In most developed and developing nations individuals are actively being encouraged to save towards retirement via a plethora of savings mechanisms. In Malaysia, the reliance on individual savings through the Employees Provident Fund has costly implications for those in low paid, insecure employment, women and those working in the informal sector. Focussing on Malaysia, this paper seeks to present the pitfalls of such over reliance on the provident fund mechanism, which allows early access to savings and diverts members' contributions to subsidiary accounts. In conclusion, the paper suggests paths of reform which would, at the very least, lessen the growing threat of poverty and social exclusion amongst older Malaysians.