70-year-old Singaporean’s retirement payouts will end in May even though he has $67,562 in his CPF account

A 70-year-old Singaporean revealed to a local publication this week that his retirement payouts are set to cease in May 2019, even though he has $67,562.78 in his Central Provident Fund (CPF) account.

The senior citizen, Mr Michael Toh, shared with the RedWire Times that he retired at the age of 55 and has been retired for 15 years. He has paid off his Housing Development Board flat loan in full.

In December, Mr Toh checked the total amount in his CPF account and found that he had $67,562.78 in the account.

The retiree revealed that he received a letter from CPF Board recently, informing him that the balance in his Retirement Account (RA) balance is S$646.86. The letter said that his last estimated payout will be in May 2019, since he receives a $250 payout monthly.

Mr Toh shared: “On 31/12/2018 my total amount across my CPF was S$67,562.78, which means CPF is keeping S$66,665.92 of my savings in my CPF money away from me for Ordinary Account (OA), Special Account (SA) and Medisave Account(MA).

“Why keep so much of life saving money saved in my CPF account away from a 70-year-old healthy senior citizen? Is my lifetime money reserved for OA, SA and MA account more important than my money for retirement expenses?”

Read his post in full here:

“CPF is our life time savings for retirement. It is our money saved with CPF. I was asked to retire at age 55 and lived in retirement for 15 years already.

“I am now a 70-year-old senior citizen. Luckily my HDB flat loan was full paid off.

“CPF recently send me a letter to inform me that my Retirement Account (RA) balance was S$646.86 and with my monthly payout of S$250 from my RA, the last estimated payout will be in May 2019.

“On 31/12/2018 my total amount across my CPF was S$67,562.78, which means CPF is keeping S$66,665.92 of my savings in my CPF money away from me for Ordinary Account (OA), Special Account (SA) and Medisave Account(MA).

“Why keep so much of life saving money saved in my CPF account away from a 70-year-old healthy senior citizen? Is my lifetime money reserved for OA, SA and MA account more important than my money for retirement expenses?

“Does CPF expect me to die in three months therefore I don’t need money for expenses?”