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Can I use my CPF savings to pay for my housing loan after I turn 55?

You can continue to use your Ordinary Account (OA) savings to pay for your housing loan after you turn 55. However, on your 55th birthday, a Retirement Account (RA) will be created for you and savings up to your Full Retirement Sum from your Special Account and OA will be transferred to your RA.

You can continue to use the following from your OA to pay your housing loan:

  • Your savings which you have applied to reserve in your OA before your 55th birthday. This reserved amount 1  will not be transferred to your RA. Hence, you can continue to use it to pay your housing loan after turning 55 years old. To reserve your OA savings, please log on using your Singpass to my cpf Online Services > Click on “My Requests” > Select “Retirement (eg. Retirement Sum & Age 55 applications)” > Select “Decide on my CPF options for members reaching 55”;
  • Your new CPF contributions to your Ordinary Account (if you continue working after 55).

When you start your monthly payouts under CPF Life or the Retirement Sum Scheme, your reserved OA savings will be transferred to your RA if you have not set aside your Full Retirement Sum. This transfer increases your RA savings and will enhance your monthly payouts.