Most of the people may think that KWSP is our biggest saving account. Our KWSP consist of an estimated 23% (11% + 12%) of our monthly salary. So, if you calculate precisely, that’s more than 1/5 of our salary. The main purpose is to provide support for our retirement plan.
Have you ever wondered, what would happen if you suddenly have to say goodbye forever to this world? What would happen to your KWSP saving? Will your loved ones or child know about your KWSP savings? Even if they know about it, can they withdraw your KWSP savings in case something happen to you?
Update Your KWSP Nominations Now
I more encouraged KWSP account holders to nominate their beneficiary just in case the member passes away. For those who had made their nominations, they need to update their nominees from time to time. This is because when you first made your nominations, probably you’re still single. And after certain time period, you’re married and may be have kids. It’s good to practice like that in order to ensure our hard earned money in our KWSP account goes to the right party and not government.
Check Your KWSP Account Frequently
My advice: It’s better to always check with your KWSP account to ensure that your nominations are still there even if you’re not planning to change your beneficiaries. This is because I still not fully trust with our government work. Sometimes, there may have the possibility of missing data from the corrupted system or database.