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Singapore has one of the highest life expectancies in the world. For Singaporeans who are aged 65 today, about half of them are expected to live beyond 85, and a third beyond 90.
Having an income throughout old age is therefore important. That is why CPF LIFE was introduced to provide you with a monthly payout for as long as you live.
Joining CPF LIFE
If you were born in or after 1958, you will be placed on CPF LIFE if you have at least $40,000 in your Retirement Account (RA) when you reach 55 or at least $60,000 when you are reaching your Draw Down Age (DDA).
If you are not placed on CPF LIFE, or were born before 1958, you can choose to join CPF LIFE anytime after reaching 55 and before you reach age 80.
The CPF LIFE Plans
From January 2013, CPF LIFE will be simplified into two plans – the LIFE Standard Plan and the LIFE Basic Plan. Each LIFE plan provides a different combination of trade-offs between the amount of monthly payouts that you would receive and the bequest that you would leave for your beneficiaries.
This will allow CPF members to choose a plan that best meet their retirement needs. Both CPF LIFE plans will provide you with monthly payouts for life from your DDA.
Monthly LIFE payouts
When you join CPF LIFE, all your savings in your Retirement Account (RA) will be used to provide you a lifelong monthly payout from your Draw Down Age (DDA).
The monthly payout depends on various factors including your choice of LIFE plan, your gender, the age you join CPF LIFE and the amount of RA savings used to join the scheme.
Which plan is suitable for me?
Your choice of LIFE plan depends on your own retirement needs. The LIFE plans differ in the level of monthly payout and bequest that may be left to your beneficiaries.
If you wish to have a higher payout between the two plans but leave less for your beneficiaries (bequest), the LIFE Standard Plan may be more suitable for you.
The LIFE Basic Plan gives a lower payout than the LIFE Standard Plan, but leaves more for your beneficiaries.
Find out more through:
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Retire with Peace of Mind
Languages available:
English | Chinese | Malay | Tamil |
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Alternatively, join us at the CPF LIFE Roadshows and Talks! Please click here to find out more about the events.
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Additional Information:
Your concerns might have already been raised by others, get your questions answered now with our CPF Board – Ask Us. |
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Calculate your lifelong income and
L-Bonus with the CPF LIFE Payout Estimator.
Please note that if you are already a CPF LIFE participant, the estimator is not applicable to you. |
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For any enquires either from the current policy holders or matters regarding the CPF LIFE plans, you may contact us via the following:
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E-mail: member@cpf.gov.sg
CPF Call Centre: 1800-227-1188 |
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