The three basic needs in retirement
For greater peace of mind in your golden years, it’s important to take care of these three needs.
Your CPF accounts
How much you contribute depends on age
Depending on your age, CPF contribution rates can range from 12.5% to 37% of your monthly wages.
How to save more and earn interest
Earn stable interest of up to 5% per annum if you’re below 55. Gain up to 6% per annum if you’re 55 and older.
More than just saving for retirement
Besides retirement, you have the flexibility to use your CPF savings for a variety of other needs.
Using your OA savings
Using your MA savings
Enjoying your retirement income
When you retire, your CPF savings can offer a source of funds to meet your daily expenses. Here’s how.
Using your RA savings
Housing monetisation
CPF Nomination and account closure
Upon death, your CPF savings will be paid out and distributed. If a CPF Nomination is made, it will be distributed to the nominee(s) in the proportion stated.
Without a CPF Nomination, CPF savings will be transferred to the Public Trustee for distribution in accordance with the intestacy or Muslim inheritance laws of Singapore.