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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.

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Genevieve Cua

Genevieve Cua

Published Tue, Aug 28, 2018 · 09:50 PM

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    Drawing on the CPF

    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 the Retirement and Health Study (RHS), a longitudinal survey of Singapore residents' retirement and healthcare needs, and how these have changed over time.

    CPF

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