What is CPF LIFE?

Understanding CPF LIFE

CPF LIFE (Lifelong Income For the Elderly) is a national longevity insurance annuity scheme that provides Singaporeans and Permanent Residents with a lifelong monthly payout from their CPF savings. It ensures you never outlive your retirement savings.

Key Features of CPF LIFE

Lifetime Payouts

Monthly income for life, starting from your payout eligibility age

Government-Backed

Secure and guaranteed by the Singapore Government

Bequest Options

Leave remaining savings to beneficiaries upon death

Inflation Protection

Extra interest earned helps offset inflation over time

CPF LIFE Plans

There are different CPF LIFE plans to suit your needs:

Standard Plan

Higher monthly payouts, lower bequest. Best if you want maximum income during retirement and are less concerned about leaving money behind.

Basic Plan

Lower monthly payouts, higher bequest. Best if you want to leave more to your beneficiaries while still receiving lifetime income.

Escalating Plan

Payouts increase by 2% annually. Best if you're concerned about inflation eroding your purchasing power over time.

Who is Eligible for CPF LIFE?

Singapore Citizens and Permanent Residents
Born in 1958 or later
Have at least $60,000 in your Retirement Account at age 65
Automatically enrolled when you meet the criteria

When Do Payouts Start?

CPF LIFE payouts start from your payout eligibility age, which is currently 65. However, you can choose to defer your payouts up to age 70 for higher monthly amounts (about 7% more per year of deferment).

Boosting Your CPF LIFE Payouts

Top up your Retirement Account through cash or CPF transfers
Defer your payout start age for higher monthly amounts
Consider the Enhanced Retirement Sum (ERS) for maximum payouts
Transfer your spouse's CPF to combine savings