CPFB | CPF LIFE

Retirement income

Receive lifelong monthly payouts with CPF LIFE

Retirement planning can be daunting. You may have questions on how to plan for your golden years and whether you would have enough savings.

CPF Lifelong Income For the Elderly (CPF LIFE) is a national longevity insurance annuity scheme that provides you with monthly payouts no matter how long you live, so you never have to worry.

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Benefits
What to consider
Inclusion
Options
Ways to manage
Resources
FAQs
Articles

Why do you need CPF LIFE?

Nobody can predict how long anyone will actually live.

With technology and healthcare becoming more advanced, we’re likely to live longer than our parents and grandparents. Your golden years are to be celebrated, but what if you run out of retirement savings when you’re old, frail and no longer able to work?

With CPF LIFE, you don’t need to worry. You can continue receiving a retirement income no matter what age you live to.

Benefits

Peace of mind and a secure retirement

Payouts for life

Get a monthly income no matter how long you live. Most private retirement income plans only provide payouts for a limited period.

Safe insurance product with risk-free interest rates

CPF LIFE savings are guaranteed by the Singapore Government. Earn, risk-free interest rates* of up to 6% per annum. Annuities offered by the private sector are subject to investment market returns.

* Based on the interest rate floor of 4% per annum.

More affordable than private annuity plans

Being non-profit and administered by the CPF Board, the CPF LIFE scheme does not incur costs from advertising and agents’ commissions. With a large member base, longevity risks and costs can also be better spread out.

CPF LIFE is an insurance product, not an investment product

Unlike investment products which are meant to increase our wealth, insurance products help to protect us against life uncertainties.

CPF LIFE addresses the uncertainty of us outliving our savings by providing us with lifelong payouts.

What to consider

How to get the payouts you want based on your desired retirement lifestyle

Consider your desired retirement lifestyle

Think about the retirement lifestyle you want. Think about the reality of inflation. Once you have an idea of how much you'll need for your future years in retirement, you can better select a suitable CPF LIFE plan for yourself.

There are three CPF LIFE plans you can choose from: Escalating, Standard, and Basic.

Learn about the plans

Work out the monthly payouts and premiums you need

The next step is to estimate the amount of monthly payouts you'll need to support the retirement lifestyle you want. That will help you work out the premiums to pay under your preferred plan. Don't know where to start?

Monthly payout estimator View payout examples (PDF, 0.01MB)

Determine if your retirement savings are enough

Are you short on CPF savings to pay the premiums required for your chosen CPF LIFE plan? Boost your savings by making cash top-ups and CPF transfers to your Retirement Account.

Top up now

Defer your payouts

If you have already started receiving payouts but do not actually need the funds yet, you have the option to hold back your payouts until age 70. This will increase what you'll receive later on.

For each year that you defer, your payouts will increase by up to 7%. This means if you choose to defer until age 70, your payouts will increase by up to 35%.

Defer now

Consider: With increasing cost of living, your savings will buy you less in the future

Feeling the pinch of paying more for eggs and other groceries? That is the impact of inflation and it affects everyone. Assuming you receive $1,000 of monthly payouts today, in 20 years’ time, you may need about $1,500 to buy the same items today.

Inclusion

Will you be included?

Automatic inclusion

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

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

If you’re automatically included, we’ll inform you before you turn 65 to explain the options available to you.

If you’re not automatically included, you’ll receive monthly payouts which will stop when your savings run out.

Learn more

Voluntary inclusion

If you're a Singapore Citizen or Permanent Resident who is not automatically included in CPF LIFE, you can still choose to join the scheme.

You can enrol yourself when you’re ready to start receiving payouts, any time from 65 to one month before you turn 80.

Enrol for CPF LIFE

Opting out

You can choose to be exempted from CPF LIFE, if you have a pension or private annuity plan that pays the same or higher monthly payouts than CPF LIFE. Find out if you meet the criteria.

Learn about exemption

Old man and woman holding hands, taking a stroll

Options

Comparing CPF LIFE Plans

The CPF LIFE plan you choose depends on how willing you are to adjust your retirement lifestyle, as things become more expensive.

Escalating Plan

Growing payouts

If you’re worried about things being more expensive in the years ahead, the Escalating Plan is suitable for you. With monthly payouts that start lower initially but grow by 2% a year for life, the Escalating Plan can generally help you maintain your lifestyle even as prices of items increase.

Standard Plan

Steady payouts

If you prefer to keep within a fixed budget, the Standard Plan offers a steady monthly payout. Payouts do not grow to protect you against inflation so you’ll have to lower your lifestyle to buy less as things get more expensive in the years ahead.

Basic Plan

Progressively lower payouts

If you can lower your lifestyle to buy even lesser with progressively lower payouts in the future then the legacy Basic Plan is good enough. Monthly payouts start low and fall when your CPF balances fall below $60,000.

All three CPF LIFE plans will provide you with monthly payouts no matter how long you live. When you pass away, your CPF LIFE premium balance (if any), together with any remaining CPF savings, will be distributed to your loved ones.

As we don’t know how long we’ll live, the expected bequest is irrelevant when considering our choice of a suitable CPF LIFE plan.

Choose your plan

Ways to manage

How to manage your CPF LIFE

Managing payouts

Switch to the Escalating or Standard Plan

Are you currently enrolled in the Plus, Balanced, Basic, or Income Plan? Consider switching to the Escalating Plan to receive increasing payouts or Standard Plan to receive higher and level payouts.

Apply now

Increasing payouts

Increase your CPF LIFE premiums

If you are already enrolled in CPF LIFE, one way to boost your monthly payouts is to increase your CPF LIFE premiums. To do so, you must first make a cash top-up or CPF transfer to your Retirement Account.

Top up now

Monetise your property

If you own a property, you can also consider monetising your property to boost your monthly payouts.