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- Reaching 55
...Planning Your Golden Years


What if I am a pensioner?

CPF Minimum Sum Scheme

You may apply to be exempted from the Minimum Sum Scheme if you are a pensioner receiving a monthly pension. If the monthly pension you receive is equal or above the Minimum Sum payment, you can be fully exempted from the scheme. If it is lesser than the Minimum Sum monthly payment, you need to set aside a reduced Minimum Sum that will provide a monthly payment equal to the shortfall.

Click here to apply for exemption or obtain the hardcopy form from any CPF office.

You are encouraged to retain the Minimum Sum even if you receive a monthly pension. The Minimum Sum currently earns an interest of 4% per annum and will help you build a larger nest egg for your retirement.

Medisave

It is important to make provision for your healthcare needs in your retirement. The Medisave Contribution Ceiling, the Medisave Required Amount and the Medisave Minimum Sum help you set aside savings for your healthcare needs.

Click here for details.

Different Medisave rules apply depending on the medical scheme you are covered as a pensioner.

  • Government Pensioner Under The Fixed Amount On Ward Scheme (FAW)

If you are a government pensioner under the FAW scheme, you are not required to set aside any Medisave as you enjoy life-long retirement medical benefits which are fully covered under your medical scheme.

  • Government Pensioner Under The Co-Payment On Ward Scheme (CPW) Or Comprehensive Co-Payment Scheme (CCS)

If you are a government pensioner under either the CPW or CCS scheme, you will have to co-pay the hospital ward charges incurred by you and their dependants respectively. The following Medisave rules will apply:

 

How much can I withdraw?
How much is the Minimum Sum?
What can I do with the Minimum Sum?
Medisave Minimum Sum
What if I continue working after 55?
What about my housing loan?
What about my investments?
When I am no longer around

What happens if I divorce?

What happens if I am a bankrupt?
Moving forward
Type of Medical Scheme
Co-Payment on Ward Scheme (CPW)
Comprehensive Co-Payment Scheme (CCS)
Medisave Rules Applicable
Your Medisave balance at age 55
Medisave Required Amount (MRA)

From 1 January 2008, it is  $14,000.

You have to set aside half of the MRA if you wish to withdraw your CPF in excess of the reduced Minimum Sum (if applicable) at age 55. This is also applicable to subsequent withdrawals.

If you have less than half of the MRA, you can use your Special and/or Ordinary Account balances in excess of the reduced CPF Minimum Sum (if applicable) to meet the amount.

You have to set aside the full MRA if you wish to withdraw your CPF in excess of the reduced Minimum Sum (if applicable) at age 55. This is also applicable to subsequent withdrawals.

If you cannot meet the full MRA, you can use your Special and/or Ordinary Account balances in excess of the reduced CPF Minimum Sum (if applicable) to meet the amount.

Medisave Minimum Sum (MMS)

From 1 July 2008, it is $29,500.

Once you set aside half of the MMS at age 55, you are allowed to withdraw any Medisave in excess. Once you set aside the full MMS at age 55, you are allowed to withdraw any Medisave in excess.

Your Medisave contribution from age 55
Medisave Contribution Ceiling (MCC)

From 1 July 2008, it is $34,500.

If you are working and contributing to CPF, half of the MCC applies.

Once you reach this ceiling, any further Medisave contribution will overflow to the Retirement Account if you have a CPF Minimum Sum shortfall. Otherwise, the amount will overflow to the Ordinary Account.
If you are working and contributing to CPF, the full MCC applies.

Once you reach this ceiling, any further Medisave contribution will overflow to the Retirement Account if you have a CPF Minimum Sum shortfall. Otherwise, the amount will overflow to the Ordinary Account.


 Last Updated on: Thursday, August 28, 2008 at 9:10 PM
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