Retirement Account CPF Withdrawal: Your Ultimate Guide

Retirement Account CPF Withdrawal: Your Ultimate Guide

As Singaporeans reach retirement age, they have the option to withdraw their savings from their Central Provident Fund (CPF) accounts. The CPF is a mandatory retirement savings scheme that helps Singaporeans save for their retirement, healthcare, and housing needs.

If you’re approaching retirement age, it’s important to understand the process of withdrawing your CPF investment in Singapore. In this guide, we’ll go over everything you need to know about CPF withdrawals.

Check Your Eligibility

To withdraw your CPF savings, you must be at least 55 years old. You must also have a minimum sum in your Retirement Account (RA), which is currently set at $186,000. If you do not have the minimum sum in your RA, you can still withdraw your CPF savings from your Ordinary and Special Accounts, subject to certain conditions.

Decide How Much to Withdraw

Once you’ve established your eligibility, you’ll need to decide how much of your CPF savings you want to withdraw. You can choose to withdraw a lump sum or receive monthly payouts.

If you choose to withdraw a lump sum, you’ll need to set aside the Full Retirement Sum (FRS) in your RA. The FRS is currently set at $186,000, but it is adjusted annually based on inflation. Any amount above the FRS can be withdrawn as a lump sum.

If you prefer to receive monthly payouts, you can choose to set aside the Basic Retirement Sum (BRS) or the Enhanced Retirement Sum (ERS) in your RA. The BRS is currently set at $93,000, while the ERS is currently set at $279,000.

Submit Your Withdrawal Application

Once you’ve decided how much to withdraw, you’ll need to submit your withdrawal application. You can do this online via the CPF website or in person at a CPF service centre.

If you’re withdrawing a lump sum, you’ll need to set aside the FRS in your RA before submitting your application. If you’re opting for monthly payouts, you’ll need to choose between the BRS and ERS.

Wait for Approval

After you’ve submitted your withdrawal application, you’ll need to wait for approval from the CPF Board.

Receive Your CPF Savings

Once your withdrawal application has been approved, your CPF savings will be transferred to your designated bank account. If you’ve opted for monthly payouts, you’ll receive your first payout within one month of your application being approved.

Things to Consider

Before you decide to withdraw your CPF savings, there are a few things you should consider:

Your Retirement Needs

Withdrawing your CPF savings will reduce the amount of money you have for retirement. Before you withdraw your savings, make sure you have enough to cover your retirement needs.

Interest Rates

CPF savings earn interest rates that are higher than most savings accounts in Singapore. Consider whether withdrawing your CPF savings is worth giving up these higher interest rates.

Other Sources of Income

If you have other sources of income, such as rental income or investments, you may not need to withdraw your CPF savings. Consider all your sources of income before making a decision.

Tax Implications

CPF withdrawals are tax-free, but if you choose to invest your savings, you may be subject to taxes on the investment returns.


Withdrawing your CPF savings is an important decision that should be made carefully. By understanding the process and considering your retirement needs, you can make an informed decision that will help secure your financial future. As always, it’s recommended to seek advice from a financial planner in Singapore or CPF specialist to ensure that you make the best decision for your individual circumstances


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