How is my voluntary housing refund used to set aside my Retirement Sum if I am 55 years old and above?
The refunded amount will be used to meet your cohort's Full Retirement Sum (FRS) if you’re 55 years old and have not met the FRS. Please refer to the example below on how the voluntary housing refund is used to meet your FRS.
Example
Assumptions:
1. You turned 55 years old in 2023
2. Your cohort’s Full Retirement Sum is $198,800
3. You have received less than $30,000 in housing grants
| Current RA balance | $98,800 |
|
Current OA balance | $100,000 |
| Principal amount withdrawn for the property and the accrued interest (P+I) | $500,000 |
If you make a voluntary housing refund of $200,000
|
New RA balance The vHR of $100,000 is used to top up to RA to meet the cohort’s FRS | $198,800 |
|
New OA balance
| $200,000 |
|
Revised P+I The vHR of $200,000 is used to reduce the P+I | $300,000 |
This information is sourced from CPF
Related questions
Is my voluntary housing refund used to set aside my Retirement Sum if I am 55 and above?
What happens if I make a voluntary housing refund when I am 55 years old and above?
What happens if I have used my CPF savings to pay for my home and do not have enough CPF savings left to set aside Full Retirement Sum when I turn 55?
Do I have to refund the housing grant to my CPF account when I make a voluntary housing refund of the monies withdrawn for my property?
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