Martin Lee @ Sg
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CPF Minimum Sum to Go Up

The current CPF minimum sum of $99,600 will go up to $106,000 from 1st July this year. This is the amount of CPF monies that you have to set aside before you can withdraw the rest. Upon reaching 55, the minimum sum will be moved to your retirement account, and you will start getting a monthly payout of about $960 from age 64 for the next 20 years.

The Medisave minimum sum will also go up from $28,500 to $29,500 while the cap on the Medisave contribution ceiling will go up from $33,500 to $34,500.

There is also a phasing out of the 50% withdrawal rule for those who are unable to meet the CPF minimum sum. From 1st January 2013, CPF members must meet the CPF and Medisave Minimum Sums first before they can withdraw their remaining Ordinary Account and Special Account balances at age 55.

The complete press release with details of the changes can be found on this page of the CPF website.

Going ahead, you can expect the minimum sum amounts to be revised upwards every year to factor in inflation.

Click here to leave your comments.

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Leave a Comment:

4 comments
lioninvestor says 16 years ago

Hi Elly,

Sorry for the late reply. Here’s my response to your question:

http://www.martinlee.sg/property-sale-and-cpf-minimum-sum/

Reply
Elly says 16 years ago

Responses to “CPF Minimum Sum to Go Up”

Hi Martin,
Thank you so much for your response.

Let me make give you these figures to work on:
Assuming:
1) I reach 55 yrs in 5 yrs time.
2) I used $250,000 CPF money to pay for my house, besides the cash portion. The house has been fully paid up.
3) I can sell the house at 1 million dollars.
4) I have $50,000 in OA, $40,000 in Special, $34,000 in medisave.

Thanks again!

Reply
lioninvestor says 16 years ago

Hi Elly,

Thanks for your compliments.

For your querry, I need a bit more information to work with.

When is the year that you will hit 55?
What is the amount deducted from your CPF to pay for your house?

Reply
elly says 16 years ago

Hi,
I like your blog. There is always a write up of the latest events happening in Singapore. As a Singaporean, it is very useful to be updated on all current issues. It provides a one-stop info centre.

Just wanted to check with you: about the current min. CPF sum requirement :
1) assuming I have less than the required min. cpf amt. at age 55
2) I sell my house at age 56 yrs.
3) Will the cpf auto deduct the min. cpf amt. from the sale proceeds?

Appreciate your help on this so that I can plan when to sell my house.

Many thanks!

Reply
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