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As I am reaching 55 years old, can I continue to use my CPF savings to pay my housing loan after I turn age 55?

On your 55th birthday, a Retirement Account will be created for you. Savings up to your Full Retirement Sum from your Special Account and Ordinary Account will be transferred to your Retirement Account.

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

  • Your savings which you have applied to reserve in your Ordinary Account before your 55th birthday. This reserved amount 1  will not be transferred to your Retirement Account. Hence, you can continue to use it to pay your housing loan after turning 55 years old. To reserve your Ordinary Account 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 Retirement Account if you have not set aside your Full Retirement Sum. This transfer increases your RA savings and will enhance your monthly payouts.