| Understand | Why do we need CPF LIFE? | <p>With increasing advances in technology and healthcare, we are likely to live longer than our grandparents’ or parents’ generation. This also means that we need to spend more years in retirement.<br></p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr><td class="ms-rteTable-default" style="width:100%;height:auto;"><p style="text-align:center;">
<strong style="font-size:16px;">DID YOU KNOW?</strong></p><p style="text-align:center;">The figure below shows the life expectancy rates at age 65 published by the Department of Statistics.<br></p><p style="text-align:center;">
<img class="img-responsive" alt="Life Expectancy Statistics" src="/assets/members/PublishingImages/LifeExpectancyStatistics.png" />
</p><p style="text-align:center;">These statistics give us a snapshot of life expectancy. Over time, life expectancy will increase as younger cohorts are healthier and will live longer.</p></td></tr></tbody></table>
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<p>Due to rising longevity and difficulty in predicting how long we will live, we face some uncertainty when planning for our retirement. To enjoy our retirement years, we should be adequately prepared for a longer retirement; otherwise, we may have nothing to live on when our savings are depleted. Hence, we need CPF LIFE to protect ourselves and have a regular stream of income for as long as we live.</p> | CPF LIFE | 1522 | 1522 |
| Understand | What is CPF LIFE? | CPF LIFE is a longevity insurance scheme that provides you with a monthly payout for as long as you live. | CPF LIFE | 2300 | 1748 |
| Understand | How does CPF LIFE provide payouts for life? | <p>When you join CPF LIFE, the premium for your CPF LIFE plan will be paid with CPF savings.</p><p>The CPF LIFE premium will earn 4% base interest and extra interest of up to 2% (on the first $60,000 of your combined CPF balances). Your CPF LIFE monthly payouts will first be paid from your CPF LIFE premium.* When your CPF LIFE premium is depleted, you will continue to receive the monthly payouts for as long as you live from the interest that you and other CPF LIFE members have accumulated. </p><p>With CPF LIFE, you will never encounter a situation where you run out of monthly payout in your old age, when income may be hardest to come by.</p><p><span style="font-size:0.9em;">*Note: This is applicable to the CPF LIFE Standard and Escalating plans.</span></p>
| CPF LIFE | 2301 | 1749 |
| Understand | How much will my beneficiaries receive if I pass away? | When you pass away, we will pay your CPF LIFE premium balance (if any) together with any remaining CPF savings to your beneficiaries. In other words, you and your loved ones will always get back the amount of CPF LIFE premium that you have put into CPF LIFE. | CPF LIFE | 1537 | 1537 |
| Evaluate | What are the CPF LIFE plans available? | <p>There are three CPF LIFE plans for you to choose from – the LIFE Standard Plan, the LIFE Escalating Plan and the LIFE Basic Plan. The plans differ in terms of the
<strong>monthly payout</strong> you would receive.<br></p><div class="hidden-xs">
<img class="img-responsive" alt="CPF LIFE Plans" src="/Assets/members/PublishingImages/CPFLIFE3plansavailable.png" />
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</div><div class="visible-xs">
<img class="img-responsive" alt="CPF LIFE Plans" src="/Assets/members/PublishingImages/CPFLIFE3Plans_MthlyPayouts.png" />
</div>
<p>
<a href="https://www.cpf.gov.sg/members/FAQ/schemes/Retirement/CPF-LIFE/FAQDetails?category=Retirement&group=CPF%20LIFE&folderid=11663&ajfaqid=2186377">Click here to find out how the CPF LIFE Basic Plan works.</a></p> | CPF LIFE | 1533 | 1533 |
