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Economy & Finance

Can I make lump-sum CPF withdrawals?

9 October 2024

Yes. You can make some lump-sum withdrawals, while the rest of your savings will be paid out in monthly retirement payouts.

Elderly couple smiling, holding hands while strolling in the garden

You can withdraw anytime from 55. For members turning 55 from 2013 onwards, they can withdraw up to $5,000 of their CPF savings.

Members have the option to withdraw their remaining CPF savings (the combined balances in the Ordinary, Special and Retirement Accounts) after setting aside the required retirement sum for their cohort.

Those who own a property will need to set aside a Basic Retirement Sum (BRS), while those who don’t own a property need to set aside the Full Retirement Sum (FRS).

Members can also choose to set aside the Enhanced Retirement Sum to enjoy higher monthly payouts in retirement. Even if you do not have the BRS, you will still receive monthly payouts when you reach your payout eligibility age. Please refer to the CPF website for the retirement sums for members.

For members turning age 65 from 2023 onwards, they can also withdraw up to 20% of their Retirement Account savings in a lump sum anytime from age 65 onwards.

The rest of their Retirement Account savings will be used to provide them with monthly payouts to meet their retirement needs.

How does CPF compare with other pension schemes?

To strike a balance between providing flexibility and ensuring that retirement needs are met, Singapore allows members to make some lump-sum withdrawals from their CPF while the rest of their savings would be paid out in monthly retirement payouts.

Singapore streams out retirement savings through a life annuity, CPF LIFE.

This allows members to enjoy their retirement without the worry of outliving their savings. Pension systems in other countries like Finland, Netherlands and Norway do the same.

Our CPF system, including the withdrawal rules, are also well-regarded annually. Singapore has scored well in the annual Mercer Institute Global Pension Index* when assessed on the proportion of retirement benefit set aside for lump-sum vs. phased withdrawal.

*The Mercer Institute Global Pension Index is an annual index that compares countries’ retirement systems in terms of the adequacy of benefits or retirement income provided, and areas such as the long-term sustainability, regulation and governance of pension systems.

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