Five more years of contributions
If you continue contributing to EPF or other retirement savings between 55 and 60, those additional deposits add directly to the fund you eventually retire with.
Your existing savings also have more time
Money already accumulated has another five years in which returns may compound. The effect depends on actual returns, so a planner should let you test more cautious and more optimistic assumptions.
The withdrawal period may become shorter
If you plan to fund yourself to the same age, retiring later means the money needs to cover fewer years. For example, a plan from 55 to 85 spans 30 years, while 60 to 85 spans 25.
But retirement age is not purely a maths decision
Health, family, career plans and desired lifestyle matter too. The purpose of the calculation is not to tell you when to retire; it is to show what each choice may require financially.
Stress-test both ages
Use the same spending, inflation and return assumptions, then change only retirement age from 55 to 60. That gives you a clearer view of what those five years do to your plan.