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Tan Choong Hwee
15 Jul 2024
Solutions Specialist at Providend
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Diversification is key. Every individual situation is different hence, it's best to engage a certified financial adviser when comes to crucial subject matters such as retirement planning.
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Albert Tan
02 Jul 2024
Financial Literacy & Solutions at MoneyOwl
Remember, there's another window to withdraw up to 20% of RA from 65. https://www.cpf.gov.sg/service/article/how-is-t...
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You're likely to be still working and earning an income at 55. I would only withdraw to BRS if I have no other sources of funds.
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Assuming you have about $200k in SA now, 13 more years of 4% interest compounded is another $130k+ (assuming no further CPF contributions, and disregarding the 5% extra interest on first $40k of SA balance). Put in another perspective, if you are confident of accumulating more than this amount outside of CPF with your other investments, or if you're faced with the potential of a shortened lifespan, then perhaps the withdrawal would make sense.
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Your money your choice.
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Current CPF Retirement Sum:
Whether you should draw down to BRS or remain in SA to hit ERS depends on a few factors:
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Use the money wisely, whatever the amount that you decide to withdraw...
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Congrats on meeting FRS at 50, and just the interest alone would bring you to meet your cohort FRS at 55.
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You can't withdraw cash from SA right now, but you have the opportunity to withdraw non-top-up money in RA by property pledge when RA is formed with FRS at 55. Another opportunity is to withdraw 20% of non-top-up money in RA at 65.