| Evaluate | How much will my CPF LIFE payout be? | <p>Your CPF LIFE monthly payouts would depend mostly on the amount of CPF LIFE premium that you paid with your CPF savings to join CPF LIFE. Other factors are gender, age, the CPF LIFE plan, CPF interest rates and mortality rates. The monthly payouts and CPF LIFE premium amounts are determined by an independent actuarial consultant.</p><p>The table below provides you with the estimated monthly payout you will receive based on:</p><ul><li>the CPF LIFE premium you paid to join CPF LIFE; and</li><li>the type of CPF LIFE plan. </li></ul><div style="text-align:center;"> </div><div class="hidden-xs"><table width="100%" class="ms-rteTable-default" cellspacing="0" style="height:80px;border-collapse:separate;"><tbody><tr class="ms-rteTableEvenRow-default" style="text-align:center;"><td class="ms-rteTableEvenCol-default" rowspan="2" style="width:25%;vertical-align:middle;">
<strong>CPF LIFE premium</strong> </td><td class="ms-rteTableOddCol-default" colspan="3" style="width:75%;padding-top:15px;">
<strong>Your monthly payout for life from 65 onwards</strong><br></td></tr><tr><td rowspan="1" style="border-width:medium medium thin;border-style:solid;border-color:#000000 #000000 #c6c6c6;padding:20px;width:25%;text-align:center;vertical-align:middle;background-color:#ed7d31;"><div>
<strong style="color:#ffffff;font-size:18px;">Standard Plan</strong></div><div>
<span style="font-size:18px;"><i style="color:#ffffff;"><strong>(default plan)</strong></i></span></div></td><td class="ms-rteTableOddCol-default" rowspan="1" style="padding:10px;width:25%;text-align:center;vertical-align:middle;background-color:#7bb952;">
<span style="color:#ffffff;"><strong>Escalating Plan</strong></span></td><td class="ms-rteTableEvenCol-default" rowspan="1" style="padding:10px;width:25%;text-align:center;vertical-align:middle;background-color:#4472c4;">
<span style="color:#ffffff;"><strong>Basic Plan</strong></span></td></tr><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1" style="padding:15px;width:25%;text-align:left;vertical-align:middle;">
<strong>$141,500</strong><em><br>[Projected amount at age 65 based on Basic Retirement Sum (BRS) of $90,500 set aside at age 55]</em></td><td rowspan="1" style="border-width:thin medium;border-style:solid;border-color:#c6c6c6 #000000;width:25%;text-align:center;vertical-align:middle;background-color:#fbe5d6;">
<span style="font-size:18px;">$750 - $810</span></td><td class="ms-rteTableEvenCol-default" rowspan="1" style="width:25%;text-align:center;vertical-align:middle;background-color:#e2f0d9;">$580 - $640<br><i>(initial amount)</i><br>Payouts increase by 2% every year </td><td class="ms-rteTableOddCol-default" rowspan="1" style="width:25%;text-align:center;vertical-align:middle;background-color:#deebf7;">$710 - $740<br><em>(Will progressively decline from around age 88)</em></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1" style="padding:15px;width:25%;text-align:left;vertical-align:middle;">
<span style="color:#444444;"><strong>$272,900</strong><br><em>[Projected amount at age 65 based on Full Retirement Sum (FRS) of $181,000 set aside at age 55]</em></span></td><td rowspan="1" style="border-width:thin medium;border-style:solid;border-color:#c6c6c6 #000000;width:25%;text-align:center;vertical-align:middle;background-color:#fbe5d6;">
<span style="color:#444444;font-size:18px;">$1,390 - $1,490</span></td><td class="ms-rteTableEvenCol-default" rowspan="1" style="width:25%;text-align:center;vertical-align:middle;background-color:#e2f0d9;">
<span style="color:#444444;"><span>$1,070 - $1,180</span><br><i>(initial amount)</i><br>Payouts increase by 2% every year </span></td><td class="ms-rteTableOddCol-default" rowspan="1" style="width:25%;text-align:center;vertical-align:middle;background-color:#deebf7;">
<span style="color:#444444;">$1,310 - $1,360<br><em>(Will progressively decline from around age 92)</em></span></td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1" style="padding:15px;width:25%;text-align:left;vertical-align:middle;">
<span style="color:#444444;"><strong>$404,300</strong><br><em>[Projected amount at age 65 based on Enhanced Retirement Sum (ERS) of $271,500 set aside at age 55]</em> </span></td><td rowspan="1" style="border-width:thin medium medium;border-style:solid;border-color:#c6c6c6 #000000 #000000;width:25%;text-align:center;vertical-align:middle;background-color:#fbe5d6;">
