Personal Finance
How To Complement Your CPF Life With an Annuity Plan
By Planner Bee  •  July 9, 2022
The Central Provident Fund (CPF) Board introduced the Lifelong Income For the Elderly (LIFE) scheme to provide monthly payouts during the retirement years, starting from age 65. However, should you require more than what the payout can provide to support your lifestyle, you can also tap on a complementary annuity plan. This is a low risk approach to securing the basic needs of your retirement. We’ll review how much you can expect to receive from CPF LIFE, and how an annuity plan can help supplement your payouts. What are the CPF retirement sums and monthly payout amounts? If you are a Singapore citizen or permanent resident, born in 1958 or after, and have at least S$60,000 in your CPF Retirement Account (RA) when you start your monthly payouts, you’ll be automatically included in CPF LIFE. The first critical milestone arrives when you turn 55. At that age, your retirement sums are locked in....
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By Planner Bee
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