What Happens To Additional Funds In My CPF Ordinary Account If I Continue Working After The Age Of 55?

At the age of 55, monies in my CPF Ordinary Account (OA) and Special Account (SA) will be transferred to my newly-created Retirement Account (RA).

What happens if I continue to work and make regular contributions to my CPF OA and SA?

Can my additional contributions be transferred to my RA to increase my CPF LIFE payout when I reach 65 and beyond? Will I be able to withdraw the additional funds at the age of 65?

DollarsAndSense Answers:

When you continue to work at the age of 55 and beyond, it is still mandatory for your employer and yourself to make CPF contributions, though at reduced proportions compared to your early years.

Read Also: Complete Guide To Your CPF Contributions In Singapore: Salary Caps, Contribution Rates And Allocation Rates

Contributed monies in your CPF OA and SA (and MediSave) will continue to earn risk-free interest. You can keep your OA funds if you wish to use it to service your monthly housing repayments, or withdraw the funds if you need it.

Alternatively, you can also make transfers from your OA/SA to your RA under the Retirement Sum Topping-Up Scheme up to the current Enhanced Retirement Sum (ERS), This allows you receive higher CPF LIFE monthly payouts for life.

To make transfers, you can visit login with SingPass at the CPF website and select “My Requests” and “Building Up My/My Recipient’s CPF Savings”.

Read Also: Retirement Sum Scheme, CPF LIFE, CareShield Life, ElderShield: Important Choices All Singaporeans Should Decide For Themselves

Have a question?

JustAsk DollarsAndSense

Ask Question Anonymously