Retirement payouts and withdrawals

Making Voluntary Contributions

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Overall increase in CPF monthly payouts

Median payouts increased by about 20% from 2021 to 2023

Median payout of members who turned 65

On average, over 1 in 2 defers their payouts. Members who defer payouts to age 70 will receive up to 35% more monthly payouts

Notes: 

  1. Includes all members who are eligible to start their payouts and at age 65 in the respective years and assumes all members are on the CPF LIFE Standard Plan. 
  2. Age 70 is the latest payout start age, to facilitate effective decumulation of CPF savings during member’s lifetime. 

7 in 10 members made CPF lump sum withdrawals before starting payouts

Proportion of members who made CPF lump sum withdrawals prior to starting payouts

Notes: 

  1. Includes all members at age 65 in the respective years. 
  2. Based on unique members who made withdrawals from age 55 to 1 month prior to their 65th birth month (e.g. unconditional withdrawals of up to $5,000 or withdrawals in excess of the required retirement sums) 

Payouts would be higher if members did not make a lump sum withdrawal before age 65

Median payouts increased by close to 20% without withdrawals

Median payout of members who did not make a CPF lump sum withdrawal before age 65 starting payout at 65
Median payout of members who did not make a CPF lump sum withdrawal before age 65 starting payout at 70
Legend for Median payout of members who did not make a CPF lump sum withdrawal before age 65

Notes: 

  1. Includes all members at age 65 in the respective years and assumes all members are on the CPF LIFE Standard Plan. 
  2. Age 70 is the latest payout start age, to facilitate effective decumulation of CPF savings during member’s lifetime. 
  3. Lump sum withdrawal before 65 refers to retirement withdrawals made from age 55 e.g., unconditional withdrawals of up to $5,000 or withdrawals in excess of the required retirement sums.
  4. Members who wish to boost their monthly payouts may transfer the withdrawable amounts from their Ordinary Account and/or Special Account into the Retirement Account.

Monthly payouts expected to increase for future cohorts

Learn more about measures to boost members’ CPF savings below. These measures are in addition to existing Government support to boost retirement income, e.g. Silver Support Scheme, Silver Housing Bonus and the Lease Buyback Scheme.

Resources

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