You'll notice that when you're young and strong, more money goes into your OA and less into your Medisave account. This is because you're presumably more likely to need your OA money to buy housing and less likely to fall seriously ill.
Using the money in your Medisave account to buy an Integrated Shield plan: Integrated Shield plans, which are private health insurance plans meant to boost your MediShield Life, are highly recommended if you can afford it. Part of the premiums can be paid for with Medisave.You've probably heard mutterings about this evil thing called the CPF Retirement Sum, and how it's getting higher every year.
The next tier is the Full Retirement Sum , which is two times the BRS, followed by the Enhanced Retirement Sum , which is three times the BRS. If the money in your retirement account meets the FRS or ERS, you'll receive higher monthly payouts. Regardless of which sum applies and how much excess you have, you're allowed to withdraw at least $5,000 at age 55.While both are retirement payout programmes, the CPF Retirement Sum Scheme gives payouts until your CPF balance runs out, while CPF LIFE gives you payouts for as long as you live — yes, even if your age hits three digits. Let's take a closer look at these schemes.
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