(On CPF Life)
Is 70 the max age to leave the money there?
Can continue to leave it there, and then bequeath everything?
We can choose our CPF Life payout start age to be any age between 65 to 70 years old.
If we did not make a choice, the payout will start automatically under the CPF Life Standard plan at age 70.
We must remember that CPF Life is an annuity and not a legacy planning tool. It is meant to help fund our retirement.
If we would like to use the CPF as a legacy planning tool, we could choose to leave some or all of the remaining money in our CPF-OA and CPF-SA untouched from age 55 instead.
On the subject of CPF Life, there is another plan which will be available from 2018.
In addition to the Standard and Basic Plans, we will have the option of the Escalating Plan…