Cpf queries.

[spiritGate]

Cause my parent receive a letter from cpf stating tat a sum if money will go into RA account and the rest can withdraw. I tot must hit min sum before you can withdraw anything? My parent hasent met the min sum yet but she can withdraw money... Why ar

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[lzydata]

First, see what is the Full Retirement Sum applicable for your parent.

Second, if your parent owns a property, he/she will have to set aside only the Basic Retirement Sum, currently $80,500, not the full sum, $161k.

Supposing that's the case, then you can see (1) whether to withdraw the extra monies or just keep it in there to earn interest, which currently is way better than putting it in POSB. And (2) whether your own parent, yourself or others want to top up his/her retirement sum to the Full sum so that his/her CPF LIFE payout starting 65 years old will be higher.

Read all the details below, or you can call the CPF board and get clarification:

https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-scheme

 

[anfielder]

You can withdraw $5k at age 55 whether or not Min sum has been hit.

 

[Keverus]

You can withdraw $5k at age 55 whether or not Min sum has been hit.

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