| Understand | What is a Retirement Sum? | <p>This is the amount of retirement savings which you have 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 age 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 Accounts? | <p>
<b><em>From 55 years old:</em></b></p><p>You can withdraw your Special Account and Ordinary Account savings after setting aside your Full Retirement Sum in your Retirement Account. The Full Retirement Sum can be set aside fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property.</p><p>If you have not set aside your Full Retirement Sum or Basic Retirement Sum with property, you can still withdraw up to $5,000.
<a href="https://www.cpf.gov.sg/Members/FAQ/schemes/retirement/withdrawals-of-cpf-savings-from-55?ajfaqid=faq6700018">For members born before 1958</a>, the rules applicable to you may be found here in our FAQs.</p><p>You may also withdraw your Retirement Account savings (excluding top-up monies, government grants, and interest earned) above your Basic Retirement Sum if you own a property. To find out about
<a href="https://www.cpf.gov.sg/Members/FAQ/schemes/retirement/retirement-sum-scheme?ajfaqid=faq2188693">withdrawal of Retirement Account savings if you own a property</a>, please refer to our FAQs.</p><p>If you do not have an immediate need for your retirement savings, you can leave them in your CPF account to earn attractive interest of up to 6% per year. You can withdraw them, in full or partially, as and when the need arises. </p><p>Here are some
<a href="https://www.cpf.gov.sg/Members/FAQ/schemes/retirement/withdrawals-of-cpf-savings-from-55?ajfaqid=faq2189257"> examples</a> on the computation of CPF withdrawals from 55.</p><p> </p><p>
<b><em>From payout eligibility age (65 years old):</em></b></p><p>For members who turned age 55 from 2013 (i.e. born in 1958 or after), you have the option to withdraw up to 20% of the savings in your Retirement Account from age 65. This includes the first $5,000 you can withdraw from age 55.</p><p>For members who turned age 55 in 2012 (i.e. born in 1957), you can already withdraw up to 10% of your Special Account and Ordinary Account savings from age 55. Hence, you will have the option to withdraw a lump sum of up to 10% of the savings in your Retirement Account from age 65.</p><p>You can withdraw these retirement savings to supplement your CPF monthly payouts when needed. You can make multiple partial withdrawals at any time the need arises and do not have to fully withdraw the lump sum amount immediately on reaching 65.</p><p>Here is an
<a href="https://www.cpf.gov.sg/Members/FAQ/schemes/retirement/withdrawals-of-cpf-savings-from-55?ajfaqid=faq2190699"> example</a> on the computation of CPF withdrawal from payout eligibility age.</p> | Withdrawals of CPF savings from 55 | 1546 | 1546 |
| Evaluate | How can I find out more about the withdrawals of my CPF retirement savings from age 55? | <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">Planning Your Retirement with CPF booklet</a> (PDF, 3.6MB) to find out more. You will receive a letter from CPF Board 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 age 55.</p> | Withdrawals of CPF savings from 55 | 1551 | 1551 |
| Evaluate | How can I receive the CPF retirement savings that I have withdrawn? | <p>You can choose to receive the monies 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 from age 55.</span></p> | Withdrawals of CPF savings from 55 | 1549 | 1549 |
| Evaluate | When can I receive my CPF savings when I withdraw from my Special and Ordinary Accounts? | <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>If you submit your withdrawal application online, you can choose to receive your CPF savings in your PayNow registered (NRIC-linked) bank account almost instantly, 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 retirement savings is optional. If you do not have an immediate need for these savings, you can withdraw them any time from age 55 or from age 65.</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 any time later, when you need these savings.</p> | Withdrawals of CPF savings from 55 | 1542 | 1542 |
| Decide | What are the benefits if I do not withdraw my CPF savings? | <p>
<strong>a) Earn attractive interest!</strong></p><p>Your CPF retirement savings will continue to grow with the attractive interest earned in your accounts, if you choose not to withdraw.</p><p>You currently earn interest of up to 3.5% per annum on your Ordinary Account savings, and up to 5% per annum on your Special and MediSave Account savings. Retirement Account savings currently earn up to 5% per annum.</p><p>The interest rates cited above include an extra 1% interest paid on the first $60,000<sup>1</sup> of a member’s combined balances (with up to $20,000 from the Ordinary Account).</p><p>From 55 years old, CPF members will also earn an additional 1% extra interest on the first $30,000<sup>1</sup> of their combined balances (with up to $20,000 from the Ordinary Account). As a result, you will earn up to 6% interest per year on your retirement savings.</p><p>The extra interest earned on your Ordinary Account savings will be paid to your Retirement Account to enhance your retirement savings. If you are on CPF LIFE, this
<a href="https://www.cpf.gov.sg/members/FAQ/schemes/Retirement/CPF-LIFE/FAQDetails?category=Retirement&group=CPF%20LIFE&folderid=11663&ajfaqid=2186386">extra interest earned will be paid to your Retirement Account or the CPF LIFE Annuity Fund</a> . </p><p>
<sup>1 </sup>The priority of the accounts that make up the $60,000 (for extra 1% interest) and $30,000 (for additional 1% extra interest)is as follows: </p><p>1<sup>st </sup>: Retirement Account, including balances used to pay for the annuity premium under CPF LIFE </p><p>2<sup>nd </sup>: Ordinary Account, up to $20,000 </p><p>3<sup>rd </sup>: Special Account</p><p>4<sup>th </sup>: MediSave Account</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 savings for your housing payments, you may apply to reserve some Ordinary Account savings for this purpose before they are transferred to your Retirement Account. However, this may mean that the retirement sum set aside in your Retirement Account will be lower. As a result, your monthly payouts may also be lower.</p> | Withdrawals of CPF savings from 55 | 1555 | 1555 |
| Decide | How about the CPF savings used for investments and education? | <p>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, if you have set aside your Full Retirement Sum in your Retirement Account. The Full Retirement Sum can be set aside fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property.</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 at
<a href="http://www.mfa.gov.sg/">mfa.gov.sg</a> to locate the Singapore Overseas Mission nearest to you. </li></ol><p><u>PayNow (NRIC-linked) bank account</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, 1.4MB). </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 at
<a href="http://www.mfa.gov.sg/" target="_blank">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 |