# CPF: Your Assurance in Retirement

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1 CPF: Your Assurance in 1

2 Reaching 55 At 55, it s time to make your next move CONTENTS 02 Introduction 03 Decisions to be made: How much monthly payouts do you need during retirement? How much can you withdraw at 55? How to withdraw? Should you continue to save with CPF? Should you join CPF LIFE? Which CPF LIFE plan should you choose? 12 Top up for tax savings and earn higher interest 14 CPF beyond Conclusion 17 Annex A Case Studies 20 Annex B CPF Investment Scheme and CPF Education Scheme 21 Glossary Important Terms and Figures 23 Notes The information in this publication applies to members turning 55 from 1 July 2015 to 31 December

5 OA + SA+ MA How much can you withdraw at 55? To calculate how much you can withdraw, you need to fi rst work out your X and Y as shown below. \$43,500 X X = Ordinary + Special + Medisave savings above \$43,500 Ordinary Special Medisave Y Y = Medisave savings up to the Medisave Minimum Sum of \$43,500 X You can withdraw What does this mean? X < \$5,000 X You can withdraw all of your X. Y stays in your Medisave. \$5,000 < X < \$166,000 \$5,000 If you have savings above the Basic Sum of \$80,500, you can choose to withdraw the amount by pledging your property. You can withdraw \$5,000 from your Ordinary and Special s. The remainder will form your retirement sum in your. Y stays in your Medisave. X > \$166,000 X - \$161,000 - Medisave Minimum Sum shortfall If you have savings above the Basic Sum of \$80,500, you can choose to withdraw the amount by pledging your property. You can withdraw \$5,000 and any excess CPF savings after setting aside the Full Sum of \$161,000 and the current Medisave Minimum Sum of \$43,500. Y stays in your Medisave. 4

6 Here s an example on how much a typical CPF member can withdraw. Ms Anita has just turned 55. A is created on her 55 th birthday. Ms Anita s X is between \$5,000 and \$166,000. X = \$45,000 + \$55,000 = \$100,000 Ms Anita can choose to withdraw \$5,000 of her CPF savings from her Ordinary and Special s. The remaining amount of \$95,000 will form her retirement sum in her. If she owns a property, she can choose to set aside her Basic Sum of \$80,500 in her to receive a monthly basic payout of \$660 to \$720 from age 65 for life. She can then withdraw \$5,000 from her Ordinary and Special s, and an additional \$14,500 from her by pledging her property. 5

7 How to withdraw? You will receive a letter from us a few months before your 55 th birthday. You can apply to withdraw your CPF once you receive the letter or any time later. Ways to apply for withdrawal Option 1: Online application Apply online at You will need your SingPass and a OCBC, POSB or UOB account. Option 2: Form application Send us your application using the form (RWD-55) enclosed with the letter. Complete the application form and mail to: CPF Board Withdrawals Department 79 Robinson Road Singapore

14 From 2016, you will have additional fl exibility to transfer your CPF savings above the Basic Sum to your spouse s CPF account. With this, both you and your spouse can enjoy the benefi ts of the extra interest paid on the fi rst \$60,000 of combined CPF savings. Refer to the example below. Before spousal transfer At age 55, Mrs Tan has \$35,000 in her. At age 65, her balance will have grown to about \$59,000 which will provide her with monthly payouts for about 20 years. At age 55, Mr Tan has \$100,500 in his. At age 65, Mr Tan will be placed on CPF LIFE with a balance of about \$156,000. After spousal transfer Mrs Tan now has \$55,000 in her at age 55. At age 65, Mrs Tan will be placed on CPF LIFE with a balance of about \$90,000. Transfers \$20,000 to Mrs Tan s CPF account Mr Tan now has \$80,500 in his at age 55. At age 65, Mr Tan will be placed on CPF LIFE with a balance of about \$127,000. After the spousal transfer, Mr and Mrs Tan would enjoy an additional \$2,000 in interest which would help them boost their retirement payouts. Mrs Tan will now enjoy higher monthly payouts for life. I n f o r m a t i o n B o x Learn how to top up online Visit 13

17 Conclusion Now that you have had the opportunity to consider your CPF planning, remember three points: Make an informed decision on your desired payouts. Join CPF LIFE to enjoy lifelong monthly payouts. Top up your and your loved ones retirement savings. 16

19 Annex A How much can you withdraw? How about Mdm Polly? Mdm Polly s X is more than \$166,000. However, Mdm Polly s Medisave has less than \$43,500. She has an Medisave Minimum Sum shortfall. Mdm Polly s CPF Savings Assume Mdm Polly has: \$180,000 Savings X = \$100,000 + \$180,000 = \$280,000 \$161,000 will be transferred to her fi rst. \$161,000 \$100,000 \$100,000 RA will be created on her 55 th birthday \$20,000 \$19,000 \$20,000 Ordinary Special Medisave Ordinary Special Medisave Medisave Minimum Sum Shortfall Mdm Polly s Medisave has \$20,000. This is \$23,500 short of the Medisave Minimum Sum of \$43,500. Therefore, \$23,500 is transferred to her Medisave. \$155,000 \$23,500 is transferred to Medisave \$95,500 How much can Mdm Polly withdraw? Mdm Polly can choose to leave her Full Sum of \$161,000 in her to receive a monthly payout of \$1,220 to \$1,320 from age 65 for life. She can then withdraw the balance from her Ordinary and Special s after transferring \$23,500 to Medisave to make up the Medisave Minimum Sum of \$43,500. This means that Mdm Polly can withdraw \$95,500 from her Ordinary and Special s. \$43,500 If she owns a property, she can also choose to set aside her Basic Sum of \$80,500 in her and receive a lower monthly payout. \$0 In this case, she can withdraw \$95,500 from her Ordinary Ordinary Special Medisave, and an additional \$80,500 from her by pledging her property. 18

20 Annex A How much can you withdraw? How about Mr Ravi? Mr Ravi s X is between \$0 to \$5,000. He can withdraw all of his X. Mr Ravi s CPF Savings Assume Mr Ravi has: How much can he withdraw? X = \$3,000 + \$1,000 = \$4,000 Mr Ravi can withdraw all of his Ordinary and Special s savings (i.e. \$4,000) and nothing will be transferred to his. RA will be created on his 55 th birthday The \$500 will remain in his Medisave for his or his dependants healthcare needs. \$3,000 \$4,000 \$1,000 \$500 \$500 Ordinary Special Medisave Ordinary Special Medisave Bank 19

24 Notes 23

25 24 Notes

26 Information is accurate as of 24 April 2015

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