I am under a legacy plan (i.e. Basic, Balanced, Plus or Income Plan). What are my options if I want to switch my CPF LIFE plan and/or increase my monthly payouts?
If you're on a legacy plan (i.e. Basic, Balanced, Plus or Income Plan), your monthly payouts will get progressively lower when your combined CPF balances eventually fall below $60,000. To avoid a drop in your monthly payouts in the future, you may consider switching your CPF LIFE plan to Escalating or Standard Plan.
To increase your monthly payouts, you may consider doing the following:
- Use your withdrawable CPF savings to increase your CPF LIFE premium
- Make a cash top-up and/or CPF transfers into your Retirement Account
- Defer your monthly payouts (up to 70)
Find out more about these options to increase your monthly payouts.
If you want to know how your monthly payout will change if you switch your CPF LIFE plan and/or enhance your payouts, please book a 1-to-1 CPF Retirement Planning Service (CRPS) consultation with us at any CPF Service Centres. Personalised information will be used to explain your monthly payout options so you can make an informed decision.
