The CPF Lifelong Income For The Elderly (CPF LIFE) Scheme, provides Singapore Citizens and Permanent Residents with a monthly payout from your drawdown age (DDA) for as long as you live.
If you turn 55 years old from 1 January 2013 and are a Singapore Citizen or Permanent Resident, you will be placed on CPF LIFE if you have at least
- $40,000 in your Retirement Account (RA) when you reach 55 years old; or
- $60,000 in your RA when you reach your DDA.
However, if you have already turned 55 years old and are not placed on CPF LIFE, you can apply to join CPF LIFE before your 80th birthday.
There are two CPF LIFE Plans for you to choose from – the LIFE Standard Plan and the LIFE Basic Plan. The plans differ on the
- monthly payout you would receive; and
- the amount you would bequest to your beneficiaries.