What will happen to my CPF savings when my monthly payouts start?
If you are born on or after 1958, the following will happen when your monthly payouts start:
- Transfer of Ordinary Account savings: If you have not set aside your Full Retirement Sum (FRS), your Ordinary Account savings will be transferred to your Retirement Account to make up your FRS in cash. This will help you receive higher payouts.
- CPF LIFE premium deduction: When you join CPF LIFE, your Retirement Account (RA) savings will be used to pay your CPF LIFE premium. Your premium will continue to earn interest and the interest earned will be factored into your lifetime monthly payouts.
-
Additional withdrawable amount of up to 20% of RA savings at 65: Up to 20% of your RA savings at 65 will be available for your immediate withdrawable from age 65. If this withdrawable amount is not withdrawn nor used to increase your payouts, it will be transferred to your Ordinary Account for future cash withdrawals.
This information is sourced from CPF
Related questions
Why is there a transfer of monies from my Retirement Account (RA) to my Ordinary Account (OA) once I start my monthly payouts?
I have already joined CPF LIFE. How can I increase my monthly payouts?
How much interest will I earn on the Special Account (SA) savings that are transferred to my Retirement Account and Ordinary Account upon the closure of my SA when I turn 55?
What happens to my Retirement Account savings when I join CPF LIFE?
Need more help?
Get in touch