Buying a Property – Use up CPF before it vanishes into Retirement Account at 55
For Singaporeans, reaching 55 years old marks a major milestone from the perspective of personal financial planning.
At 55, you can withdraw a portion of your Central Provident Fund (CPF) savings.
Yes, finally after years of waiting, you can use the money locked up at CPF!
But hang on… before you start planning for your next holiday destination or researching for your second property…reaching 55 does not mean you can simply go to the CPF to withdraw any amount you want.
The CPF, Singapore’s pension scheme, has other plans for your funds.