I am reaching 65. What are the monthly payout options that I can choose from?
You have the flexibility to start receiving your monthly payouts anytime between 65 and 70. However, if you do not submit any instructions on your payouts by the time you turn 70, your monthly payouts will automatically start on your birthday month.
In addition, you may have some CPF savings which are withdrawable for your immediate needs. Instead of withdrawing the amount in a lump sum, you can consider the following:
- Use the withdrawable amount (in part or in full) to increase your monthly payouts; or
- Retain the savings in your CPF account to earn interest, and withdraw them when the need arises.
If you choose to retain your CPF savings, any additional withdrawable savings from 65 in your Retirement Account will be transferred to your Ordinary Account in the month you start your payouts, for your future withdrawal.
Eligible members can use the Plan my monthly payouts service to find out more about their monthly payout details, provide their payout instructions and confirm their bank account details.
