$500k in cpf @ 55, how much can i withdraw?
Hi all, i have read and googled on cpf withdrawal amounts but was unable to find an updated version (with all the recent changes), as the cpf website/articles are not helpful/clear for me. thus, i will like to ask forumers:
if today, i have $500,000 in my cpf (i am 55), how much can i take out from the account after cpf life etc? (a) what are the components that will "retain" my money and (b) how much will be retained (c) what is the excess amount that i can take out? (d) any other restrictions on the final amount/taxable etc? thanks in advance for your input, i am sure this will be helpful to other people too. |
Not really an expert, but I assume that you have to leave the
1. Minimum Sum or $123,000, which will be converted into CPF Life 2. Medisave Minimum Sum of $34,500 So total is 157,500 and you can withdraw $342,500 |
thanks for your reply :) did not know there were only 2 components.
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someone who can amass $500k still get loss when come to understanding cpf rules, policies and changes. i think cpf need to work harder.
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If you wish to increase your withdrawable amount, you may wish to pledge your property for maximum of half of the applicable minimum sum. e.g. minimum sum 120K, max amount that can be pledge with property is total 60k. However upon disposal of property, this "property pledge" will automatically be returned to your retirement account from the sales proceed, thus not advisable as your RA earns 4-5% interest per annum. Withdrawal is once per year (bday to bday). One sincere advise is if you do not need the full amount, withdraw what you need and leave the rest in the OA earning 2.5% interest per annum. You can withdraw again next year. One common misperception is that if you leave it in there its stuck for life. Dont be afraid, rules change but will not affect you once you reach 55. Only those turning 55 thereafter are affected. Hope this helps. |
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