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My husband is 59 and when he was 55 already have more than the min sum required by the government. He is still working and every year we will draw out the excess $$ in ordinary account. If we sell our current house, bto house will be ready next year. The current flat we sell , $$ go back to Cpf that we use to loan from hdb, after that , put back ordinary account, from there , can we draw out all cash. Since we already reach the retirement sum we sat aside
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3 Answers

Hi Serene,

Yes you can draw down the amounts above the full retirement sum amount for him. May I know if you have gotten a BTO unit and if so, when is the exact key collection date? 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)
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SMU BBM (Finance), Magna Cum Laude

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  • ST
    Thank you for ur reply, ur answer is very clear
Good afternoon,

As long as the basic retirement sum had been set aside, your husband will be able to withdraw the balance for housing purpose. However, it will be good to know when is the key collection date so as to match the selling of your current unit.

Do feel free to contact me for further discussion.

Regards
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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Dear Mrs. Serene,

From the info provided, you had mentioned min sum which meant Basic Retirement Sum, implied that he could has pledge half of Full Retirement Sum to the flat.
In this way, you will still able withdraw $$ from ordinary account.

After your flat is sold, you have to return CPF + accrued interest + sum pledged + accrued interest.
On top of that, you have to pay resale levy if current house is a subsidized flat.

Any excess after deducting the above shall be issue to you in cheque on the completion date.

There are other consideration if housing loan is involved.

Hope the above answer to your main concerns, but if there are more queries, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK Read More
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