<span style="color:#444444;font-size:18px;">$2,030 - $2,180</span></td><td class="ms-rteTableFooterEvenCol-default" rowspan="1" style="width:25%;text-align:center;vertical-align:middle;background-color:#e2f0d9;">
<span style="color:#444444;"><span>$1,560 - $1,720</span><br><i>(initial amount)</i><br>Payouts increase by 2% every year </span></td><td class="ms-rteTableFooterOddCol-default" rowspan="1" style="width:25%;text-align:center;vertical-align:middle;background-color:#deebf7;">
<span style="color:#444444;">$1,920 - $1,980<br><em>(Will progressively decline from around age 94)</em></span></td></tr></tbody></table></div>
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<div class="visible-xs"><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" colspan="2" style="width:50%;"><div style="text-align:center;"><strong>CPF LIFE premium of $141,500</strong><br><em>[Projected amount at age 65 based on Basic Retirement Sum (BRS) of $90,500 set aside at age 55]</em></div></td></tr><tr class="ms-rteTableOddRow-default" style="text-align:center;"><td class="ms-rteTableEvenCol-default" rowspan="1" colspan="2" style="width:50%;">
<strong>Your monthly payout for life from age 65 onwards</strong></td></tr><tr class="ms-rteTableEvenRow-default" style="text-align:center;vertical-align:middle;"><td rowspan="1" style="border-width:medium thin medium medium;border-style:solid;border-color:#000000 #c6c6c6 #000000 #000000;padding:25px;width:50%;background-color:#ed7d31;">
<span style="color:#ffffff;font-size:18px;">Standard Plan
<em>(default plan)</em></span></td><td rowspan="1" style="border-width:medium medium medium thin;border-style:solid;border-color:#000000 #000000 #000000 #c6c6c6;width:50%;vertical-align:middle;background-color:#fbe5d6;">
<span style="color:#444444;font-size:18px;">$750 - $810</span></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1" style="width:50%;text-align:center;vertical-align:middle;background-color:#7bb952;"><span style="color:#ffffff;">Escalating Plan</span></td><td class="ms-rteTableFooterOddCol-default" rowspan="1" style="width:50%;text-align:center;vertical-align:middle;background-color:#e2f0d9;"><span style="color:#444444;">$580 - $640<br><i>(initial amount)</i><br>Payouts increase by 2% every year</span></td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1" style="width:50%;text-align:center;vertical-align:middle;background-color:#4472c4;"><span style="color:#ffffff;">Basic Plan</span></td><td class="ms-rteTableOddCol-default" rowspan="1" style="width:50%;text-align:center;vertical-align:middle;background-color:#deebf7;">
<span style="color:#444444;">$710 - $740<br><em>(Will progressively decline from around age 88)</em></span></td></tr></tbody></table><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" colspan="2" style="width:50%;vertical-align:middle;"><div style="text-align:center;">
<strong>CPF LIFE premium of $272,900</strong><br><em>[Projected amount at age 65 based on Full Retirement Sum (FRS) of $181,000 set aside at age 55]</em></div></td></tr><tr class="ms-rteTableOddRow-default" style="text-align:center;"><td class="ms-rteTableEvenCol-default" rowspan="1" colspan="2" style="width:50%;vertical-align:middle;"><strong>Your monthly payout for life from age 65 onwards</strong></td></tr><tr class="ms-rteTableEvenRow-default"><td rowspan="1" style="border-width:medium thin medium medium;border-style:solid;border-color:#000000 #c6c6c6 #000000 #000000;padding:25px;width:50%;text-align:center;vertical-align:middle;background-color:#ed7d31;">
<span style="color:#ffffff;font-size:18px;">Standard Plan
<em>(default plan)</em></span></td><td rowspan="1" style="border-width:medium medium medium thin;border-style:solid;border-color:#000000 #000000 #000000 #c6c6c6;width:50%;text-align:center;vertical-align:middle;background-color:#fbe5d6;">
