In the past, CPF retirement options were confusing. There used to be 12 different methods of getting your pension which only had subtle differences. This has since been reduced to just two basic options: CPF LIFE Basic, and CPF LIFE Standard. Here’s how to pick between the two.

What is CPF LIFE in the first place?

It’s actually an acronym for the Central Provident Fund Lifelong Income for the Elderly. The purpose of CPF LIFE is to provide for your retirement in a way that lasts until the end of your life. This pension scheme comes in the form of regular monthly payouts from the age of 65 onwards.

To join CPF LIFE, you must be born in 1958 or after and have at least $40,000 in your Retirement Account (RA) when you reach 55 or $60,000 when you hit the payout eligibility age (currently at 65). If you …