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.
