Check out
this asiaone article on the same topic.
Before you turn 55 years old:
Step one: Calculate how much you need to transfer out of your
CPF SA, in order to keep just $40,000 in the account
Step two: Transfer that amount of money out of your
CPF SA by investing the money in a low risk investment product (more on this in the section below)
Note, you’ll need to be able to invest under the CPFIS before you can do this.
After you turn 55 years old:
Step three: Wait and check for your
CPF RA to be formed
Step four: Cash out by selling your investments
Step five: Transfer the money back into your
CPF SA
Step six (optional): Consider topping up your
CPF RA up to the Enhanced Retirement Sum (ERS) to enjoy higher monthly payouts during your retirement