CPF

====== CPF OA/SRS withdraw Notes ======
| CPF OA withdraw | As of 2025 information, From age 55, you have the flexibility to withdraw your CPF OA after setting aside the applicable retirement sum in your RA. You can withdraw **at any time**, whether in full or partially, and as frequently as you like. |
| SRS withdraw | on and after the Prescribed/statutory retirement age (spread over 10 years) | 

SRS withdraw Details: [[https://www.iras.gov.sg/taxes/individual-income-tax/basics-of-individual-income-tax/special-tax-schemes/tax-on-srs-withdrawals#:~:text=Currently%2C%20an%20SRS%20member%20can,other%20taxable%20income%20and%20relief|IRAS SRS withdraw Guideline]]

| SRS Withdraw  | Type of withdrawal | Amount subject to tax \\ (tax in the Year of Assessment) | 5% penalty imposed? |
| Penalty-free withdrawal | Withdrawal on or after prescribed retirement age (**withdrawal can be spread over 10 years from the date of first penalty-free withdrawal**) | 50% of withdrawal sum | No |
|::: | Withdrawal on medical ground (physical or mental incapacity; partial withdrawal on grounds of terminal illness) |::: |::: |
|::: | Withdrawal in full due to terminal illness | 50% of full withdrawal sum **less** an exempt amount of up to $400,000 |::: |
|::: | In the event of bankruptcy | 100% of withdrawal sum |::: |
|::: | Withdrawal in one lump sum by a foreigner (with at least 10 years holding period) | 50% of lump sum |::: |
|Other withdrawals | Early withdrawals before prescribed retirement age | 100% of withdrawal sum | Yes |

Note: 
  * You may make penalty-free withdrawals from your SRS account over 10 years starting from the date of your first penalty-free withdrawal. 
 

====== Make a voluntary housing refund ======
{{:mywiki:housing_refund.png?linkonly|Voluntary Housing Refund}}

====== CPF Info ======
{{:mywiki:cpf-life-ra.png|}}

====== CPF Life VS CPF Retirement Sum (RS)======
  * CPF Life: new and suppose everyone except those not meet the requirement.
  * CPF Retirement Sum: only for old people and those not meet CPF life plan
===== CPF Retirement Sum (RS)=====
There are 3 kinds of CPF RS as of now.
  * Basic Retirement Sum (BRS)
     * By pledging your property, you can withdraw the remaining amount from CPF Special Account (CPF SA) and Ordinary Account (CPF OA).
  * Full Retirement Sum (FRS) 
     * NOT pledge your property and have sufficient balance in your CPF SA and OA combined
     * Once you hit the FRS, you can **withdraw any CPF SA and OA monies** above the FRS amount
  * Enhanced Retirement Sum (ERS)
     * A common **misunderstanding** CPF members have is that your CPF Retirement Sum has to be any of the 3 amounts. It does not have to be; if you have pledged your property you can choose to transfer an amount that falls between the BRS and FRS to your RA, likewise you can also transfer an amount that falls between the FRS and ERS to your RA.

{{:mywiki:cpf-brs-frs-ers-amount-2021.png|}}


===== CPF LIFE Plans introduced in 2009 =====
For any CPF Retirement Sum (RS), there are 3 CPF LIFE Plans:
  * Standard Plan
  * Basic 
  * Escalating Plan

{{:mywiki:cpf-life-plan-payout-difference.png|}}

{{:mywiki:cpf-life-estimator-different-plans.png|}}


===== CPF LIFE VS Retirement Sum Scheme =====
The CPF LIFE auto-inclusion criteria:
{{:mywiki:cpf-life-auto-inclusion.png|}}


==== Similarity of CPF LIFE VS Retirement Sum Scheme ====
When we reach our payout eligibility age of 65, we can start receiving monthly payouts from **either schemes**. We can also choose to defer our payouts until we reach a maximum of 70 years old.

On both CPF LIFE and the Retirement Sum Scheme, the maximum age we are able to defer our monthly payouts to is when we turn 70 now.

==== differences between CPF LIFE VS Retirement Sum Scheme ====

Under the Retirement Sum Scheme(RS), we receive payouts from our Retirement Account balances. We will still be able to monitor and track our funds within our Retirement Account.

On the Retirement Sum Scheme, we were able to purchase property with our Retirement Account balances up to the Basic Retirement Sum, or half of the Full Retirement Sum. We were able to do this at any point we wished, primarily because our funds still reside in our Retirement Account as opposed to within the CPF LIFE scheme.

On the Retirement Sum Scheme, the interest is paid into our Retirement Account Balances.

On the Retirement Sum Scheme, all remaining balance including interest is given to bequest.


Under **CPF LIFE**, once we start receiving our monthly payouts, it means we have contributed our funds to CPF LIFE. For many of us, this means our funds **no longer sit within our Retirement Account**, and we receive our monthly payouts from the CPF LIFE scheme, which we have contributed to. 

On CPF LIFE, our balances in our Retirement Account is contributed into CPF LIFE, typically when we turn 65. While we can continue using our Retirement Account balances to purchase a property until that point, this flexibility is gone once our Retirement Account funds is contributed into CPF LIFE.

On CPF LIFE, funds that are contributed to the scheme earns an interest that is paid to the Lifelong Income Fund, which is meant to continue giving monthly payouts to those who live longer.

On CPF LIFE, all remaining balance **excluding interest** is given to bequest.

====== What gets distributed upon death/die======
| OA/SA/RA | All savings (premiums and interest) in the deceased person’s CPF accounts will be distributed |
| CPF Life | any unused annuity **premiums only** will be distributed, **but not for interest part** |