Beware of scam calls and scam messages impersonating as CPF officers asking for your personal details. Ignore them and do not share your Singpass ID/password or banking details with anyone. CPF officers will NOT ask for your Singpass, banking userid or password.

Scheduled Maintenance: CPF digital services will not be available on 4 Dec 2022, from 12am to 8am.

Maintenance: CPF digital services are not available on 22 Nov 2022 from 12.30pm to 2.30pm. You may access CPF Mobile app.

Your page is loading.
One moment please.

11 Jan 2022

Source: The Straits Times © SPH Media Limited. Permission required for reproduction

Woman painting while holding a palette and standing in front of the canvas stand

What do you want your golden years to look like? Do you want to pick up a hobby you've put on the back burner for many years? Or do you find joy in helping others? With early planning, you can be sure you'll be able to pursue your passions during retirement - without worry.


Ms Pereira, a secretary, is 62 years old and thinking about the retirement lifestyle she envisions and how she can live it up even after she has stopped working. When she turned 55, she chose not to withdraw a lump sum from her CPF savings as she was still working. She has been taking art classes and looks forward to creating beautiful artwork full-time after she retires.

Lady painter considering rising cost of living

Source: The Straits Times © SPH Media Limited. Permission required for reproduction

Based on her age and CPF balances, Ms Pereira is automatically covered under CPF LIFE and will receive lifelong monthly payouts from 65.

 

She has the option to choose from 3 CPF LIFE plans. As she is worried about things getting more expensive during her retirement years and not having enough savings for day-to-day expenses, she prefers the CPF LIFE Escalating plan.

Woman planning for her CPF LIFE plan, with up to 6% interest

Source: The Straits Times © SPH Media Limited. Permission required for reproduction

Ms Pereira uses the CPF LIFE Estimator* to find out how much she would need in her CPF savings to get the monthly payout she desires. The more savings she has, the higher the payouts.

Painter woman finding out how much she needs for her CPF savings, with the more savings she has, with up to 7% interest

Source: The Straits Times © SPH Media Limited. Permission required for reproduction

To further boost her monthly payouts, Ms Pereira decides to start making small regular cash top-ups to her CPF Retirement Account.

 

At 65, Ms Pereira switches to part-time work, giving her more time for her hobby. She chooses not to start receiving CPF LIFE payouts immediately, as she does not need the funds yet. For every year she delays the payouts, up to the age of 70, her monthly payout will increase by up to 7 per cent.

 

At 68, Ms Peirera stops working. She opts for the CPF LIFE Escalating Plan and starts receiving monthly payouts.


*A tool designed to help members aged 55-79 estimate their CPF LIFE monthly payouts based on their desired retirement lifestyle.

 

**This includes the extra 2 per cent per annum on the first $30,000 and extra 1 per cent per annum on the next $30,000 of CPF savings for those aged 55 and above.

 

Disclaimer: Ms Pereira is a fictional character created for illustrative purposes only.


Information updated as of 11/01/2022