Published June 1, 2018 · Updated November 3, 2026
How much can you withdraw from your CPF once you turn 55 — and where does the money actually sit? For many Singaporeans and Singapore Permanent Residents, the answer changed in 2025, when the Special Accounts of older members were closed.
In this guide, we explain your CPF withdrawal options at 55: how your accounts change, how much you can withdraw, how CPF LIFE pays you for life, and the current ways to receive your savings — online, via PayNow, by GIRO, or from overseas.
In Budget 2024, the Government confirmed that the Special Account (SA) of every Central Provident Fund (CPF) member aged 55 and above would be closed. The CPF Board closed the Special Accounts of members aged 55 and above on 19 January 2025, and closes them when members subsequently turn 55. The change matters because your withdrawal amount still depends on the retirement sums set each year and on whether you own a property you can pledge.
This guide was first published on June 1, 2018, and was last reviewed and updated on 3 November 2026.
What Happens to My CPF Accounts After I Turn 55?
At 55, your Special Account closes, your Retirement Account opens, and your savings are re-arranged around the Full Retirement Sum.
CPF members below 55 have an Ordinary Account (OA), a Special Account (SA) and a MediSave Account (MA). Before 2025, a fourth account — the Retirement Account (RA) — was created only when you turned 55.
Budget 2024 changed that structure. The Central Provident Fund Board closed the SAs of members aged 55 and above on 19 January 2025 and closes the SA when a member subsequently turns 55. If you turn 55 after 19 January 2025, your SA closes on your 55th birthday.
Transfer of your SA and OA savings to your new RA is automatic up to the FRS, generally leaving up to S$5,000 in your OA for unconditional withdrawal. Your OA and SA savings above the FRS stay in your OA and remain withdrawable at any time. Any balance left in the Fund keeps earning interest until you withdraw it.
Interest continues while you wait. RA savings earn at least 4% a year, and OA savings at least 2.5%. Members aged 55 and above also earn additional interest on their combined balances, credited to the RA.
The CPF Board reviews the retirement sums annually. The figures in the table below apply to members who turn 55 during 2026.
1. Your Ordinary Account stays open
Your OA is not closed at 55. Once you have set aside the FRS in cash or with an eligible property, you can withdraw your OA savings. Your OA may also receive contributions and interest. If you have not set aside your FRS, non-withdrawable OA savings may be transferred to your RA when you make a withdrawal.
2. Your Special Account closes
Your SA closes on your 55th birthday if you turn 55 after 19 January 2025. If you were already 55 or older on that date, it closed on 19 January 2025. SA savings were transferred to your RA up to the FRS, with any remaining savings moved to your OA.
3. Your Retirement Account opens
Your RA is created on your 55th birthday. It receives your SA savings first, followed by your OA savings, up to the FRS. It earns at least 4% interest and supports your retirement payouts, which may be lifelong under CPF LIFE.
4. Your MediSave Account remains untouched
Your MA is unaffected by the changes at 55. It continues to pay for hospitalisation, MediShield Life and approved insurance, subject to the applicable withdrawal limits.
CPF Retirement Sums for Members Turning 55 (2026)
| Retirement sum | Amount (S$) | What it means at 55 |
|---|---|---|
| Basic Retirement Sum (BRS) | 110,200 | The minimum you must generally retain if you pledge an eligible property |
| Full Retirement Sum (FRS) | 220,400 | The amount transferred from your OA and SA into your RA, if your savings suffice |
| Enhanced Retirement Sum (ERS) | 440,800 | The ceiling for voluntary cash top-ups to your own RA |
What Is CPF LIFE and How Do Its Monthly Payouts Work?
CPF LIFE (Lifelong Income For the Elderly) is a national annuity that converts your Retirement Account savings into monthly income for the rest of your life.
Your Payout Eligibility Age is 65 if you were born in 1954 or later; it is lower for earlier birth cohorts. Singapore Citizens and Permanent Residents born in 1958 or later are automatically included in CPF LIFE if they have at least S$60,000 in retirement savings when their monthly payouts start. Those with smaller balances remain under the Retirement Sum Scheme unless they apply to join.
You can start your monthly pay-outs any time between the ages of 65 and 70. Payouts begin automatically by 70 if you have not chosen a start date. Each year you defer, your monthly amount rises.
