Singapore’s Central Provident Fund (CPF) serves as the main retirement planning system for all citizens and permanent residents. Knowing how CPF withdrawal rules work helps ensure financial security during retirement years. The retirement & re-employment ages will increase in 2025 but the CPF withdrawal age stays the same. This gives workers more options for managing their long-term savings.
When You Can Access Your CPF Savings
CPF members can take out their money when they turn 55 under normal circumstances. In some special situations you might be able to withdraw earlier if you become permanently disabled or if you leave Singapore for good. You need to know how the system handles your Ordinary Account & Special Account balances before you reach 55 because these rules affect the amount you can actually withdraw.
Updated Retirement and Re-Employment Ages
How the Retirement Sum Scheme Works
When CPF members turn 55 years old the system creates a Retirement Account for them. Money from their Ordinary Account and Special Account moves into this new Retirement Account until it reaches the Full Retirement Sum amount. Any money above the Full Retirement Sum can be taken out as cash. The money that stays in the account will provide monthly payments starting from age 65. This system helps members have regular income after they retire.
Withdrawal Options at Age 55
Your withdrawal amount at age 55 depends on two main factors. The first factor is how much money you have saved in total. The second factor is whether you own a property that you can use as security. When you pledge your property to the scheme you become eligible to withdraw a larger sum of money in cash form. This arrangement gives you more financial flexibility compared to not pledging any property. The table presented below shows you the various withdrawal options available. Each scenario is different based on your savings amount & property ownership status. You can review these options to understand what withdrawal amount applies to your specific situation. Different combinations of savings levels and property pledging result in different maximum withdrawal amounts. The table makes it easier to identify which category you fall into & what you can expect to receive.
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| Scenario | Withdrawal Rules |
|---|---|
| Savings above Full Retirement Sum | The excess can be withdrawn in cash. |
| Savings at Basic Retirement Sum with Property Pledge | Partial cash withdrawal allowed based on property pledge value. |
| Savings below Basic Retirement Sum | No cash withdrawal permitted; savings retained for payouts. |
Financial Planning and Future Security
CPF savings serve as the foundation for financial independence during retirement. Members should evaluate their long-term income requirements before making any withdrawals. The CPF Board offers online resources like the CPF Retirement Calculator to assist with planning withdrawals & payouts. Careful financial planning helps maintain comfort and security throughout retirement years.
