Some facts for people who retire after 2013 ...

"From 1 January 2009, members who reach 55 can only withdraw 40 percent of their Special and Ordinary Account balances, and then the remaining balances, if any, after they have met the CPF Minimum Sum and the Medisave Required Amount in the Medisave Account. This percentage of withdrawal will go down by 10 percentage points each year."

- source: www.cpf.gov.sg

1. If you will to retire after 2013, you can no longer take out 50% of your CPF money. You can only take out the excesses of OA and SA after you have met the Minimum Sum of $120,000. Medisave Minimum Sum is currently at $30,000.

• The last date that allows members to take out 50% is 31 December 2008.

2. The Minimum Sum you set aside will determine your payout for 20 years after your retirement. Currently, the monthly payout starts at the statutory retirement age of 62. An alternative is to purchase a Annuity. It's not a popular choice though.

3. Recently, there are recommendations to extend the retirement age beyond 62, which means to say,

• the monthly payouts will start at a later age
• people may need to continue working if they
  
• do not have enough savings;
• do not meet the Minimum Sum requirements

All these may catch most people unaware and deliver a big impact to them.