When should we select CPF life plan?
If you're a Singapore Citizen or Permanent Resident who is not automatically included in CPF LIFE, you can still choose to join the scheme. You can enrol yourself when you're ready to start receiving payouts, any time from 65 to one month before you turn 80.
Is CPF life a good idea?
But it is common to view CPF Life as an investment, and whether it is a worthwhile investment. In particular, as a life-long annuity, it hedges the post-retirement finances of the CPF members against longevity risk, i.e. the risk of outliving financial resources.
How many types of CPF life are there?
Under the LIFE Basic Plan, about 10-20% of your RA savings will be deducted as CPF LIFE premium when you join CPF LIFE, which can be any time from 65 to 70. Your monthly payout will first be paid from your RA and is estimated to last until 90. Thereafter, monthly payouts will be paid from your CPF LIFE premium.