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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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Amount to meet living expenses from 55 to Draw-Down Age |
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 55, you will only be able to withdraw a monthly payment based on the Minimum Sum monthly payout applicable to you when you turned 55.
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