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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.
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| Click on the characters below to find out more. |
| Cash balances in Ordinary and Special Accounts, and any balance above $32,000 in Medisave Account |
Cash balance in Medisave Account |
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| $5,000 or less |
$0 - $32,000 |
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| More than $5,000 and less than or equal to $16,667 |
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| More than $16,667 and less than or equal to $167,143 |
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| More than $167,143 |
$0 - $22,500 |
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| $22,500 - $32,000 |
| (The examples are for members who reach 55 between January and June 2010)
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.
Members who apply to withdraw their CPF upon reaching 55 and thereafter will automatically be on the Yearly Withdrawal Service. Members will have to select the “opt out” option on their withdrawal application if they do not wish to be on the Yearly Withdrawal Service. Members can still sign up for the service later should they change their mind.
By remaining on the Yearly Withdrawal Service, you would have given the CPF Board your instruction to withdraw your CPF savings every year. The CPF monies which you can withdraw each year will be credited to your bank account within two (2) working days after your birthday. If you are using your CPF for your housing loan repayments and/or payments under the various CPF schemes, you may wish to make alternative financial arrangements.
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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Upon releasing the lump sum payment to you, the monthly payment for your living expenses will also start in the following month.
If you are unable to set aside the above amounts at age 55, you will only be able to withdraw a monthly payment which is based on the Minimum Sum monthly payout for a member who reaches his Draw Down Age in the same year that you turned 55. |