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Posted on: 2021-12-17
So you are a Singaporean or Permanent Resident and you wish to withdraw money from your CPF account. However, it is not that easy! The CPF savings account is known and meant to be the government's way of ensuring we have enough money saved for retirement. Due to this, there are numerous requirements in order for us to start withdrawing. Do you know what they are?
Only Singaporeans or Permanent Residents who are currently employed would have a CPF account and thus be able to withdraw once they reach a certain age.
CPF contributions can only be withdrawn when you reach the age of 55 years old
You can withdraw your CPF from your Retirement Account (RA).
The Retirement Account is created when you turn 55 and it is made up of your savings from your Ordinary Account(OA) and Special Account(SA). The amount transferred from your OA and SA is only up to the Full Retirement Sum (FRS) which is $186,000.
Do keep in mind that these withdrawals are not the same as your monthly payouts! CPF members can make these withdrawals in order to supplement their monthly payouts.
At least 20% of your retirement savings can be withdrawn from either 55 or 65 depending on the year you were born.
If you have met the FRS, which is $186,000, you can withdraw any amount that is in excess.
Those who have a lease that will last them until they are at least 95 years old can withdraw until the Basic Retirement Sum (BRS)
Basic Retirement Sum (BRS): $93,000
Once you are 55 years old and above, you can check how much you are allowed to withdraw by going to the Retirement Dashboard on your Singpass, either by website or by the mobile application.
The amount of money you are allowed to withdraw will depend on how much money you have in your CPF account and if you are born in 1958 and after.
For more details on how to withdraw CPF click here.
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