<span style="color:#444444;font-size:18px;">$1,390 - $1,490</span></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1" style="width:50%;text-align:center;vertical-align:middle;background-color:#7bb952;"><span style="color:#ffffff;">Escalating Plan </span></td><td class="ms-rteTableFooterOddCol-default" rowspan="1" style="width:50%;text-align:center;vertical-align:middle;background-color:#e2f0d9;"><span style="color:#444444;">$1,070 - $1,180<br><i>(initial amount)</i><br>Payouts increase by 2% every year </span></td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1" style="padding:25px;width:50%;text-align:center;vertical-align:middle;background-color:#4472c4;"><span style="color:#ffffff;">Basic Plan </span></td><td class="ms-rteTableOddCol-default" rowspan="1" style="width:50%;text-align:center;vertical-align:middle;background-color:#deebf7;">
<span style="color:#444444;">$1,310 - $1,360<br><em>(Will progressively decline from around age 92)</em></span></td></tr></tbody></table><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" colspan="2" style="width:50%;vertical-align:middle;"><div style="text-align:center;"><strong>CPF LIFE premium of $404,300</strong><br><em>[Projected amount at age 65 based on Enhanced Retirement Sum (ERS) of $271,500 set aside at age 55]</em></div></td></tr><tr class="ms-rteTableOddRow-default" style="text-align:center;"><td class="ms-rteTableEvenCol-default" rowspan="1" colspan="2" style="width:50%;vertical-align:middle;">
<strong>Your monthly payout for life from age 65 onwards</strong></td></tr><tr class="ms-rteTableEvenRow-default"><td rowspan="1" style="border-width:medium thin medium medium;border-style:solid;border-color:#000000 #c6c6c6 #000000 #000000;padding:25px;width:50%;text-align:center;vertical-align:middle;background-color:#ed7d31;">
<span style="color:#ffffff;font-size:18px;">Standard Plan
<em>(default plan)</em></span></td><td rowspan="1" style="border-width:medium medium medium thin;border-style:solid;border-color:#000000 #000000 #000000 #c6c6c6;width:50%;text-align:center;vertical-align:middle;background-color:#fbe5d6;">
<span style="color:#444444;font-size:18px;">$2,030 - $2,180</span></td></tr><tr><td class="ms-rteTableFooterEvenCol-default" rowspan="1" style="width:50%;text-align:center;vertical-align:middle;background-color:#7bb952;"><span style="color:#ffffff;">Escalating Plan </span></td><td class="ms-rteTableFooterOddCol-default" rowspan="1" style="width:50%;text-align:center;background-color:#e2f0d9;"><span style="color:#444444;">$1,560 - $1,720<br><i>(initial amount)</i><br>Payouts increase by 2% every year </span></td></tr><tr class="ms-rteTableOddRow-default"><td class="ms-rteTableEvenCol-default" rowspan="1" style="padding:25px;width:50%;text-align:center;vertical-align:middle;background-color:#4472c4;"><span style="color:#ffffff;">Basic Plan </span></td><td class="ms-rteTableOddCol-default" rowspan="1" style="width:50%;text-align:center;vertical-align:middle;background-color:#deebf7;">
<span style="color:#444444;">$1,920 - $1,980<br><em>(Will progressively decline from around age 94)</em></span></td></tr><tr class="ms-rteTableFooterRow-default"></tr></tbody></table></div><p>
<span style="font-size:0.9em;">Note: These monthly payouts are estimates for members who turn 65 in 2030, computed as of 2020. Payouts may also be adjusted to account for long-term changes in interest rates or life expectancy. Such adjustments (if any) are expected to be small and gradual.</span></p><p>Please use the
<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeEstimator/LifeEstimator">CPF LIFE Estimator</a> to estimate your CPF LIFE monthly payout based on your CPF LIFE premium.</p> | CPF LIFE | 1534 | 1534 |
