CPF LIFE is a new scheme that will provide lifelong income for our elderly in their retirement. It is an improvement over the current Minimum Sum Scheme (MSS) where payouts only last about 20 years.

You can now sign up for CPF LIFE if you are 55 years old and above and have savings in your Retirement Account. Those who are 62 years old and above can expect to receive their first payout from January 2010.

Thus far, more than 30,000 members have signed up for CPF LIFE and committed about $1.5 billion to the scheme. The LIFE Plus plan, which provides a higher monthly payout and leaves less bequest for beneficiaries, is the most popular. More than half of the members have chosen it. The other three plans are the LIFE Balanced, LIFE Basic and LIFE Income plans.

In addition, more than $60 million of LIFE Bonus (L-Bonus) has been given to about 70% of the members for joining the scheme. Each member can receive up to $4,000 of L-Bonus. Another $25 million of Voluntary Deferment Bonus (V-Bonus) will be given to those who are born between 1944 and 1953, and who join CPF LIFE before they turn 65. The maximum amount of V-Bonus one can receive is $1,800 paid over 3 years. Thus, the maximum amount of bonuses one can receive by joining CPF LIFE is $5,800. In all, more than 60% of members who join CPF LIFE receive both the L & V- bonuses.

Do not hesitate further, sign up for CPF LIFE now at www.cpf.gov.sg to receive a monthly payout for as long as you live.