WHAT IS CPF LIFE?

CPF LIFE (Lifelong Income For the Elderly) pays CPF members a monthly sum from their Retirement Account from drawdown age till their death.

The monthly payout amount will be reviewed annually to take into account changes in life expectancy rates, investment income, and the balance in the Retirement Account. A member can get a higher monthly payout by topping-up the Retirement Account (until the topping-up limit), to buy extra CPF LIFE annuity.

CPF members who turn 55 after Jan 1, 2013 are automatically enrolled in CPF Life if they meet a minimum sum of S$40,000 in their Retirement Account at 55, or a minimum sum of S$60,000 in their Retirement Account when they reach their drawdown age.

CPF members who turned 55 before Jan 1, 2013 can enroll in CPF LIFE before their 80th birthday, if they wish to do so.

There are currently two schemes under CPF LIFE: The LIFE Standard Plan, which has higher monthly payouts but leaves a smaller bequest to the CPF member’s beneficiaries after death, and the LIFE Basic Plan, which has lower monthly payouts and leaves a higher bequest after death. More information on the schemes can be found on CPF’s website