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What happens to my CPF savings when I turn 55?

When you turn 55, we will transfer your CPF savings, up to your Full Retirement Sum (FRS), to create your Retirement Account (RA). The savings in your RA is meant to provide you with payouts in retirement. Your Special Account (SA) savings will be transferred first, followed by your Ordinary Account (OA) savings.

From early 2025, the SA will be closed for members aged 55 and above to be in line with the principle that savings set aside for retirement should continue to earn long-term interest rates, while savings that can be withdrawn at any time should earn the short-term interest rate. 

If you have savings in SA when the SA is closed, it will be transferred to the RA, up to your FRS, so that you can receive higher retirement payouts. Once you have set aside your FRS in RA, the remaining SA savings will be transferred to the OA and can be withdrawn at any time. 

If you do not have enough RA savings to make up the FRS and have used your CPF savings for your property, we will use your CPF savings withdrawn for your property (including accrued interest) to meet your FRS. The maximum amount that can be used is your Basic Retirement Sum. When you sell your property, you will have to restore your RA up to your FRS with your sales proceeds.

It is not mandatory for you to top up your RA if you are unable to set aside your FRS. However, you may wish to top up your RA for higher monthly payouts. You can also enjoy tax relief for cash top-ups up to the FRS. After your SA is closed in early 2025, you can also opt to transfer your OA savings to the RA up to prevailing ERS to earn long-term interest rates and receive higher retirement payouts.

Did you know? You can use the CPF LIFE Estimator to estimate how much you need to top up to reach your desired monthly payouts.

If you are born in 1958 or after and wish to start your monthly payouts, there will be another transfer of your SA and/or OA savings, up to your FRS, to your RA, if you have not met your FRS.  This transfer allows you to receive higher monthly payouts.

Find out more about the retirement sums.