You may have seen an article circulating online about a member’s CPF Retirement Sum Scheme payout period lasting 28 years.
It’s increasingly common for Singaporeans to live to their 80s and 90s. Making payouts last longer protects CPF members from outliving their savings.
The member’s own RA savings funds 20 years of payout. This has not changed. The extra years of payouts are funded by the Government through extra interest of 2% for the first $30k and 1% for the next $30k. In the member’s case, these extra payouts amounted to 8 years. He can also join CPF LIFE Standard Plan for higher lifelong payouts and lower bequest.
Please share with your friends.
(CPF Facebook post)