Hi, we are able to withdraw excess money above FRS but do note that the excess money that can be withdrawn excludes top-up monies, interest earned and any government grants received. Below is a hypothetical example: Assuming Bob is a freelancer and made no compulsory contribution to OA & SA. Total voluntary top up made to SA = $192k FRS in 2022 = $192k (2022) SA balance at age 55 in 2022 = $240k (incl. interest) Total amount that can be withdrawn = $0 (All the monies in SA are top-up monies & interest earned on it hence cannot be withdrawn) Hope this clarifies! Check out CPF website: www.cpf.gov.sg/member/faq/growing-your-savings/retirement-sum-topping-up-scheme/i-have-made-top-ups-to-my-special-account-before-55--what-will-h
Very good presentation. Thank you.
Glad it was helpful. Thank you
Hi, can u verify the withdrawal limit from ur presentation? Becoz from cpf website, it is written that anything above FRS will be withdrawable.
Hi, we are able to withdraw excess money above FRS but do note that the excess money that can be withdrawn excludes top-up monies, interest earned and any government grants received.
Below is a hypothetical example:
Assuming Bob is a freelancer and made no compulsory contribution to OA & SA.
Total voluntary top up made to SA = $192k
FRS in 2022 = $192k (2022)
SA balance at age 55 in 2022 = $240k (incl. interest)
Total amount that can be withdrawn = $0 (All the monies in SA are top-up monies & interest earned on it hence cannot be withdrawn)
Hope this clarifies!
Check out CPF website: www.cpf.gov.sg/member/faq/growing-your-savings/retirement-sum-topping-up-scheme/i-have-made-top-ups-to-my-special-account-before-55--what-will-h