| Evaluate | How can I increase my CPF LIFE monthly payouts? | <p>You can increase your CPF LIFE monthly payouts in two ways:</p><ol><li>You or your loved ones can make cash top-ups and/or CPF transfers into your Retirement Account (RA), up to the prevailing Enhanced Retirement Sum.</li><li>You can start your CPF LIFE payouts at age 65. However, if you are still working and have other sources of income, you may wish to defer receiving your payouts. This will enable your CPF savings to accumulate more interest, which will boost your future retirement income. For each year that you defer, your CPF LIFE monthly payouts will increase by up to 7%. The maximum deferment period you can choose is up to age 70.</li>
</ol>
| CPF LIFE | 1527 | 1527 |
| Evaluate | How will I receive my CPF LIFE monthly payouts? | The monthly payouts from CPF LIFE will be paid directly into your bank account each month. | CPF LIFE | 1535 | 1535 |
| Apply | What must I do to be included in CPF LIFE? | <p>You will automatically be included in CPF LIFE to enjoy lifelong payouts if:</p><ul><li>you are a Singapore Citizen or Permanent Resident born in 1958 or after; and </li><li>have at least $60,000 in your Retirement Account six months before you reach age 65. </li></ul><p>If you meet the criteria above, we will write to you to further explain the options you have and the choices you have to make. If you have not chosen a CPF LIFE plan by the time you turn age 70, we will automatically place you on the CPF LIFE Standard Plan and start your payouts at age 70.</p><p>If you are a Singaporean Citizen or Permanent Resident who does not meet the above requirements, you can still choose to join CPF LIFE, at anytime from age 65 to one month before you reach 80 years old.</p> | CPF LIFE | 1902 | 1736 |
| Apply | How do I choose to join CPF LIFE? | <p>You can join CPF LIFE anytime from age 65 to one month before you reach 80 years old, by following the steps below:</p><ol><li style="margin-bottom:5pt;">Login to
<em>my cpf</em> Online Services with your SingPass.</li><li>Click on My Requests > CPF LIFE >
<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeApplication/Index">Apply for CPF LIFE</a></li></ol> | CPF LIFE | 1538 | 1538 |
| Apply | I am an existing CPF LIFE member. How do I increase my lifelong payouts via a top-up to my Retirement Account? | <p>If you are already on CPF LIFE and would like to increase your payouts for life, you can top up your Retirement Account and increase your CPF LIFE premium by following the steps below:</p><ol><li style="margin-bottom:5pt;">Login to
<em>my cpf</em> Online Services with your SingPass. </li><li>Click on My Requests > CPF LIFE >
<a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeAdditionalAnnuityApplication/Index">Apply for CPF LIFE Additional Annuity </a></li></ol> | CPF LIFE | 2310 | 1750 |
| More Information | How is CPF LIFE attractive? | <p>CPF LIFE is an attractive retirement scheme for the following reasons:<br></p><table bordercolor="#ffd966" border="1" style="width:100%;height:70px;text-align:center;"><tbody><tr><td style="width:25%;background-color:#ffd966;">
<strong>PAYOUTS FOR LIFE</strong></td><td style="padding:5px;width:75%;">CPF LIFE provides you with a stream of retirement payouts for as long as you live, unlike most private retirement income plans that only do so for a limited period.<br></td></tr></tbody></table>
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<table bordercolor="#ffd966" border="1" style="width:100%;height:70px;text-align:center;"><tbody><tr><td style="width:25%;background-color:#ffd966;">
<strong>SAFE PRODUCT WITH HIGH, RISK-FREE RETURNS</strong></td><td style="padding:5px;width:75%;">CPF LIFE monies are guaranteed by the Singapore Government, and provide high, risk-free returns of up to 6% p.a.</td></tr></tbody></table>
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<table bordercolor="#ffd966" border="1" style="width:100%;height:70px;text-align:center;"><tbody><tr><td style="width:25%;background-color:#ffd966;">
<strong>LOWER COSTS</strong></td><td style="padding:5px;width:75%;">Being non-profit and administered by the CPF Board, the CPF LIFE scheme does not incur distribution costs from agents’ commissions.</td></tr></tbody></table> | CPF LIFE | 2846 | 1783 |