The size of each payment depends on your RA savings, your plan, your gender and your start age. Payments continue for life. Remaining CPF savings, including any RA balance, pass to your nominees under your CPF nomination.
1. Standard Plan
The Standard Plan provides generally level monthly payouts for life and uses your RA savings as the CPF LIFE premium. It offers the highest initial payout of the three plans, although payouts can be adjusted for long-term changes in interest rates or life expectancy.
2. Basic Plan
The Basic Plan provides lower monthly payouts, which decline when combined CPF balances fall below S$60,000. On death, any unused CPF LIFE premium and remaining RA balance are payable to your beneficiaries.
3. Escalating Plan
Payouts start lower than the Standard Plan and rise by 2% every year. It suits members concerned about inflation in later life.
How Much Can You Withdraw From Your CPF at 55?
From age 55, eligible members can withdraw up to S$5,000 even if they have not met the FRS; further withdrawals depend on their savings and property arrangements.
Eligibility for a withdrawal at 55 turns on two things: your total OA and SA savings, and whether you own a pledgeable property. An eligible completed property must have a remaining lease that lasts you to at least age 95 and meet the CPF Board’s other conditions. It must also cover you, as an owner-occupier, until at least age 95.
At 55, you must first set aside the Full Retirement Sum (FRS) in your Retirement Account unless you pledge an eligible property. If you do not own an eligible property, you must retain the FRS in your RA if your savings allow it; if your savings fall short of the FRS, they stay in your RA, and eligible members can still withdraw up to S$5,000 as described below. If you own an eligible property, you may use it to cover up to half of the FRS; you still retain at least the BRS in your RA and can withdraw eligible savings above the BRS.
CPF members born in 1958 or later hold a further option. From their Payout Eligibility Age of 65, they may take a one-time lump sum of up to 20% of their RA savings. The remaining balance continues to fund your retirement payouts, either under CPF LIFE or the Retirement Sum Scheme.
None of these withdrawals is taxed. CPF savings and CPF LIFE pay-outs are not taxable income, according to the Inland Revenue Authority of Singapore (IRAS). Retirement planning still rewards attention, because cash top-ups to an RA earn tax relief each year, subject to caps.
1. If your savings exceed the Full Retirement Sum
Once you have set aside the FRS, you can withdraw your remaining OA savings in part or in full. Your SA has already closed at 55.
2. If your savings fall short and you own an eligible property
An eligible property can make up to half of the FRS, while at least the BRS is retained in the RA. Subject to the CPF Board's property conditions and exclusions, you can withdraw eligible RA savings above the BRS.
3. If you cannot set aside the Basic Retirement Sum
Members born in 1958 or later can still withdraw up to S$5,000 from their available OA savings from age 55. Remaining retirement savings support future monthly payouts, which may be under CPF LIFE or the Retirement Sum Scheme.
4. The 20% lump sum at 65
Members born in 1958 or later may withdraw up to 20% of eligible RA savings as at age 65, generally excluding cash top-ups, CPF transfers and government grants. The calculation includes the S$5,000 available from age 55, so it is not an extra S$5,000 on top. The CPF Board's withdrawal application shows your individual amount. If the additional amount is neither withdrawn nor used to increase payouts, it moves to your OA when payouts start.
What You Can Withdraw From Your CPF at 55
| Your situation at 55 | What you must retain | What you can withdraw |
|---|---|---|
| OA and SA savings above the FRS, without property | FRS in your RA | Everything above the FRS |
| Savings above the FRS, with an eligible property | At least BRS in RA; property may cover up to half the FRS | Eligible OA savings plus eligible RA savings above BRS |
| Savings below the FRS, with an eligible property | At least the BRS in your RA; the property pledge covers up to half of the FRS | Eligible savings above the BRS |
| Savings below the FRS, without a property pledge | The rest of your savings, up to the FRS, in your RA | Up to S$5,000 |
| Any member, even with savings below the BRS | The rest of your savings, for your monthly payouts | Up to S$5,000, unconditionally |
What Are the Current Ways to Withdraw Your CPF in 2026?
Apply online with Singpass; PayNow and bank transfer are payment methods, while members overseas should check alternative arrangements with the CPF Board.
The CPF Board has moved almost every withdrawal process online. Members aged 55 and above apply through My Requests on the CPF website, or through the CPF mobile app, after logging in with Singpass. You can track your CPF withdrawal from submission to payment in the same service.
