Briefly, the CPF Minimum Sum is the amount of money you have to set aside for retirement. When you reach 55 years old, savings from your Special Account and Ordinary Account, up to the Minimum Sum, will be transferred to a new account called the CPF Retirement Account, aka CPF RA Account.
After setting aside the Minimum Sum, you can withdraw the remaining amount in your CPF SA and OA accounts. Read on to find out how you can withdraw more money.
When you reach 65 years old (assuming you are born after 1953), you will receive monthly payouts from your RA Account for about 20 years.
What happens if you live beyond the 20 years?
......The CPF Minimum Sum will be raised to $155,000 from 1st July 2014. What is the CPF Minimum Sum and how do we “navigate” it? Can we be “exempted” from the CPF Minimum Sum?
Briefly, the CPF Minimum Sum is the amount of money you have to set aside for retirement. When you reach 55 years old, savings from your Special Account and Ordinary Account, up to the Minimum Sum, will be transferred to a new account called the CPF Retirement Account, aka CPF RA Account.
After setting aside the Minimum Sum, you can withdraw the remaining amount in your CPF SA and OA accounts. Read on to find out how you can withdraw more money.
When you reach 65 years old (assuming you are born after 1953), you will receive monthly payouts from your RA Account for about 20 years.
What happens if you live beyond the 20 years?
......
Briefly, the CPF Minimum Sum is the amount of money you have to set aside for retirement. When you reach 55 years old, savings from your Special Account and Ordinary Account, up to the Minimum Sum, will be transferred to a new account called the CPF Retirement Account, aka CPF RA Account.
After setting aside the Minimum Sum, you can withdraw the remaining amount in your CPF SA and OA accounts. Read on to find out how you can withdraw more money.
When you reach 65 years old (assuming you are born after 1953), you will receive monthly payouts from your RA Account for about 20 years.
What happens if you live beyond the 20 years?
......
