A few years back, you may have heard complaints about the rising CPF Retirement Sum (RSS), amid other retirement woes spoken about by the older generation.

These days, the RSS isn’t really being talked about, and new terms like CPF LIFE has emerged.

This is because with changing times and rising life expectancy, the CPF LIFE Scheme was created to replace the Retirement Sum Scheme.

The RSS is old news, but there’s a need to talk about it because there are still Singaporeans that are part of the scheme. For the uninitiated, here’s a quick introduction to CPF LIFE and RSS, and the differences between them.