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PR Newswire
09-08-2015, 10:34 AM
At 55 the Retirement Sum amount is moved to your Retirement Account. The RS amount can be $80,500 if you pledge your property, or $161,000 if you don't.
Will the rest of your balance will remain in SA/OA?
If it does, it means we can use it as a fixed deposit.
Another qn: from 55 onwards, we can make yearly withdrawals. How much can we withdraw? AFAIK:
-Can withdraw any contribution to SA/OA.
-Interest earned in RA will remain in RA to accumulate for CPF life.
-How about interest earned in SA/OA? Can we withdraw them yearly as well?
Another question: lets say a person is eligible to withdraw at 55, $120,000, after setting aside the Basic Retirement Sum. Does it mean that he can choose to let the $120,000 remain in his SA/OA? Then from 55-65 can make yearly withdrawals of $12,000, while still earning interest. In other words, if a person has sufficient amounts ($120,000 in this case) he technically can retire at 55 already (rely on yearly withdrawal $12,000 from 55-65, then rely on cpf life from 65 onwards)?
Will the rest of your balance will remain in SA/OA?
If it does, it means we can use it as a fixed deposit.
Another qn: from 55 onwards, we can make yearly withdrawals. How much can we withdraw? AFAIK:
-Can withdraw any contribution to SA/OA.
-Interest earned in RA will remain in RA to accumulate for CPF life.
-How about interest earned in SA/OA? Can we withdraw them yearly as well?
Another question: lets say a person is eligible to withdraw at 55, $120,000, after setting aside the Basic Retirement Sum. Does it mean that he can choose to let the $120,000 remain in his SA/OA? Then from 55-65 can make yearly withdrawals of $12,000, while still earning interest. In other words, if a person has sufficient amounts ($120,000 in this case) he technically can retire at 55 already (rely on yearly withdrawal $12,000 from 55-65, then rely on cpf life from 65 onwards)?