Payment follows the channel you nominate. A CPF PayNow withdrawal goes to a bank account registered to your National Registration Identity Card (NRIC) as a PayNow proxy — an option available since 26 March 2018. Otherwise, payment is made by interbank GIRO to a POSB, DBS, OCBC or UOB account, or any account already held in CPF records.
Members living overseas should apply online where possible. A postal application on Form RWD-55 (Application for CPF Withdrawal for Members 55 and Above) remains available. Supporting documents, such as a bank statement or passbook, must reach the CPF Board as certified true copies — witnessed, with the official stamp and seal, by an official Singapore Overseas Mission.
Plan the payment route early. CPF savings are paid into a bank account in Singapore registered in your own name. Open or retain a Singapore Bank Account before applying, so approval is not delayed.
1. Apply online with Singpass
Log in to the CPF Board's online service with Singpass and submit the application to withdraw savings for immediate retirement needs. Check your registered bank details, available amount and online Daily Withdrawal Limit first.
2. Receive your CPF savings via PayNow
Register your NRIC with a participating Singapore bank and select the PayNow NRIC-linked account in CPF Account settings. After the 12-hour cooling period, eligible online withdrawal payments are generally immediate, subject to checks.
3. Receive your savings by interbank GIRO
Register an eligible bank account in CPF Account settings. Activation generally takes up to two working days after bank verification; allow additional time for payment processing.
4. Apply while overseas
Apply online with Singpass where possible. If you need a postal application or an overseas payment arrangement, ask the CPF Board which forms and supporting documents apply to your circumstances.
Ways to Withdraw Your CPF Savings in 2026
| Channel | How to apply | Who it suits |
|---|---|---|
| Online with Singpass | My Requests on the CPF website or mobile app | Members in Singapore with a Singpass account |
| PayNow | Online application; NRIC-linked PayNow bank account | Members who want faster crediting |
| Interbank GIRO | Online application; bank account in CPF records | Members paid into POSB, DBS, OCBC or UOB |
| Post — Form RWD-55 | Completed form mailed to the CPF Board | Members living overseas |
Conclusion
Singapore's CPF system in 2026 no longer matches the one this guide described in 2018. Special Accounts are gone for members aged 55 and above. Every withdrawal now flows around the retirement sums the CPF Board sets each year.
The essentials, though, have held steady. Eligible members can withdraw from 55, and monthly payouts can start from 65 for members born in 1954 or later. Your retirement sum, property arrangements and CPF LIFE choices affect those decisions.
3E Accounting Singapore is a one-stop corporate services provider. We help CPF members, business owners and their families align their withdrawals with payroll, immigration and tax obligations. Speak to our Corporate Professional Advisors before you apply, so the decision fits your wider plans.
Plan Your CPF Withdrawal With Confidence
Our team supports individuals and companies across Singapore with CPF, payroll, tax and immigration matters.
Frequently Asked Questions
Eligible members can generally withdraw up to S$5,000 from available OA savings from age 55 even without meeting the FRS. After setting aside the FRS, they can withdraw remaining OA savings. An eligible property may allow withdrawal of eligible RA savings down to the BRS. For members turning 55 in 2026, the FRS is S$220,400 and the BRS is S$110,200.
Link your NRIC to PayNow with a participating bank and select your PayNow NRIC-linked account in CPF Account settings. After the 12-hour activation period, apply online with Singpass. Payment is generally immediate, subject to checks.
Yes. Apply online with Singpass where possible. If you cannot use the online service or need an alternative payment arrangement, contact the CPF Board to confirm the current requirements.
Your Payout Eligibility Age is 65 if you were born in 1954 or later; it is lower for earlier birth cohorts. You may start the monthly payouts any time between 65 and 70; if you do not choose, payouts begin automatically by age 70. Each year of deferment increases the monthly amount.
No. Amounts withdrawn from your CPF accounts and CPF LIFE pay-outs are not taxable income, per the Inland Revenue Authority of Singapore. Separately, eligible cash top-ups to your RA may qualify for tax relief, subject to conditions and caps; top-ups that attract a Matched Retirement Savings Scheme grant do not qualify.
Abigail Yu
Director
Abigail Yu oversees executive leadership at 3E Accounting Group, leading operations, IT solutions, public relations, and digital marketing to drive business success. She holds an honors degree in Communication and New Media from the National University of Singapore and is highly skilled in crisis management, financial communication, and corporate communications.
