Many people have lauded the setting up of the Retirement Advisory Service (RAS) by the Employees Provident Fund (EPF), offering free advice, at the EPF building here.

RAS which was launched in Kuantan, Ipoh and Kota Kinabalu on Monday is to enhance the implementation of EPF's long-term plans to help members achieve a sustainable retirement level.

A retiree, Norawakher Berahim, 69, who had served for 42 years as an administrative assistant in a military camp, said the introduction of the RAS was good because retirees were given advice and insights, especially financially.

"The RAS is good because EPF staff advised me to make my own contribution as savings for the future. Some retirees do not have sufficient savings to cover medical expenses and so on," she told Bernama, Monday.

A contributor, Ismail Omar, 50, said the advisory service was set up to provide advice and insights to members to help them make the best decision prior to making a withdrawal.

"I intend to withdraw a little money from my EPF savings for a particular purpose. Before making the withdrawal I sought advice from an EPF advisory service officer who helped and offered a lot of suggestions," he said.

A private sector employee, Fatimah Razak, 41, said RAS guided her to manage her retirement savings so that a contributor could generate a monthly income and have the ability to earn upon retirement.

"The officer suggested members increase the contribution amount if the contribution each month does not reach the required amount after retirement.

"EPF members, especially young people, are encouraged to seek advice on managing their finances so that they can live a more comfortable life after retirement," she said.

In Kuantan, EPF contributor Zarina Jalaludin, 50, said that as a businesswoman, she might be able to work as long she enjoyed good health but financial planning was important to face any eventuality.

Meanwhile, a Kuantan RAS officer, Zulina Mohd Nor, explained that the RAS was not just for those who were about to retire because young people could also take advantage of it.

She encouraged young people including those who had just started working to come to see her in order to draw up a good retirement plan from the outset.

In Kota Kinabalu, Sharon Vun, 40, said the RAS initiative helped contributors understand financial management methods in detail, besides, being able to make the best decision before using their savings.

"Many among us today spend lavishly upon getting our retirement money. With this service, we can get advice on how to make sure the money is saved and used properly," she said.