Asked on 12 Jun 2019
More details on my question above, this would mean that my OA account would not have any increase in amount on a monthly basis (as the balance left from monthly contribution would be transferred to SA), other than the interest earned on the $20k left in my OA account. This is with the plan of leaving $20k balance in my OA upon my collection of my HDB flat in the near future.
Hi Ting Han,
Transferring your Ordinary Account (OA) savings to your Special Account (SA) is only available for members below 55 years old who do not have a Retirement Account (RA).
For members aged 55 and above, you can transfer your SA, followed by your OA savings to your RA to build up your retirement savings, up to the current Enhanced Retirement Sum. Doing so will help to build your retirement savings to give you higher monthly payouts from age 65.
You can try using this online tool to estimate the payouts under CPF LIFE: https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeEstimator/LifeEstimator
Do note that transferring your SA/OA savings to your RA cannot be reversed, so you should take into account your personal circumstances to see if it’s the right move for you.
If you are not looking at another property, transferring from your OA to SA will help you to optimize returns so that you can build up your retirement funds.
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16 Jun 2019