in
I made top-ups to my Special Account before turning 55. What will happen to the top-ups when I turn 55?
cpf
Source: https://www.cpf.gov.sg/memberWhen you turn 55, the top-ups made to your Special Account and accrued interest will be transferred to your Retirement Account (RA) up to your Full Retirement Sum (FRS).
Please note that top-up monies are meant to build up your retirement savings and cannot be withdrawn for other purposes. Read more on how the top-ups will be used.
If you are 55 or above and have excess savings above your FRS, you can apply to withdraw them for your immediate needs anytime. Alternatively, you can make top-ups to your RA (up to the current Enhanced Retirement Sum) to enjoy higher monthly payouts in retirement.
This information provided here is sourced from the CPF website.
Let other citizens know if this answer was helpful
Did this answer your question?Related Questions
What happens to my CPF savings when I turn 55?
from CPFHow does the closure of my Special Account affect the amount of tax relief that I can earn when I top up my Retirement Account in cash?
from CPFDo I need to top up my Retirement Account and will I receive monthly payouts if I am unable to set aside my Full Retirement Sum?
from CPFWhy am I not able to top up my Special/Retirement Account beyond the current Full Retirement Sum (FRS) (below 55) or Enhanced Retirement Sum (ERS) (55 or above)?
from CPF
Can’t find what you’re looking for?