This post is meant to summarised what you need to know about CPF when you’re turning 55
- You have to choose the 3 levels of retirement sums that you want
- Basic Retirement Sum (BRS) – ($83k)
- Full Retirement Sum (FRS) – ($166k)
- Enhanced Retirement Sum (ERS) – ($$249k)
- After 65 you can choose from 3 CPF Life plans // You can choose when you want to start the payouts
- Standard plan
- Pays you more today less for your kids in the future
- Basic plan
- Pays you less today more for your kids in the future
- Escalating plan
- The payout increases as you grow older while ur kids gets a smaller pay
- Healthcare
- Your basic healthcare sum as of 2017 is $52k
- Interest Rate
- Like mentioned previously in my other CPF post, you will have additional interest rate (1-2%) on all your accounts.
Q&A
- Can I do lump-sum withdrawals?
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