Should you take out your CPF money at age 55?
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Will you withdraw your CPF savings to spend or invest? Or leave it in CPF as your retirement savings?
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Answers From The Community
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L
Loy S N
As long as you are able to survive with your current savings, just let the funds at CPF to earn more interest.
3 Votes -
D
David Lim
Yes. Will take out and invest in other channels like ETFs to get better returns.
2 Votes -
E
Eric Teo
YOLO!! But seriously, I would take some out to enjoy life at that point of my life.
2 Votes -
T
TSK-10
When I reach age 55, I would have at least funded my RA with FRS and allowed to withdraw all remaining balances in OA/SA. As I have sufficient spare cash and other sources of income to support me till 65, I will choose not to withdraw any CPF OA/SA monies. I am more conservative and risk averse, so my choice is as follows:
1. Monies in SA is as good as monies in RA. Now SA monies earn an attractive interest rate of 4.1%pa, better than RA, so I will continue to do voluntary contributions to OA/SA/MA every year to earn risk free high interest rate as well as to buildup another source of retirement fund/income.
2. Although OA monies earn only 2.5% pa risk free interest, I can choose to invest in low risk investments such as Tbills to grow the funds. My choice/priority is still liquidity as I can withdraw the monies anytime I need it, like an ATM machine, on demand and with flexibility.
3. If I have spare cash which cannot earn more than 4%pa in low risk investments, I might consider topping up RA to buildup my CPF Life payout for the future. But for now, I can still earn more than 4%pa in high interest savings account. Interest earned is another form of risk free retirement income, liquid, flexible and on-demand.1 Vote -
T
Travisity
Leave in CPF. Safer and can earn interest. Too many scams nowadays
1 Vote -
S
Sin
Will withdraw it out as it took so many decades to save and reach a point when able to withdraw. Do things u like.
1 Vote -
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Serene
I believe lots of people around that ages, MOSTLY has fired from their employee and due to aging, health may not as good as before, so lots of peoples has force themselve to retire early. Not lot of singaporean has saving or high pay. BEST is took out their CPF money more than $600 monthly to survives!
1 Vote -
K
Kyra
I would take out my CPF at 55 because I felt that at 55, I might not have so much savings and would need to tap on the CPF for daily expense.
1 Vote -
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Li ChengBin
Putting in CPF also earn good interest rates. For those that invest, will probably withdraw partial or full CPF funds to put in their investment portfolios to get better returns.
1 Vote -
P
POng
Before you hit 55, transfer some OA money to SA to earn the 4% interest and let it compound over the years to exceed the FRS. Once you are 55, you already fulfilled the FRS and the remaining sum will remain at SA and you can left it to earn compound interest and withdraw when you are in need to money. You can also use CPF to buy SSB or T bill instead of using cash as investment.
1 Vote -
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Isabella
If the interest rates of investments are better than CPF interest rates, you should out to invest. It depends on individual risk appetite. However, if you really need the money, withdraw in portions. Not all at once.
1 Vote -
J
JKEY
Taking out money at age 55 to enjoy life while still alive
0 Vote -
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Vic
Leave if for better interest if can
0 Vote -
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KSL
Yes. It's our money to keep and use.
0 Vote -
J
Jackson
No, safer and the interest rate in CPF is much higher than what you can earn from the bank interest.
0 Vote -
Y
Yuri Chua
No, the interest rate in CPF is much higher than what you can get from the bank interest.
0 Vote -
O
Oh Poh Tin
I would use it to invest in properties
0 Vote -
S
Shan
Take out the money if you need it or you can find an investment plan that pay higher interest than current CPF rate
If not keep it inside to earn risk free interest.0 Vote -
C
Chen weiliang
I feel that it will be better to take out the money first to put in another bank that will pay you a higher interest.
0 Vote -
O
Oskar97
Yes, to invest more
0 Vote -
L
Leow
If you does not need the money; can keep it inside to earn more interest
0 Vote -
N
Nim ruk
I think we should take out, but not all portions because we might use it all at once so you can redeem as you needed for a period of time so it is a good control for using money as well
0 Vote -
Y
YL
If you are still working, dont take out but let interest continue to grow in your account.
0 Vote -
D
Daryl Ang
Invest the money for greater use
0 Vote -
B
BB8_EWTSY
No, if you are able to survive with your current savings, why not just let the funds at the CPF to earn more interest.
0 Vote -
Z
Zave Chee
Ni. Its still best to keep in the account earning interest and to use it wisely
0 Vote -
Z
Zulkarnien
Give time to reach frs
0 Vote -
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Matthew Lim
I will leave it to earn long term higher interests. It is risk free and compounding yearly. Good interests to earn better than the banks and bonds.
0 Vote -
F
Fu ruk
70 is better as 55 we still can work and earn money
0 Vote -
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Metatera
I will use the money to invest in other products which can bring me interest that is greater than 4%.
0 Vote -
p
paulw
there are many ways to earn more than the interest rates from CPF. And there are many ways to learn more about earning money or even higher interest rates
0 Vote