CPF LIFE is a national longevity insurance annuity scheme that insures you against running out of your retirement savings by providing you with a monthly payout for as long as you live. The ‘LIFE’ in the name actually stands for Lifelong Income For the Elderly, reflecting its purpose. Here are five things to know:
To live a worry-free retirement and not be a burden to our children, we need to make sure we do not run out of savings in our old age, when income may be hardest to come by. 3. How should I choose between the CPF LIFE plans? Ask yourself what kind of retirement income you would need. If you don’t mind starting with lower monthly payouts which will get progressively lower later on, then the Basic Plan is good enough.
More on this topic You can increase your payouts by topping up your Retirement Account, up to the Enhanced Retirement Sum, or by deferring the start of your payouts until the age of 70. For every year that you defer, your payouts will increase by up to 7 per cent.
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