CPFB | Reaching age 65

RETIREMENT income

As you approach age 65

When you turn 65, you can start receiving your monthly payouts. Find out more about the options you have and make decisions on your monthly payouts.

Notice

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Overview

Key decisions

Before you start receiving your monthly payouts, you’ll need to decide:

When to start receiving payouts

You can start payouts anytime between age 65 and 70. Deferring your payouts will allow you to receive higher payouts in the future.

You can submit your decision as early as three months before turning 65 through the Plan my monthly payouts service.

Start or defer payouts

Which CPF LIFE plan suits you

CPF LIFE provides you with lifelong payouts, so you don’t have to worry about running out of savings in your retirement. You can choose from three CPF LIFE plans based on your desired retirement lifestyle. Your Retirement Account savings will be used to pay the premium for your chosen CPF LIFE plan.

Learn about the plans

How much payouts you want

The more Retirement Account savings you have, the higher your payouts will be. To enjoy higher payouts, you can top up your Retirement Account up to the current Enhanced Retirement Sum.

Top up now

How it works

Understand how you can use your CPF savings to meet retirement expenses

Your CPF savings can help meet your retirement needs in two ways – Monthly payouts to help with your living expenses and retirement withdrawals for immediate cash needs.

Withdrawals for immediate needs

Additional withdrawable amount from your Retirement Account

If you are born in 1957 or after, you can withdraw an additional amount of your retirement savings from 65. The amount you can withdraw depends on your birth year and excludes any cash top-ups, CPF transfers and government grants.

View withdrawable amount

Monthly payouts

Automatic inclusion in CPF LIFE

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

Learn more

Premium deduction from your Retirement Account

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.

Transfers of CPF savings to provide higher monthly payouts

Automatic transfer of savings to meet your Full Retirement Sum

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 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 OA savings to your RA.

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

View Retirement dashboard

Choose to transfer more savings to further increase your payouts

If you want to enjoy even higher monthly payouts, you can choose to use a part or all of your available withdrawable CPF savings to increase your payouts. The available amount includes:

Your withdrawable OA savings from 55; and
Your additional RA withdrawable amount from 65 (applicable to those born in 1957 and after)

Using your available withdrawable CPF savings to increase your monthly payouts will correspondingly reduce the amount you can withdraw immediately. Before deciding, consider the long-term benefits of higher monthly payouts alongside your immediate cash needs.

If the additional RA withdrawable amount from 65 is not withdrawn nor used to increase your monthly payouts, it will be transferred from your RA to your OA for future withdrawal when your payouts start.

Deferring payouts

Increase and extend payouts

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.

What happens at age 70

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.

What to do

Things to do when you are reaching 65

Plan and submit your payout instructions

Personalising your payouts

Three months before you turn 65, you’ll be notified via a letter on the options you have about your CPF savings and how you can make an informed decision using the Plan my monthly payouts service. Through this online service, you can view your estimated payouts, decide if you want to start your payouts at 65 or defer them to a later age, and if you want to increase your monthly payouts.

Plan my monthly payouts

Update your registered bank account

Managing your payment details

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.

Update bank account

Make or review your CPF nomination

Ensuring peace of mind for you and your loved ones

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.

Make a nomination View nomination details

FAQs

Common questions

How is the withdrawable amount computed?

Why is there a transfer of monies from my Retirement Account (RA) to my Ordinary Account (OA) once I start my monthly payouts?

How do I update my registered bank account details with CPF Board?

View all