How does CPF Retirement Account work?
In a nutshell, this is how CPF supports your retirement: …
When you reach 55 years old, your Special and Ordinary Account savings, up to the Full Retirement Sum (FRS), will be transferred to a Retirement Account.
You can withdraw the remaining savings, if you wish, after setting aside the FRS..
Is there a cap for CPF Special Account?
It must also be noted that there is a cap. to your Medisave Contribution (which is up to $49,800 as of 2016) and Special Account (which is up to S$166,000 as of 2018).
What is the maximum amount for CPF Retirement Account?
*In 2021, the BRS will be $93,000; and in 2022, the BRS will be $96,000. Compared to the 2020 cohort, members in the 2021 and 2022 cohorts who set aside their BRS will enjoy higher monthly payouts from age 65.
Can I transfer my Ordinary Account to Retirement Account?
You may transfer your Special Account (SA) and/or Ordinary Account (OA) savings to your Retirement Account (RA) if you are: age 55 and above, and. have less than the current Enhanced Retirement Sum in your RA.
Can I withdraw money from my CPF Retirement Account?
In general, you can withdraw the balances in your Special Account and Ordinary Account, if you have set aside your Full Retirement Sum in your Retirement Account. The Full Retirement Sum can be set aside fully with CPF savings, or with CPF savings (i.e. at least the Basic Retirement Sum) and property.