| Understand | What is Retirement Sum? | <p>This is the amount of retirement savings which you have chosen to set aside in your Retirement Account to provide you with monthly payouts from your payout eligibility age, which is currently at age 65. The retirement sum applicable to different cohorts turning 55 can be found
<a href="/Members/Schemes/schemes/retirement/retirement-sum-scheme#Item1591">here</a>.</p> | Withdrawals of CPF savings from 55 | 1548 | 1548 |
| Understand | How much can I withdraw from my CPF Account? | <p> </p><table class="cpf-table cpf-form-table " style="width:100%;"><thead><tr><th style="width:40%;">Birth Year </th><th style="width:60%;">Amount you can withdraw</th></tr></thead><tbody><tr><td style="width:40%;">Before 1954</td><td style="width:60%;"><div><ul><li><p>Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or<br></p></li><li><p>50% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS. </p></li></ul></div></td></tr><tr><td style="width:40%;">1954</td><td style="width:60%;"><div><ul><li><p>Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or<br></p></li><li><p>40% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS.</p></li></ul></div></td></tr><tr><td style="width:40%;">1955</td><td style="width:60%;"><div><ul><li><p>Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or<br></p></li><li><p>30% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS.<br></p></li></ul></div></td></tr><tr><td style="width:40%;">1956</td><td style="width:60%;"><div><ul><li><p>Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or<br></p></li><li><p>20% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS.
<br></p></li></ul></div></td></tr><tr><td rowspan="1" style="width:40%;">1957</td><td rowspan="1" style="width:60%;"><div><ul><li><p>Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge; or<br></p></li><li><p>10% of your Ordinary and Special Account savings, if you have not set aside the FRS or BRS.<br></p></li></ul></div></td></tr><tr><td rowspan="1" style="width:40%;">After 1957</td><td rowspan="1" style="width:60%;"><div><ul><li><p>Your Ordinary and Special Account savings after setting aside the applicable Full Retirement Sum (FRS) or Basic Retirement Sum (BRS) with sufficient CPF property charge/pledge.<br></p></li><li><p>If you are unable to set aside the FRS or BRS, you can still withdraw up to $5,000 of your Ordinary and Special Account savings when you reach 55.
<br></p></li></ul></div></td></tr></tbody></table><p>
<b><em>From 55:</em></b></p><p>After setting aside your Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge, you can choose to withdraw the remaining CPF balances (excluding top-up monies, government grants, and interest earned in your Retirement Account), or continue to keep your savings in CPF to earn attractive interest. </p><p>You can withdraw up to $5,000 of your Ordinary and Special Account savings even if you are unable to set aside your Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge. </p><p>Here are some
<a href="/Members/FAQ/schemes/retirement/withdrawals-of-cpf-savings-from-55#faq2189257">examples</a> on the computation of CPF withdrawal from 55.</p><p>
<b><em>From payout eligibility age:</em></b></p><p>For members who turned 55 from 2013 (i.e. born in 1958 or after), you also have the option to withdraw a lump sum of up to 20% of the savings in your Retirement Account at your payout eligibility age (includes the first $5,000 you can withdraw at 55).</p><p>For members who turned 55 in 2012 (i.e. born in 1957), you can already withdraw up to 10% of your Ordinary and Special Accounts when you turned 55. Hence, you will have the option to withdraw a lump sum of up to 10% of the savings in your Retirement Account at your payout eligibility age.</p><p>Here is an
<a href="/Members/FAQ/schemes/retirement/withdrawals-of-cpf-savings-from-55#faq2190699">example</a> on the computation of CPF withdrawal from payout eligibility age.</p> | Withdrawals of CPF savings from 55 | 1546 | 1546 |
| Evaluate | I’m turning 55 years old soon. How can I find out more about my withdrawal? | <p>You may attend our
<a href="https://www.cpf.gov.sg/eSvc/Web/Seminar/MemberEvents"> talks</a> and read our
<a href="/Assets/members/Documents/CPF_Retirement_Booklet.pdf" target="_blank"> CPF Retirement booklet</a> (PDF, 4.9MB) to find out more. You will also receive a Reaching 55 package a few months before your 55<sup>th</sup> birthday, providing you with more information.</p><p>Members will also receive an invitation to make an appointment and attend the CPF Retirement Planning Service (CRPS) when they reach 54. The CRPS is a one-to-one session that uses personalised information to explain the CPF rules which will affect members when they turn 55.</p> | Withdrawals of CPF savings from 55 | 1551 | 1551 |
| Evaluate | How can I receive my CPF savings when I withdraw at 55 years old? | <p>You can choose to receive the money in any of the following ways:<br></p><ul style="margin:0px;padding:0px;"><li style="padding:0px;text-align:justify;margin-bottom:5pt;margin-left:20px;">Interbank GIRO to your Singapore bank account;</li><li style="padding:0px;text-align:justify;margin-bottom:5pt;margin-left:20px;">Telegraphic transfer to your overseas bank account; or</li>
<li style="padding:0px;text-align:justify;margin-bottom:5pt;margin-left:20px;">PayNow registered (NRIC-linked) bank account.<br></li></ul><p>
<span style="font-size:0.9em;">Note: Application to receive monies in your PayNow registered (NRIC-linked) bank account can only be submitted on or after you turned 55.</span><br></p> | Withdrawals of CPF savings from 55 | 1549 | 1549 |
