In Singapore, the Central Provident Fund (CPF) is a mandatory savings scheme for working individuals, and it serves as a form of retirement savings. CPF contributions are made by both employees and employers and are set aside in different accounts for different purposes such as retirement, healthcare, and housing. However, at certain points in a person’s life, they may need to withdraw money from their CPF accounts. This article will discuss the various ways one can withdraw money from their CPF account in Singapore.

The first way one can withdraw money from their CPF account is through the Retirement Sum Scheme (RSS). The RSS allows individuals who have reached the age of 65 to receive a monthly payout from their CPF accounts, providing them with a regular stream of income for their retirement. The monthly payout is calculated based on the amount of money in the individual’s CPF account and the prevailing CPF interest rate.

Another way to withdraw money from the CPF account is through the CPF LIFE scheme. CPF LIFE is an annuity scheme that provides a monthly payout for life. This scheme is also available for individuals who have reached the age of 65 and have met the Minimum Sum requirement in their CPF accounts. The monthly payout is calculated based on the individual’s CPF balance, gender, and age at the point of joining the scheme.

Apart from the above two schemes, individuals can also make a lump sum withdrawal from their CPF accounts. This is possible if they have reached the age of 55 and have set aside the Full Retirement Sum (FRS) or the Basic Retirement Sum (BRS) in their CPF accounts. They can withdraw any amount in excess of the FRS or BRS, up to the CPF withdrawal limit, which is currently set at S$5,000.

Another way to withdraw money from the CPF account is through the Home Protection Scheme (HPS). The HPS is a mortgage insurance scheme that protects individuals and their families against losing their HDB flat in the event of death, terminal illness, or total permanent disability. Premiums for the HPS can be paid using CPF savings, and the payout for the HPS can be made using CPF savings, up to the CPF withdrawal limit.

Lastly, individuals can also make a withdrawal from their CPF accounts for healthcare expenses. They can use their CPF savings to pay for their own or their immediate family members’ hospitalization, medical, or long-term care expenses. However, the withdrawal amount is subject to certain limits and conditions.

In conclusion, the CPF is an important savings scheme in Singapore, providing individuals with a source of retirement savings. While there are different ways to withdraw money from the CPF account, it is important to note that the CPF is meant to be a long-term savings scheme, and individuals should consider their financial needs carefully before making any withdrawals.