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Why can't I withdraw all my CPF savings at 55?

Your CPF savings are meant to support your retirement, housing and healthcare needs. 

To support your retirement needs, part of your Special Account (SA) and Ordinary Account (OA) savings are set aside in your Retirement Account at age 55. These savings will provide a stream of monthly payouts from your Payout Eligibility Age, to support your basic expenses in retirement. 

Your MediSave savings are meant for future healthcare needs. These savings can be used to pay for your personal or immediate family members’ medical expenses, even after you turn 55. 

From age 55, you have the flexibility to withdraw: 

• Up to $5,000 of your SA and OA savings;

•Your SA and OA savings after setting aside your Full Retirement Sum; and

•Your RA savings above your Basic Retirement Sum, if you own a property. 

Did you know? When the CPF was established in 1955, life expectancy was around 60. CPF savings could be withdrawn in full at age 55 but this was expected to last members for just a few years. 

 Today, more than 1 in 2 Singaporeans aged 65 can expect to live beyond 85, and about 1 in 3 can expect to live beyond 90.