| Evaluate | When can I receive my CPF savings when I withdraw at 55 years old? | <p>If you submit your withdrawal application at least seven working days before your 55<sup>th</sup> birthday, you will receive your CPF savings in your Singapore bank account via Interbank GIRO within two working days after your birthday.</p><p>For members aged 55 and above, if you submit your withdrawal application online, you can choose to receive your CPF savings in your PayNow registered (NRIC-linked) bank account within a day of your application, or within five working days to your Singapore bank account via Interbank GIRO.</p><p>You can refer to our
<a href="/Members/AboutUs/about-us-info/service-standards-for-members/retirement">service standards</a> for more information.</p> | Withdrawals of CPF savings from 55 | 1554 | 1554 |
| Decide | Do I need to withdraw my CPF savings at 55 years old? | <p>The withdrawal of your CPF savings is optional. If you do not withdraw at 55 years old, you can do so anytime later. </p><p>In addition, you need not take out the full amount at one go. For example, if you are eligible to withdraw $5,000, you can choose to make a partial withdrawal of $2,000. You can withdraw the remaining $3,000 (if available), when you need the monies. </p> | Withdrawals of CPF savings from 55 | 1542 | 1542 |
| Decide | What are the benefits if I do not withdraw my CPF savings at 55 years old? | <p>
<strong>a) Earn attractive interest!</strong></p><p>Your CPF savings can continue to grow with the attractive interest earned in your accounts, if you choose not to withdraw at 55 years old. Your CPF accounts currently earn up to 5% interest per year<sup>1</sup>. Members with lower CPF balances can earn up to 6% interest per year<sup>2</sup>.</p><p>
<span style="font-size:0.9em;">
<sup>1 </sup>Currently, your CPF savings in the Ordinary Account earn a guaranteed interest rate of 2.5% per year, while savings in the Special, MediSave, and Retirement Accounts earn interest rates of 4% per year. The first $60,000 of your combined CPF balances, of which up to $20,000 from your Ordinary Account, earns an extra 1% interest per year. Combined balances refer to the total balances in your Ordinary, Special, MediSave and Retirement Accounts, including the annuity premiums for CPF LIFE less any payouts made.</span></p><p>
<span style="font-size:0.9em;">
<sup>2</sup>To grow your retirement savings faster, an additional extra interest of 1% per year will be given on the first $30,000 of your CPF balances (for members aged 55 and above) to enhance the retirement savings of CPF members. This is on top of the existing 1% extra interest on the first $60,000 of combined CPF balances.</span></p><p>
<strong>b) Use the OA savings to pay your housing loan</strong></p><p>If you need to continue using your Ordinary Account for your housing payments after age 55, you may apply to reserve some Ordinary Account savings for this purpose before they are transferred to your Retirement Account. However, this means the retirement sum set aside in your Retirement Account will also be lower.</p> | Withdrawals of CPF savings from 55 | 1555 | 1555 |
| Decide | How about the CPF used for investments and education? | <p>If you have set aside your Full Retirement Sum or Basic Retirement Sum with sufficient CPF property charge/pledge, you can withdraw your investments under the CPF Investment Schemes (CPFIS) and Special Discounted Shares (SDS) Scheme, and waive the repayment of CPF savings used for education.</p><p>Otherwise, you will need to top up your Retirement Account to meet the requirement before you can do so.</p> | Withdrawals of CPF savings from 55 | 1545 | 1545 |
| Apply | How do I apply for withdrawal? | <p>
<u>Interbank GIRO to your Singapore bank account</u></p><ol><li style="margin-bottom:5pt;">Submit an
<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/WithdrawalAtAge55/CoverPage">online application</a> with your SingPass via My Requests. If you make an online application to receive the payment via Interbank GIRO, you can only request payment to be made to your POSB, DBS, OCBC or UOB account, or your existing bank account in our records.<br></li><li style="margin-bottom:5pt;">If you are based overseas, your supporting documents must be witnessed/certified true by an official from a Singapore Overseas Mission with his official seal/stamp duly affixed. You may wish to visit the Singapore Ministry of Foreign Affairs website (<a href="http://www.mfa.gov.sg/">www.mfa.gov.sg</a>) to locate the Singapore Overseas Mission nearest to you. </li></ol><p>
<u>PayNow (NRIC-linked) bank account - Available from 26 March 2018 </u></p><ol><li style="margin-bottom:5pt;">Submit an
<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/WithdrawalAtAge55PayNow/CoverPage">online application</a> with your SingPass via My Requests. No bank account information or supporting documents are required.</li><li style="margin-bottom:5pt;">This is only applicable if you have linked your bank account to your Singapore NRIC under PayNow.<br></li></ol><p>
<strong>Mail</strong></p><ol><li style="margin-bottom:5pt;">Download and fill up
<a href="/Assets/members/Documents/FORM_RWD55.pdf" target="_blank">FORM RWD-55: Application for CPF Withdrawal for Members 55 and Above</a> (PDF, 1.2MB). </li>
<li style="margin-bottom:5pt;">Mail it to:<br>Central Provident Fund Board<br>Retirement Withdrawals Department (55-WDL)<br>Robinson Road P.O. Box 3060<br>Singapore 905060<br></li><li style="margin-bottom:5pt;">If you are overseas, please enclose photocopies of your bank passbook/statement (if applicable) certified true by an official from a Singapore Overseas Mission with his official seal/stamp duly affixed. You may wish to visit the Singapore Ministry of Foreign Affairs website (<a href="http://www.mfa.gov.sg/" target="_blank">www.mfa.gov.sg</a>) to locate the Singapore Overseas Mission nearest to you.</li></ol><p>You can refer to our
<a href="https://www.cpf.gov.sg/Members/AboutUs/about-us-info/service-standards-for-members/retirement">service standards</a> for the processing of your withdrawal application.</p> | Withdrawals of CPF savings from 55 | 1556 | 1556 |