You’re about to turn 55 soon. You have a few more years before you reach your Minimum Sum Draw Down Age.

At 55, you may be wondering if you have enough money to see you through retirement. After all, your CPF savings are for old age and are just sufficient to meet basic needs. Should you require more, you would need to include other sources of retirement income. (So, how much would you need for retirement? Click here to get a quick snapshot!) 

If you are 50 years old or younger in 2008 with at least $40,000 in your Minimum Sum at age 55, you will be automatically covered by CPF LIFE.

One of the important decisions that you need to make when you turn 55 is whether you wish to withdraw your CPF savings totally, partially or postpone your withdrawal to a later date. There are some things that you need to know before making any decision: