Safeguard your home with the Home Protection Scheme.
Safeguard the roof over your head with Home Protection Scheme (HPS), a mortgage-reducing insurance. ⋅ 10m read
11 Jun 2024
SOURCE: CPF Board
IN A NUTSHELL
- With increasing advances in technology and healthcare, you are likely to live longer. There is a real risk that your CPF savings could run out if they are fully withdrawn early.
- Your CPF savings support your retirement in two ways – providing lifelong payouts through CPF LIFE and flexibility to make withdrawals for immediate needs.
- You can make withdrawals from your CPF savings from age 55, subject to certain conditions.
Your CPF savings belong to you and are accumulated through years of hard work. Naturally, you might wonder “why can’t I withdraw all my CPF savings at age 55?”
In the second part of our CPF Answers Series, where we answer your most pressing questions, we’ll address this very question and share more about the conditions for withdrawing your CPF savings at age 55.
The CPF Retirement Sum
Before diving into CPF withdrawals, let’s first understand the concept of the CPF retirement sum. In short, it is a guide on how much CPF savings you need to meet your desired monthly payouts in retirement.
There are three levels of retirement sums:
- The Basic Retirement Sum (BRS) provides monthly payouts in retirement to cover basic living needs, excluding rental expenses.
- The Full Retirement Sum (FRS) provides higher monthly payouts that cover basic living needs, including rental expenses. It is an ideal point of reference of how much one needs in retirement.
- The Enhanced Retirement Sum (ERS) provides a higher monthly payout, making it suitable for those who want more retirement income.
The information provided in this article is accurate as of the date of publication.
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