Reaching age 65

CPF LIFE is a national longevity insurance annuity scheme that provides you with lifelong monthly payouts.

You’ll be automatically included in CPF LIFE if you’re:

• A Singaporean or Permanent Resident;
• Born in 1958 or after; and
• Have at least $60,000 in your retirement savings when you start your monthly payouts

The premium for your chosen CPF LIFE plan will be deducted from your Retirement Account one month before you start payouts. Your CPF LIFE premium will continue to earn CPF interest and the interest earned will be factored into your monthly payouts, allowing you to receive higher payouts from the start.

If you are born in 1958 or after and have not reached your Full Retirement Sum (FRS) when you start your monthly payouts, we will automatically transfer your Special Account (SA) and Ordinary Account (OA) savings to your Retirement Account (RA), up to your FRS. This transfer will allow you to receive higher monthly payouts and will occur one week before your monthly payouts start. 

If you have met your FRS in cash, there will not be any transfer of your SA or OA savings to your RA.

You can check whether you have met your FRS via your Retirement dashboard.

While you can start to receive monthly payouts from age 65, you can choose to defer receiving payouts up to age 70. 

If you’re on CPF LIFE, your payouts will increase by up to 7% for each year that you defer.

If you’re not on CPF LIFE, deferring your payouts will allow you to either receive higher payouts or enjoy an extended payout duration.

Your payouts will start automatically at 70 if you have not started your payouts by then. 

If you’re on CPF LIFE, you will be asked to select your plan. If you do not choose a plan, you will be automatically enrolled on the CPF LIFE Standard Plan. 

If you’re not on CPF LIFE, your payouts will be paid from your Retirement Account.

Your withdrawals and monthly payouts will be paid to your registered bank account with CPF Board. If you want to receive these payments via PayNow, you’ll need to do a one-time update of your registered bank account to your PayNow NRIC-linked bank account. Plan ahead and update your registered bank account early to avoid delays in your monthly payouts.

Having an up-to-date CPF nomination allows your loved ones to receive your CPF savings, including any unused CPF LIFE premium, quickly and conveniently when you pass on. 

Without a CPF nomination, your monies will be transferred to the Public Trustee for distribution to eligible family members under relevant intestacy laws. This process incurs a statutory fee, and your loved ones could take up to six months to receive your CPF savings.

Decide on how much and who to receive your CPF savings with an online CPF nomination today. It is free and you can change it as many times to reflect your latest intentions.