Tim Tham, aged 30, has been working as a baker for the past 6 years. Despite contributing to CPF for the past 6 years, Tim has never bothered with the details and benefits of CPF. Like many Singaporeans, Tim simply assumes that he does not need to bother with the CPF monies until retirement as there are strict regulations with regards to the usage of monies in the CPF accounts. At a coffee break with colleagues, one of his colleagues, Suzie Sue, shared about the how one could make their CPF monies work harder for them in retirement by leaving the CPF savings in the CPF accounts to earn an interest of up to 6% instead of withdrawing it at age 55. It was only then that Tim realised that he knew nothing about CPF savings schemes and he was keen to find out more. Unfortunately, the coffee break was short and Tim did not have sufficient time to ask Suzie for details. Tim has thus approached you, a financial planner, to clarify some of his queries on the withdrawal of CPF monies and CPF retirement schemes.

(a) Analyse the options available with regards to withdrawals from the Ordinary, Special and Retirement accounts after age 55 and beyond. (Do not discuss the CPF LIFE scheme)