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When you withdraw, you will need to set aside the CPF Minimum Sum (MS) in your Retirement Account (RA). If you have the full MS but have less than the Medisave Required Amount (MRA), you are required to make a top-up to your Medisave Account with part of the CPF balances from your OA and/or SA to meet the prevailing MRA. |
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From September 2009, you will be able to use your RA savings to buy a CPF LIFE plan which is a life insurance annuity. You will get a payout starting from your Draw-Down Age, for as long as you live. |
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You should also carefully use or invest the CPF savings which you withdraw. Together with your personal non-CPF savings, they will supplement your monthly LIFE payouts. |
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If you are working after 55 or do not need to use your CPF savings yet, you can postpone your withdrawal and continue to build a larger nest egg. Your OA savings will earn at least 2.5% pa while your SA savings might earn more. |
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Use this online calculator to estimate how much you can withdraw and the amount that might be set aside in your Retirement Account. |
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 will be able to view your Withdrawal Advice when you logon to my cpf.
You may transfer your 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.
You may apply to withdraw your CPF savings at 55 but you have to first set aside the following three amounts before withdrawing the excess in one lump sum:
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Amount to meet retirement needs from Draw-Down Age (i.e. Minimum Sum). |
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Amount to meet hospitalisation expenses (i.e. Medisave Required Amount or Medisave Minimum Sum, whichever is higher). |
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If the member is unable to set aside the above amounts at 55, he will only be able to withdraw a monthly payment based on the Minimum Sum monthly payout applicable to him when he turned 55. |