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Good evening Sir/ Mdm,

your parents are eligible to withdraw the excess in cash after setting aside full retirement sum.

If they intend to purchase a property, they are still able to use half of the full retirement sum as well.

Hope my explanation helps!

May I know how can I value add further in your parents' property needs?

"Your Freehold Ally, Leasehold Tactician"

YT TAN 陈永达 | ACCA Graduate, RES
Associate Group Director
R043025D
Propnex Realty Pte Ltd
Blk 480 Lorong 6 Toa Payoh, #11-95 HDB Hub East Wing, Singapore 310480

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Hi,

Part of the hdb sale price will go towards refunding the cpf they have utilized for the property and be used to meet their full retirement sum amount. May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,
Ivan Ng ERA ASAP
(ASk Anything Property)
Proactive. Sincerity. Feedback.
SMU BBM (Finance), Magna Cum Laude

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Dear Sir/Mdm,

CPF WILL NOT hold on to their cash when they sell their property. The only amount that will go back to their RA is the amount of CPF they have used towards the house plus the accrued interests over the years.

For their next property, they will also be able to use up to 50% of their Minimum Sum to finance the purchase. I have assisted many clients who are above the age of 55 to either upgrade or downgrade.

Please feel free to contact me so that I can assist your parents and draft up a financial plan as well as to advise on the timeline.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS)
Cert-in-REA
(E) nick96444854@gmail.com
(W) www.nicktan.com.sg

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Good morning,

For the sales of the unit, all CPF utilized including interest will be credited back into their RA account. The cash proceed with be at the disposal of your parents as CPF board will not touch that component. If they are looking at getting another unit after the sales, the amount exceed require minimum sum will be usable. But if you are looking at utilize anything more, it will be worked on case by case basis.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA

Looking for an experienced agent with knowledge on sales and purchase of residential property in Singapore?
With more than 10 years experience on all S&P cases, along with knowledge related to:

1) Mental Capacity Act
2) Long Lasting Power of Attorney
3) Esate Planning and Distirbution
4) Divorce
5) Bankruptcy
6) Purchase of HDB after Retirement Age

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Hi,

I see your main concern is how CPF board going to retain the sale proceed upon selling HDB.

Your parent since already above 55, would already had their RA setup and the retirement sum already tabulated as such.
Their monthly payout would already fixed according to what they had right the time when they reached their birthdate.

Let me give an example so that you can understand quickly:
(1) CPF SA reached FRS: The retirement payout will as according to CPF board estiamted.
(2) CPF SA: BRS: Their monthly payout is according to BRS. They will be able to withdraw X-BRS in cash.
(3) CPF SA: Read More