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- Reaching 55
...Planning Your Golden Years

 
How much can I withdraw?
 
When you reach 55, you have 2 options:

1.
Withdraw a lump sum savings from your Ordinary Account (OA) and/or Special Account (SA) after setting aside the Minimum Sum in your Retirement Account.
 
The Retirement Account is for your old age needs. Manage the CPF money withdrawn carefully as it is your old-age savings which will see you through the next 20 years or more.
   
2.
Postpone your withdrawal until a later date if you can be financially independent and if you are still working.
 
You can continue to build a larger nest egg, at the same time earn the interest of 2.5% in OA and 4% in SA .
   
 
Click here to have an indication of how much you can withdraw.

Withdrawing my CPF

If you wish to withdraw your CPF, you can do so by logging on to “my cpf Online Services – My Requests – Retirement”. You will need your SingPass to complete the transaction online. Click here to have an indication of how much you can withdraw. Once your application has been processed successfully, you are able to view your Withdrawal Advice when you logon to my cpf.

Standing Order Withdrawal Service

You can sign up for the Standing Order Withdrawal Service if you intend to withdraw your CPF every year. By giving a one-time authorisation to the Board, the CPF which you can withdraw will be credited to your bank account on your birthday or a few days after.

If you sign up for the Standing Order Withdrawal Service, you may wish to make alternative financial arrangements if you are using your CPF for your housing loan repayments and/or payments under the various CPF schemes.

More Savings For Your Healthcare Needs

You may transfer the withdrawable Ordinary and/or Special Account balances to your Medisave Account for your healthcare needs in retirement. To do so, simply instruct the Board to make the transfer to your Medisave Account upon your CPF withdrawal. The transfer of the savings to your Medisave Account is capped at the prevailing Medisave Contribution Ceiling or Voluntary Contributions Limit, whichever is lower.

CPF Withdrawals By Bankrupt Members

An undischarged bankrupt may apply for withdrawal at 55 but must first set aside the following three amounts:

  1)
Amount to meet living expenses from age 55 to draw-down age.
  2)
Amount to meet retirement needs from draw-down age.
  3)
Amount to be retained in the Medisave Account (i.e. Medisave Required Amount or Medisave Minimum Sum, whichever is higher) to meet hospitalization expenses.

If the member is unable to set aside the above amounts, he can only withdraw his CPF savings in monthly installment(s).



Reaching 55 

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? 
What if I am a pensioner? 
Moving forward
 Last Updated on: Thursday, August 28, 2008 at 9:10 PM
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