Assuming that one has more than $500k in my OA after 55. Can CPF allow us to setup a monthly withdrawal of $2000 from OA after 55? - Seedly
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Anonymous

Asked 3w ago

Assuming that one has more than $500k in my OA after 55. Can CPF allow us to setup a monthly withdrawal of $2000 from OA after 55?

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Patricia Law
Patricia Law
Level 4. Prodigy
Answered 3w ago

Hi there,

If you already have the maximum enhanced retirement sum (https://www.cpf.gov.sg/members/FAQ/schemes/Retirement/Retirement-Sum-Scheme/FAQDetails?category=Retirement&group=Retirement%20Sum%20Scheme&folderid=18088&ajfaqid=2190574), you may want to consider retirement plans from insurance companies to complement your CPF life monthly payout as living expenses. From AIA there are 2 good plans (one with death and TPD cover and the other is purely retirement plan). Assuming if you are 49 years old this year, with single payment of $200K into Platinum Retirement Elite. In 10 years' time at age 59 years old, you potentially can get a monthly payout of $2,666 per month for 20 years (total payout of $639,840).

Let me know if you are keen to find out more.

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Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Answered 3w ago

As of now, you can only do so manually. It is quite simple anyway, since it can be done online instantaneously (via PayNow). Please note however, that if you have any SA balances (after RA is formed), your withdrawals will be deducted from your SA first followed by OA.

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ūüĎć 0

Hi there,

For CPF to administer such a system they would need to further improve the UI/UX of their site. They have improved it such that you can paynow your CPF to your OA accounts.

As of today, you can only withdraw out manually.

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