If you are turning 55 this year, here’s how much you can expect to receive in lifelong monthly payouts* from CPF LIFE.
CPF LIFE is a scheme that provides CPF members with a lifelong monthly payout during retirement and is applicable to all Singaporeans and Permanent Residents. On your 55th birthday, a Retirement Account (RA) will be created for you, and savings from your Special and Ordinary Accounts up to the Full Retirement Sum ($171,000 for 2018) will be transferred into your RA to form your retirement sum.
The retirement sum will provide you with monthly payouts from your payout eligibility age (currently 65 for those born in 1954 or later). You can choose your preferred LIFE plan to receive your monthly payouts anytime between age 65 and 70. Members who don’t choose their LIFE plan by age 70 will automatically be placed on the default plan — the CPF LIFE Standard Plan.
The figures above are based on the CPF LIFE Standard Plan. However, you do have the option to select between the Basic and Escalating Plan as well depending on your retirement needs. The CPF LIFE Basic Plan provides you with lower monthly payouts, which lets you leave more savings for your beneficiaries. The CPF LIFE Escalating Plan provides you with lower payouts initially, which increase by 2% yearly. This is designed to help you cope with rising cost of living.
For a personalised calculation of the estimated payout you can receive based on your current RA savings, you may use the CPF LIFE Payout Estimator
*Payouts of all plan types may be adjusted to account for long-term changes in interest rates or life expectancy. Such adjustments (if any) are expected to be small and gradual.
Information accurate as at 16/3/2018.