupi threshold
- Wish to transfer savings to more than one family member, as long as the balance remains above the required threshold
Who can receive the transfer?
Recipients must:
- Be immediate family members, such as spouses or children
- Be below the national minimum retirement age of 60
- Be Malaysian citizens or permanent residents
KWSP also stated that there is no limit to the amount recipients can receive.
i-Emas replaces existing monthly withdrawal method
KWSP also announced that its existing monthly payment withdrawal option for members aged 55 and 60 has now been rebranded as i-Emas.
The initiative is meant to encourage members to manage their retirement savings more sustainably instead of withdrawing all their funds at once.
Through i-Emas, members can choose to receive automatic monthly payments while their remaining savings continue earning annual dividends.
According to KWSP CEO Ahmad Zulqarnain Onn, more than 21,000 members have already chosen monthly withdrawals after reaching retirement age, showing increasing awareness about the importance of having stable monthly retirement income.
He added that the system also helps reduce financial risks such as scams and sudden depletion of retirement savings.
New Retirement Goal Calculator introduced
Another feature launched by KWSP is the Retirement Goal Calculator, a digital tool available through the KWSP i-Akaun app.
The calculator helps members estimate how much savings they may need for retirement based on their lifestyle expectations and spending patterns.
Through personalised recommendations, members can:
- Assess their current financial standing
- Identify possible retirement savings gaps
- Better understand their retirement readiness
- Plan earlier for future financial needs
KWSP said the calculator is designed to help Malaysians make more informed retirement planning decisions digitally and more effectively.
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