Written Answer by Minister for Manpower Dr Tan See Leng to PQ on Average Balance in Singaporeans' MediSave and Retirement Accounts at Death
NOTICE PAPER NO. 1491 OF 2022 FOR THE SITTING ON 7 NOVEMBER 2022
QUESTION NO. 2343 FOR WRITTEN ANSWER
MP: Mr Desmond Choo
To ask the Minister for Manpower over the last ten years, what is the average balance in Singaporeans’ CPF MediSave and Retirement Account at the point of death.
Answer:
As the average balance may be skewed by a relatively small group of members with higher balances, it may be more instructive to look at the median instead. Table 1 shows the average and median MediSave and Retirement Account balances of Singaporeans aged 65 years or older and 85 years or older who passed away in the last 10 years.
Table 1: MediSave and Retirement Account balances of Singapore Citizens who passed away between 2012 and 2021
| Age Passed Away |
MediSave Account Balance |
Retirement Account Balance |
| Average |
Median |
Average |
Median |
| 65 years old and above |
$12,900 |
$6,500 |
$9,700 |
$0* |
| 85 years old and above |
$8,100 |
$4,800 |
$1,800 |
$0 |
*A majority of the members in this group passed away after the age of 80 and may have fully utilised their Retirement Account monies by then. Older cohorts also tend to have lower RA balances due to more liberal withdrawal rules at age 55.
MediSave Account and Retirement Account balances upon members’ demise may differ depending on factors such as members’ life-span and individual utilisation of Central Provident Fund (CPF) balances.
For those who have passed away, their CPF savings will be distributed to their beneficiaries in cash according to their CPF nomination or through the Public Trustee's Office if no CPF nominations were made.