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Understand that at 55 years old, CPF OA will be transferred to RA upon sale of flat. Can I check if this applies to either or both owners?

I am already 55 but my wife is only 50 years old, we are in a joint tenancy for this current flat. In this case, can we refer to my wife's age instead so that we can use the sale proceeds to fund for our next flat? Thanks.
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3 Answers

Hi,

Upon sale of the unit, for you who has hit 55 years old - you would have to fulfill your Basic Retirement Sum before using any more of others for your next flat. Your wife's CPF would all go into OA and can be mostly fully utilized for the next flat.

Call me at 93658888  if you have any more questions and we can meet for a discussion and a detailed financial analysis. Thank you :) Read More
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Dear Sir,

The cpf funds allocation will be dependent on your individual age and therefore there will be restrictions on your end for CPF usage. Your wife will not face any restrictions due to her age.

For your case, it will be better if I can draw up a financial plan for both of you before deciding on your next step and see whether it is feasible to switch to another flat.

Please feel free to contact me so that I can understand your situation better and assist you further!

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com

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www.nicktan.com.sg

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OHMYHOME PTE LTD
Greetings from Ohmyhome!.

We are able to assist you on this matter.

For more information, kindly contact us at 68869009  or WhatsApp us at 97551009  .

Richmond Chia
Senior Advisor
Ohmyhome Pte Ltd Read More
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