Dear sir/madam,
A typical timeline for a HDB resale unit to complete the transaction upon successfully securing a purchaser takes about 10 weeks, excluding the marketing period involved, therefore timing seems to be sufficient on your end with respect to your concerns.
When one turn 55 years old, a Retirement Account (RA) will be created and from your Special Account (SA) and Ordinary Account (OA) will be transferred into your RA to meet your CPF Minimum Sum (MS).
This amount provides one with a monthly income from age 65 to help one cover their living
expenses in old age. If one is unable to set aside your CPF MS, their property bought with CPF savings will automatically be pledged up to 50% of the MS to make up the difference.
RA savings will be used to buy a CPF LIFE annuity, and one will receive monthly payouts
from 65 years old for as long as they live.
Hope the above helps.
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Geryl LIM
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Century 21
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