3 things you can do with your CPF at 55

29 Dec 2016 

​​Whether you plan to continue working or ease into your retirement, 55 is a milestone age in your CPF journey. At 55, you will be given options to manage your savings. Here are 3 things you can do with your CPF:

CPF after turning 55 V3.png

​1. Top up to the Enhanced Retirement Sum (ERS) to enjoy higher payouts
When you turn 55 years old, your Special and/or Ordinary Accounts savings will be transferred to your Retirement Account to form your retirement sum. This sum will then be used to join CPF LIFE to provide you with monthly payouts from your payout eligibility age of 65.


If you do not have sufficient savings to set aside the ERS at 55, you can choose to top up your Retirement Account to receive higher payouts from CPF LIFE. Find out how you can do so via the Retirement Sum Topping-Up Scheme here.


2. Leave your money in your CPF accounts to earn an extra 1% interest
As a member aged 55 and above, you will earn an additional 1% interest on the first $30,000 of your combined balances (with up to $20,000 from your OA). Effectively, you will earn up to 6% interest per year on your retirement balances.


Learn more about how much interest you are earning on your CPF accounts here.


3. Withdraw up to $5,000 of your OA and SA savings even if you are unable to set aside your Full Retirement Sum or Basic Retirement Sum with sufficient property charge or pledge
You are given the option to withdraw up to $5,000 of your OA and SA savings. However, the amount you can withdraw depends on the balances in your OA and SA accounts, and the year you reach 55:


  • If you have $5,000 or less, you can withdraw all your OA and SA savings.
  • If you have between $5,000 and your Full Retirement Sum (FRS), you can withdraw $5,000 and any RA savings above the Basic Retirement Sum (BRS), if you have sufficient property charge or pledge.
  • If you have more than your FRS, you can withdraw either $5,000, or your OA and SA savings above your FRS – whichever is higher. In addition, any RA savings above the BRS can also be withdrawn if you have sufficient property charge or pledge.


Planning for your retirement may seem tricky but learning what you can do to manage your CPF savings at 55 is a good start! Find out more about CPF withdrawals after 55 here.


Information accurate as at 29​​​ December 2016.

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