Today’s post will be on: Buying a House using your CPF after age 55.
This is part of the chain of housing-related posts.
We have the misconception that upon reaching age 55 if we sold our house, the money we get from it will be transferred to our Retirement Account (RA) until the Retirement Sum (or Minimum Sum) is met.
We would like to share today that, you can actually use the money in excess of half your applicable Retirement Sum to buy your next house if you are age above 55.
You are 54, you recently sold your house, and your applicable Retirement Sum is $155,000.
If you wish to buy a new house, you can withdraw the amount in excess of half your Retirement Sum ($90,500) to pay for your house.
However, let’s say you do not meet your Retirement Sum (you only have $130,000).
Then you can withdraw the amount in excess of