When you hit age 55, you can choose to withdraw your CPF savings in a lump sum, after setting aside the Minimum Sum into your Retirement Account. You can also withdraw your CPF if you leave Singapore and West Malaysia permanently, or if you become permanently incapacitated.
How much you can withdraw will depend on your CPF balance. The rest, after accounting for the Minimum Sum, can either be withdrawn six months later (if you are no longer working) or every three years thereafter.
If you continue to work after age 55, which would be the case for most, you must still contribute to CPF at a lower rate.
If you have not set aside the full Minimum Sum required by age 55, your monthly payments will be reduced proportionally, subject to a minimum for subsistence livingcurrently about $280-$300 a month.
There are, of course, exceptions to the rule.
For example:
- People in an exempted occupation who are required to retire earlier due to the nature of their job, may receive their monthly payments earlier from age 60; but not so for employees who have resigned or whose services have been terminated.
- Pensioners, depending on their monthly pension amount, may not need to set aside the Minimum Sum.
- Married couples may, as a concession, jointly set aside 1.5 times the Minimum Sum (in this case, $90,000: up to $60,000 in property and $30,000 in cash), provided they nominate each other as the beneficiary for the balance of their Minimum Sums.
