Source: CPF What is CPF LIFE in the year 2020? CPF LIFE is a scheme that is meant to provide you with a fixed monthly income from when you start your retirement at age 65 till when you are dead. When you reach 55 years old, a Retirement Account is created and the Retirement Sum is transferred from your Ordinary and Special Account to this account. The money will be used to fund your retirement when you reach the retirement age (currently 65). It is like a one-time annuity insurance payment instead of a monthly annuity insurance payment like that one most people signed up for*. Recommended Read: What is CPF Enhanced Retirement Sum (ERS)? However, it has an embedded feature - sort of like life insurance. In the event that you passed away before you fully utilised your CPF Retirement Sum, the amount remaining will be passed to your dependents/beneficiaries. This sum of money is also known as...