Singapore Retirement Age, Re-Employment Age And Cpf Withdrawal Age
Singapore CPF Withdrawal Age
Singapore's CPF Withdrawal Age is set at 55.
This is the age you can start withdrawing money out of your CPF account.
You can only withdraw money above the Full Retirement Sum (Misconception Singaporeans have on the Re-Employment Age, we decided to go further and explain the difference between Singapore's Retirement Age, Re-Employment Age and CPF Withdrawal Age.
Singapore Retirement Age
Singapore's Retirement Age is set at 62.
This means that your employer cannot ask you to retire before you reach 62.
This does not mean that you can only retire at age 62.
YOU CAN RETIRE ANY TIME YOU WANT, you just have to say "I QUIT" to your boss.
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Singapore CPF Withdrawal Age
Singapore's CPF Withdrawal Age is set at 55.
This is the age you can start withdrawing money out of your CPF account.
You can only withdraw money above the Full Retirement Sum (Genting Singapore: A Possible Rekindled Flame?
Singapore Re-Employment Age
Singapore's Re-Employment Age is currently set at 65, and will be raised to 67 in July 2017.
Once you reach the retirement age (62), your employer is required to continue to employ you if you wish to and am healthy to continue working.
It ensures that if you are 62 but would like to continue working, your employer is not allowed to fire you.
This is similar to raising the Retirement Age EXCEPT it looks better policy-wise because raising retirement age is often badly received by the public - read our misconception post to know why.
The Re-Employment Age gives it a much better packaging of "you can retire if you want to at 62, or you can continue to work if you would like to" instead of "the retirement age is now 67" which gives people an impression that they can only retire at age 67.
Singapore CPF Withdrawal Age
Singapore's CPF Withdrawal Age is set at 55.
This is the age you can start withdrawing money out of your CPF account.
You can only withdraw money above the Full Retirement Sum (FRS) or $5,000 (which ever is higher).
Subsequently at age 65, you can choose your CPF LIFE plan (