Recently, I was having a discussion with my colleague on CPF withdrawal at 55 when he mentioned that we cannot withdraw any top up monies or interest earned!
All the while I am only aware of the below 3 withdrawal scenario for CPF withdrawal at 55. We can withdraw
1) All of our Special Account and Ordinary Account savings if we have $5000 or less.
2) $5000 if we have less than FRS
3) $5000 or any amount above FRS if we have more than FRS
I was not aware that any top up monies and interest earned being excluded from the above! I have been faithfully topping up my SA and earning the 4% interest to build up my retirement nest egg for a meaningful withdrawal at 55!!
I did some research and found below information from CPF website here.
I have also sent and email to CPF to clarify the above statement. You can see the...