- You’re a Singapore Citizen or Permanent Resident, born in or after 1958
- Have at least S$60,000 in your Retirement Account before you reach 65
Think about retirement, and you’re probably imagining trips to places you’ve never been, or just relaxing with a cup of tea in your humble abode.
But without sufficient savings, you may not be able to retire in ease.
In Singapore, the CPF Lifelong Income For the Elderly (LIFE) scheme was introduced to make sure the elderly have enough to get by in their old age. It provides monthly payouts from the age you retire till the end of your life, based on the funds in your Retirement Account.
Whether it will be enough to fund your desired lifestyle is another question.
What is CPF LIFE?
CPF LIFE is a national insurance scheme you are automatically enrolled in if:
