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How is the withdrawable amount computed?

The amount you can withdraw from your CPF account depends on the year you are born and the balances in your CPF account. For members born in 1958 or after:

Savings in your Special (SA) and Ordinary Account (OA)

Amount you can withdraw from 55

$5,000 or less

All your Special and Ordinary Account savings

 

Between $5,000 and your Full Retirement Sum

(i)      $5,000; and

 

(ii)    Any Retirement Account savings* above your Basic Retirement Sum, if you own a property with remaining lease that can last you to at least 95 years old.

 

More than your Full Retirement Sum

 

(i)      $5,000, or your Special and Ordinary Account savings above your Full Retirement Sum, whichever is higher; and

 

(ii)    Any Retirement Account savings* above the Basic Retirement Sum, if you own a property with remaining lease that can last you to at least 95 years old.

 

* Excluding interest earned, any government grants received and top-ups made under the Retirement Sum Topping-up Scheme.

 

See examples of how the withdrawable amount is computed.

The additional withdrawable savings from 65 is computed based on 20% of your Retirement Account savings excluding any cash top-ups, CPF transfers and government grants, less the unconditional $5,000 which you can withdraw from 55. This ensures that you do not deplete your retirement savings further, so that you will have a stream of monthly payouts for your living expenses in old age.

 

Example: A member born in 1958

Retirement Account balance at 651

 

$107,400 (A)

 

Cash top-ups/CPF transfers made under Retirement Sum Topping-Up scheme2

 

$ 20,000 (B)

 

Government grants2

 

Examples of government grants are Deferment Bonus, matching grants under Matched Retirement Savings Scheme etc.

 

$ 600 (C)

 

Unconditional $5,000 withdrawable from 55

$5,000 (D)

 

Additional withdrawal amount from 65 [(A - B - C) x 20%] - D

 

$ 12,360

 

Notes:

1 If you are an existing CPF LIFE member who had joined the scheme before you turned 65, the balances used to compute your additional withdrawable savings from 65 will include your CPF LIFE premium balance. 

2 Cash top-ups, CPF transfers and government grants are meant to be streamed out to you as monthly payouts in retirement.