General
By accessing the CPF Board website, you acknowledge the following Terms of Use, including this Disclaimer.
The results and/or estimates provided by the planner are intended to be used for illustrative purposes only, and should not be regarded as advice by CPF Board or used as a substitute for financial advice. These results and/or estimates are also based on various assumptions which are subject to change at any time without notice.
Please note that CPF transactions (e.g. Top-ups, Transfers) are irreversible. As with any financial decision, carefully consider your financial situation and needs before taking action.
Goal Module
The initial retirement payout goal selected by you is expressed in today’s dollars.
A 2% inflation rate is applied to the initial retirement payout goal to compute your payout goal at your preferred payout start age, which can be between the ages of 65 and 70.
Your savings goal at payout start age is computed by deriving the amount of savings needed to achieve your payout goal with the CPF LIFE plan you selected. This is based on the assumption that the amount of savings that can be annuitised through CPF LIFE is not limited.
The retirement payout guide provides a rough estimate in today’s dollars based on expenditure items from the Household Expenditure Survey.
Projection Module – Projected Payouts and Savings
Projections are based on salary-related details you provided. These details will be stored for future projections, and will remain unchanged until you edit them through the planner. If you do not provide current and accurate information, the projections may not be suitable for your use.
Projections will start from the current month, and end when you are projected to reach your preferred payout start age.
Projections assume you remain employed throughout the projection period.
If you are:
- More than 6 months away from your 55th birthday – Your projected retirement savings and payouts at your preferred payout start age are based on your current Special Account balances only. To maximise your projected payout, our projections assume your Special Account savings are fully transferred to your Retirement Account up to the projected Enhanced Retirement Sum at 55.
- 6 months away from your 55th birthday, up to your 55th birthday – Your projected retirement savings and payouts at your preferred payout start age are based on your current Ordinary Account and Special Account balances. As part of our projections, your Retirement Account is created from Ordinary Account and Special Account balances when you are projected to reach 55.
- Age 55 or older – Your projected retirement savings and payouts at your preferred payout start age are based on your current Retirement Account balances.
Contribution rates are based on those for private sector employees and government non-pensionable employees.
Contributions on monthly salary are capped at the monthly salary ceiling.
Contributions on additional salary (e.g. bonus) are paid once a year every December, and are capped at the Additional Wage Ceiling, based on the assumption that you only have one employer.
Annual increments are assumed to be constant over the projection period, and applied at the end of every January.
If you have any existing standing instructions for recurring top-ups in both cash and/or CPF for retirement, this will be factored into the projections.
Projections assume that the Special Account and Retirement Account balances earn the current interest rate floor of 4% per annum. The first $60,000 of balances earn an extra 1% per annum interest. After 55, the first $30,000 of balances earn an additional extra 1% per annum interest.
CPF interest is calculated monthly, but credited and compounded annually at the end of December.
Projected payouts are based on the assumption that all projected savings can be used for CPF LIFE.
Projection Module – Simulations
Top-ups to Special/Retirement Account using cash or CPF
Simulations of top-ups using cash and/or CPF are subject to CPF top-up limits. To project future top-up limits, a 3.5% growth rate is applied to the current Full Retirement Sum and current Enhanced Retirement Sum.
Unless otherwise stated, top-ups simulated will take effect one month after the projections begin.
Simulating a recurring top-up will replace any existing self recurring top-up of the same frequency. Simulated recurring top-ups will continue until you are projected to reach your preferred payout start age.
Reservation of Ordinary Account savings (Only available for members 6 months to 1 day before 55th birthday)
As part of our simulations, reserved Ordinary Account savings will be retained in the Ordinary Account and will not be used to simulate the creation of your Retirement Account at 55. As such, reserved Ordinary Account savings will not be factored into your projected retirement savings and payouts at your preferred payout start age.
Withdrawals (Only available for members age 55 or older)
Simulated withdrawals only cover withdrawals for immediate needs from your Ordinary Account savings.
Options Module
The module computes the additional amount of CPF savings needed, either in the form of one-time and/or recurring top-ups, to close the gap between your projected payout and retirement payout goal.
Computations are based on inputs you had provided in the Goal and Projection modules. Assumptions used in the Goal and Projection modules also apply to the Options module.
Not all goals can be met through CPF due to constraints such as contribution and top-up limits.
Rounding conventions
Retirement payout goal and savings are rounded up to the nearest $10 and $1,000 respectively, to avoid underestimating what members need.
Projected payouts and savings are rounded down to the nearest $10 and $1,000 respectively, to present a conservative estimate of what members can expect at retirement.
Suggested top-up amounts are rounded up to the nearest $10.
Figures may not add up due to rounding.