CPF Life - Standard Plan

[inmyopinion]

Still don't understand why there is such thing as draw 20% from RA

(RA - top ups) * 20% - $5K
So say I want to OA 100k to my RA of $500k ($600k) at 55,
($500k - $400k) *20% - $5k =$75k to OA?

Some members complain if they do not have an option to withdraw X amount from their RA at 65.

Some members do not want to withdraw X amount from their RA at 65.

All you need to know:
1. From 55 to 65 : Did you top up your RA and how much
2. The example given was straight forward

John topped up $20K to his RA

His RA at 65 = $220K

He can withdraw 20% - 5K

For members turning age 65 onwards, CPF Board allows the members to withdraw up to 20% of their RA savings in a lump sum anytime from age 65 onwards.

The rest of their Retirement Account savings will be used to provide them with monthly payouts to meet their retirement needs.

As mentioned before, CPFB will earmark the 20% before your CPF Life monthly payout. Any withdrawal from OA will be from this earmark amount in RA first

If no action done they will transfer this amount to OA when the member starts the payout

https://forums.hardwarezone.com.sg/threads/cpf-life-standard-plan.7220258/post-159783646



The amount of CPF savings you can withdraw from age 65 depends on your birth year and whether you have set aside your Full Retirement Sum (FRS). The withdrawal criteria differ across cohorts and generally:

You can withdraw any amount from your Ordinary Account (OA) savings if you have set aside your FRS, or up to $5,000 if you have not.

If you are born from 1957 onwards, you may also withdraw an additional amount from your Retirement Account (RA) savings, depending on your RA savings at age 65.

Refer to the infographic on the withdrawal criteria and an example on the additional withdrawal from RA.

You can log in to the withdrawal application form to check how much you can withdraw.
https://www.cpf.gov.sg/member/tools-and-services/forms-e-applications/withdraw-cpf-retirement-needs

 

[weng0202]

You only need to inform CPFB if you want the 20% to be in RA.

When the CPF member turns 65, CPF will set aside 20% as a "reserved amount".
This is to allow the CPF member a one-time lump sum withdrawal when they start their CPF LIFE monthly payouts.
* Not so convenient for those who want to have higher CPF Life monthly payout and to withdraw interests from the OA. You need to inform CPFB that you want to retain this 'reserved amount in RA'

If you decide to defer your CPF LIFE payout, eg till 68 or later, the "reserved amount" stays in your RA.
During this period (between age 65 and your chosen payout start age), any withdrawal you make from your CPF will be deducted from this "reserved amount".

Once you decide to start your monthly payouts, any balance left in the reserved amount will be transferred to your OA.

This 20% is 20% of FRS of that year?

 

[weng0202]

Lucky never test on CPF for national exams. I think everyone will fare badly. It's just too complicated with too many rules...

 

[inmyopinion]

This 20% is 20% of FRS of that year?

20% of the RA amount when u r at 65 (minus top ups) (minus 5K)

 

[weng0202]

20% of the RA amount when u r at 65 (minus top ups) (minus 5K)

So if never top-up anything to RA, it will be 20% of the FRS kept there from 55 to 65?

 

[inmyopinion]

So if never top-up anything to RA, it will be 20% of the FRS kept there from 55 to 65?

Yes. Your FRS amount will be more at 65 (10 years of compounding interest).

 

[sbl2560]

Lucky never test on CPF for national exams. I think everyone will fare badly. It's just too complicated with too many rules...

Likewise, the officer at CPF. Wasn't able to provide information on the amount of payout. It's from the system was the reply.

 

[SaGu]

#saguwisdom

 

[SaGu]

Likewise, the officer at CPF. Wasn't able to provide information on the amount of payout. It's from the system was the reply.

sagu suggest the amount of payout information is available in your CPF website after you’ve logged in using your SingPass and it varies depending on your circumstances selected



#saguwisdom

 

[weiess]

if already hit FRS at 55 and RA was created.
is it wise to continue to top up RA? so to get more cpf life monthly payout at 65 ?

 

[game goondu]

if already hit FRS at 55 and RA was created.
is it wise to continue to top up RA? so to get more cpf life monthly payout at 65 ?

You already answer the question yourself...
U want more monthly payout?

 

[weiess]

You already answer the question yourself...
U want more monthly payout?

Haven't decide.
Was thinking from 55 to 65, still got 10yrs to decide whether is a good move..

 

[d3n]

Haven't decide.
Was thinking from 55 to 65, still got 10yrs to decide whether is a good move..

if u scare, just rent out your house and do overseas retirement to cover that 10 year gap

 

[kilo89]

base on Y2026, FRS is 220,400. At Y2036 which is age 65, CPF life monthly payout is 1640 to 1780.
Do you all think that this amount of FRS payout is enough for retirement at Y2036? Even now at Y2026 also not enough.

2026 Sum Set Aside at 55	Estimated Monthly Payout at Age 65
BRS ($110,200)	$890 – $950
FRS ($220,400)	$1,640 – $1,780
ERS ($440,800)	$3,180 – $3,440

 

[weiess]

if u scare, just rent out your house and do overseas retirement to cover that 10 year gap

idea also.. but not an option if parent still here..
see how bah..

 

[xdivider]

Likewise, the officer at CPF. Wasn't able to provide information on the amount of payout. It's from the system was the reply.

Keeping it simple, frs/brs, basic....

not going to be boliao enough to keep it to 70......

 

[ramlee]

What happen between 55 and 65 yo?

ownself eat ownself

 

[yokine3a]

Haven't decide.
Was thinking from 55 to 65, still got 10yrs to decide whether is a good move..

If you have the spare money n not gonna need it, the earlier you top up, the more compound interest you will gain.

 

[shodan99]

Already getting $1,031.95 every month. Have to say CPF very efficient. My birthday middle of the month but beginning of the month, CPF already credited me the $1K and subsequently, every beginning of the month, I get $1K.

nice. it good to see some return on your hard earn savings. having said that, ~$1k/mth seems rather small amount given this day and age!

 

[bruiser69]

Chiobu can say no wrong