Myth 1: I can’t withdraw my CPF savings at age 55.
Fact: From age 55, you can withdraw up to $5,000 unconditionally and any remaining Ordinary Account (OA) and Special Account (SA) savings after setting aside your Full Retirement Sum. If you own a property with a remaining lease that can last you till at least age 95, you can withdraw your Retirement Account (RA) savings above your Basic Retirement Sum.
If you are born in 1958 or later, you also have the option to withdraw up to 20% of your RA savings from age 65. This includes the first $5,000 that can be withdrawn from age 55.
In addition, #didyouknow that you can withdraw your CPF savings as often as you like from age 55?
You can make withdrawals in smaller amounts, rather than taking out your savings at one go. This way, your CPF savings can continue to grow at attractive interest rates of up to 6%* p.a.! You can withdraw these savings when needed, any time you like. If you choose not to withdraw or make a top-up to your RA, you can enjoy higher monthly payouts from age 65!
*Includes extra interest. Members who are below 55 years old are paid an extra interest of 1% p.a. on the first $60,000 of their combined balances (capped at $20,000 for OA). Members who are 55 years old and above are paid an extra interest of 2% p.a. on the first $30,000 and 1% per annum on the next $30,000 of the combined balances (capped at $20,000 for OA).
