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Withdrawing CPF: Half put funds in savings accounts

A CPF Trends study has found that 51% saved for their retirement while 27% used their withdrawals for household expenses.

Among those who withdrew, the median and average amounts were $9,000 and $33,000, respectively. About 12% spent on holidays or overseas trips, and 4.4% used the funds for home renovation.

JUST over half of CPF members who withdraw their CPF savings park the funds in savings accounts and finance companies, a CPF Trends study has found.

Some 27 per cent use the funds for household expenses, and 13 per cent use it to pay off loans.

The CPF Trends study draws data from...

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