After setting aside the $20,000 required, you can invest the remaining. You can choose a diversified portfolio and allocate your investments more in fixed income funds/money market funds and still have a portion on equities related funds for upside returns.
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You will need to first open a CPF Investment Account with DBS, OCBC, UOB.
The first $20,000 in your OA are not investable and you can invested the rest into SPDR Straits Times Index ETF (eS3.SI).
It is low risk compare to those individual shares and there are still risk involve due to the market sentiments (losing money in a short period of time).
Do note that this is not a recommendation to buy, please do your due diligence, you can read more in the link below regards to the STI ETF:
To be on the safest side, you can ask HDB to leave $20K in your CPF OA account and earn up to 5% interest on the first $60,000 of your combined CPF balances (OA+SA+MA). The rest into your HDB.
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