When and How Singaporeans Can Access Their CPF Monies

Singaporeans have been asking when they can access their CPF monies. The answer to this question may depend on your age and employment status.

This article will explore the different ways Singaporeans can access their CPF funds.

We will also discuss the restrictions that apply to each situation. So, read on to find out more!

1. When can Singaporeans start withdrawing their CPF money

· At 55: You can withdraw a lump sum

· At 65: You get monthly payouts (CPF Life)

---

When you reach age 55, you may choose to take a lump-sum CPF payout above the basic retirement sum.

The rest of your funds are invested in CPF to enable you to participate in the CPF LIFE annuity program, which will provide you with monthly payouts from age 65.

And rest assured, your 55th birthday is NOT the only day where you have a window of opportunity to make that lump sum withdrawal.

Withdrawal can happen once you hit 55, and you can withdraw as many times as you wish

(until you exhaust the portion that is not set aside for CPF LIFE).

2. What are the withdrawal conditions

· Unconditional withdrawals

· Full Retirement Sum

· Property owners

You can withdraw from your Ordinary Account (OA) and Special Account (SA) after age 55. The minimum amount you

can withdraw is $20. If you have insufficient

funds in your account, you will not be able to make a withdrawal.

There are no restrictions on using the money you withdraw from your CPF account.

You may use it for investments, insurance premiums, medical expenses, or other purposes.

If you are still employed when you reach age 55, you will need to meet one of these conditions before you can start withdrawing your CPF savings:

- You have stopped working and do not intend to work again; or

- You are drawing a monthly income of at least $750 from employment or self-employment and have met the Minimum Sum requirement.

The amount you can withdraw will depend on your CPF savings and whether you have fulfilled the conditions for withdrawal.

You can make a one-time withdrawal of up to $20,000 from your Special Account (SA), and Ordinary Account (OA) combined if:

- You are age 65 and above; or

- You turn age 65 when you make the withdrawal – this is known as the "payout eligibility age".

This is regardless of whether you are still employed or not.

3. What other ways can Singaporeans use their CPF accounts?

Other than making withdrawals, Singaporeans can use their CPF account for various purposes. For example, you can use it to:

- Pay for your housing expenses (i.e. HDB mortgage)

- Invest in approved financial products

- Make medical expenses claims

Each of these uses has different conditions, so you must familiarise yourself with the rules before making any decisions.

Withdrawing money from the CPF account should be done with care, as it may affect your retirement savings later.

We'll cover this more in a separate post, but you should only do so if absolutely necessary.