Say you only managed to accumulate enough for a Full Retirement Sum (FRS) of $176,000 by age 55. But you actually wanted to achieve the Enhanced Retirement Sum (ERS) of $264,000. Can you still do so somehow later?
Up to age 55, you can contribute to the Special Account (SA) up till the FRS amount. And at age 55, the Ordinary Account (OA) and Special Account (SA) are then poured into the Retirement Account (RA). But let's suppose you didn't have any money left in the OA, and the SA had $176,000. So the resultant RA would only be $176,000.
Post-55 though, you can contribute to the RA up to the ERS amount. But how do you move from FRS to catch up all the way to ERS? Is it a matter of topping up the difference of $88,000? I think not.
This article offers some clue (see page 9): CPF Retirement Planning Booklet - Be Ready With CPF.
"The retirement sum that you set aside at age 55 will grow with interest over time. The table below shows how much your retirement savings will grow to at different ages. If you would like to have a specific level of monthly payout, these are the estimated RA savings you should set aside at the various ages. Do note that the amount you can top up to is capped at the current Enhanced Retirement Sum for members aged 55 and above."For the ERS of $264,000 at age 55, it is $393,400 at age 65. This means that in the course of 10 years between age 55 and 65, you can contribute to the RA up till $393,000 at age 65, in order to catch up to the equivalent of FRS. Whereupon, the estimated payout would then be $1,960 to $2,110 per month.
Is this the correct interpretation?
CPF Retirement Booklet - Your Assurance in Retirement