Friday, October 16, 2015

Withdraw CPF Medisave Savings above MMS by Dec 15 2015

For those above 55 years old, here is the last chance for you to withdraw your Medisave Account Savings above the current MMS (ie $43,500). You must submit your applications to the Board by Dec 15 2015.

However, because CPF has a special method of refunding balances in MA/SA/OA, it will be better for you to first submit a request (email) to CPF to calculate the amount you need to withdraw such that your MA balance will be reduced to $43,500. Then send a formal request online or by post using the withdrawal form to request the withdrawal.

CPF actually calculates interest on MA/SA/OA up to month of withdrawal, these will be refunded first, followed by other amounts. The formula is not disclosed at the website yet, oops, at least I cannot find, hahaha

Oops, there is no formal announcement by CPF Board nor is above written on the website. However, some information are hidden in the withdrawal form, take a look at the form at the website.

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