There are 2 age-numbers about CPF that you should know about.
They are the CPF Withdrawal Age, and the CPF Payout Eligibility Age.
Recommended Read: Should I Top Up My Young Next-Of-Kin's CPF?
What is the CPF Withdrawal Age?
Singapore's CPF Withdrawal Age is currently set at 55.
This is the age you can start withdrawing money out of your CPF account.
How Much Can I Withdraw?
You can only withdraw money above the Full Retirement Sum or $5,000 (whichever is higher).
Alternatively, you can withdraw money above the Basic Retirement Sum if you perform a property pledge.
Click here to see the examples of how much you can withdraw.
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.
Recommended Read: Cannot Withdraw CPF Money If Never Hit CPF Retirement Sum?
What is the CPF Payout Eligibility Age?
Singapore's CPF Payout Eligibility Age (PEA) is currently set at 65.
This is the age you can choose your CPF LIFE plan (CPF LIFE) and start receiving monthly payouts until you pass away.
You also have the option to start your CPF LIFE payouts later, up to age 70.
Why Would I Want To Delay My Payout Age?
You can choose to start receiving payouts anytime between age 65 and age 70 (eg when you reach age 67), but the latest age to start is 70.
For each year deferred, your future CPF LIFE monthly payouts may increase by up to 7%.
Conclusion
Understand at what age you can withdraw how much from CPF.
Consider if you really need to make that withdrawal at 55, or is it better to keep the money inside CPF to earn the higher interest rates.
Recommended Read: Why You Should Max Your CPF Retirement Sum Early
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