Turning 55 soon, confused about CPF withdrawal and Retirement Account

When my mum turned 55 we learned a few things the hard way, so here's the practical version. At 55 the RA is formed and it holds the sum needed for her retirement payouts; how much she could take out depended on whether she met the Full or Basic Retirement Sum, and property can affect this because pledging a property lets you set aside less. Withdrawal isn't automatic, she had to apply through CPF and choose how much, and the rest stays to earn interest and fund CPF LIFE later. The numbers differ every year and by cohort, so don't rely on what a friend got. We booked a session with CPF to go through her specific situation, which I strongly recommend. Also decide carefully, money left in CPF earns good interest, so withdrawing everything isn't always best. Get proper advice for his personal circumstances.

From my experience helping my dad, at 55 CPF creates a Retirement Account, RA, and money from your Special Account and Ordinary Account is moved into it up to the Full Retirement Sum to fund your future CPF LIFE payouts. You can withdraw some CPF savings from 55, generally at least a base amount even if you don't meet the Full Retirement Sum, and more if you have savings above the required sum after setting aside the retirement portion. The exact figures depend on the year's Retirement Sum amounts, which change annually, so check the CPF website for his cohort. Monthly payouts under CPF LIFE start later, around the payout eligibility age. My advice: log into his CPF account together to see his actual numbers, and consider the CPF retirement planning service. For a decision this big, speak to CPF directly or a licensed adviser.