Who is Eligible for CPF LIFE?
CPF LIFE provides a lifelong stream of income for Singapore Citizens (SCs) and Permanent Residents (PRs). Eligibility for enrollment is based on birth year and retirement savings.
Automatic Inclusion
If you were born in 1958 or after and have at least $60,000 in your CPF retirement savings before age 65, you are automatically included in CPF LIFE. The CPF Board will notify you near your payout eligibility age, currently 65, to make plan and payout timing decisions.
Voluntary Inclusion
If you are not automatically included (e.g., born before 1958 or did not meet the savings threshold), you can apply voluntarily via my cpf Online Services between age 65 and one month before your 80th birthday.
The Step-by-Step Online Application Process
The online application is for those not automatically enrolled or who want to manage their enrollment details.
- Log in to the my cpf Online Services: Access the CPF website using your Singpass.
- Navigate to the CPF LIFE Section: Go to "My Requests" > "CPF LIFE" and select the application or enrollment service.
- Confirm Your Eligibility: The system checks your eligibility.
- Decide on Your Payout Age: Choose to start payouts between age 65 and 70. Deferring increases your monthly payout by about 7% per year.
- Choose Your CPF LIFE Plan: Select from Standard, Escalating, or Basic plans, reviewing estimated payouts.
- Review and Submit: Check your details and submit. The premium is deducted from your Retirement Account (RA), and payouts begin.
Understanding the CPF LIFE Plans
Compare the three main plans to find the best fit for your retirement needs.
| Feature | Standard Plan | Escalating Plan | Basic Plan |
|---|---|---|---|
| Payouts | Higher, relatively level | Starts lower, increases by 2% annually | Lower initial, decrease over time |
| Inflation Hedge | Limited | Helps counter inflation | Limited |
| Payout Certainty | Higher, stable from start | Lower starting, potential growth | Payouts from RA, then lifelong fund |
| Best For... | Predictable higher initial income | Concern about rising costs, accept lower initial payout | Older members from RSS with lower savings, prioritize bequest |
Tips for a Smooth Application
- Prepare your Singpass: Ensure it's active.
- Have your bank account ready: Ensure details are updated for direct crediting, potentially via PayNow.
- Use the Payout Estimator: Estimate payouts based on savings and plan choices.
- Consider deferment carefully: Weigh increased income against immediate needs.
Can I Change My Plan After Applying?
You can request a change within 30 days of joining CPF LIFE. After this period, the plan is generally irreversible.
Conclusion
Applying for CPF LIFE is straightforward online. Understanding eligibility, plans, and payout timing ensures a secure retirement. Utilize CPF Board resources to plan your future. For further details, visit the CPF Board's website.
