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How Long Will Your CPF LIFE Last You? Will Your CPF Have Enough For Your Kids After You Pass On?

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CPF LIFE was introduced by our Government to help provide for us through our retirement every month, like receiving an income from your younger-self through forced-savings!

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However, if you feel that the monthly payout by CPF LIFE is insufficient for you to get by, you should look for other ways like passive income from your investments to help tide you through your retirement.

TL;DR: How long will CPF LIFE last for?

Assuming your CPF Retirement Account has met the Full Retirement Sum of S$171,000, if you have opted for:

  • Basic Plan: 20 years
  • Standard Plan: 19 years
  • Escalating Plan: 12 years
CPF Life plans Average payout every month How long will CPF LIFE last for? How old will you be?
Standard Plan S$1,365 19 years 84 years old
Basic Plan S$1,265 20 years 85 years old
Escalating Plan S$1,060
+ 2% increment
every year
12 years 77 years old


What is CPF LIFE?

Just a quick introduction, CPF LIFE is a life annuity scheme that provides a monthly payout from retirement age for as long as you live for all Singaporeans and Singapore Permanent Residents (PR).

Basically, CPF LIFE provides you with your monthly retirement income from your CPF.

Fun fact: Something I never knew either, ‘LIFE’ stands for Lifelong Income For the Elderly.

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There are 3 CPF LIFE plans available for you to choose from:

  • Standard Plan
  • Basic Plan
  • Escalating Plan

The plans differ in the amount you receive every month and the amount you choose to leave behind for your beneficiaries in time of your passing.

Plans Standard Basic Escalating
Benefits More for self More for loved ones More for future
​Full Retirement Sum
(FRS)
$171,000
S$1,320 – S$1,410 S$1,240 – S$1,290 S$1,010 – S$1,110​
(initial amount)
Monthly Payouts Higher level monthly payouts Lower level monthly payouts Monthly payouts that start lower
but increase by 2% yearly
Upon Death Any unused annuity premium (without interest) and Retirement Account savings, will be paid to your beneficiaries upon your death.

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Choosing Your CPF Life Payouts

1. Standard Plan and their Payouts

  • More payouts for yourself
  • Less money left for your loved ones

Standard Plan is the default plan for everyone unless you opted for a different plan.

Amount in Your RA at age 55 Monthly Payout from age 65
Basic Retirement Sum
S$85,500
S$720 – S$770
Full Retirement Sum
S$171,000
S$1,320 – S$1,410
Enhanced Retirement Sum
S$256,500
S$1,910 – S$2,060

2. Basic Plan and their Payouts

  • Lower payouts for yourself
  • More money left for your loved ones
Amount in Your RA at age 55 Monthly Payout from age 65
Basic Retirement Sum
S$85,500
S$680 – S$700
Full Retirement Sum
S$171,000
S$1,240 – S$1,290
Enhanced Retirement Sum
S$256,500
S$1,810 – S$1,870

3. Escalating Plan and their Payouts

  • Your payouts are increase every year by 2%
Amount in Your RA at age 55 Monthly Payout from age 65
Basic Retirement Sum
S$85,500
S$550 – S$610
Full Retirement Sum
S$171,000
S$1,010 – S$1,110
Enhanced Retirement Sum
S$256,500
S$1,470 – S$1,620

*Figures are extracted from CPF website on 23 October 2018.


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Depending on how much money you have contributed into your Retirement Account (RA), the payout you will receive is different as well.

There are 3 levels of contribution to your CPF LIFE from your RA

Retirement Sum RA Savings at 55 Condition(s)
Basic Retirement Sum
(BRS)
S$85,500 If you own a property and choose to withdraw your Retirement Account savings above your Basic Retirement Sum (subject to sufficient CPF property charge/pledge).
Full Retirement Sum
(FRS)
S$171,000 If you do not own a property or choose not to withdraw your Retirement Account savings above your Basic Retirement Sum.
​Enhanced Retirement Sum
(ERS)
$256,500 If you wish to put more savings in CPF LIFE.

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How Long Will My CPF LIFE Last Me?

Now comes the question of the year, how long will my CPF Life last me? And if any, how much will be left for my loved ones?

Here is how long your CPF LIFE will last you if your Retirement Account at 55 is at:

1. Basic Retirement Sum

  • RA Savings: S$85,500
CPF Life plans Average payout every month How long will CPF LIFE last for? How old will you be?
Standard Plan S$745 9 years 74 years old
Basic Plan S$690 10 years 75 years old
Escalating Plan S$580
+ 2% increment
every year
11 years 76 years old

2. Full Retirement Sum

  • RA Savings: S$171,000
CPF Life plans Average payout every month How long will CPF LIFE last for? How old will you be?
Standard Plan S$1,365 19 years 84 years old
Basic Plan S$1,265 20 years 85 years old
Escalating Plan S$1,060
+ 2% increment
every year
12 years 77 years old

3. Enhanced Retirement Sum

  • RA Savings: S$256,500
CPF Life plans Average payout every month How long will CPF LIFE last for? How old will you be?
Standard Plan S$1,985 10 years 75 years old
Basic Plan S$1,840 11 years 76 years old
Escalating Plan S$1,545
+ 2% increment
every year
12 years 77 years old

How Much Will Be Left For My Loved Ones?

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Image Credit: CPF

If you pass on after your CPF LIFE runs out, you might not have any bequest left for your loved ones, regardless of whichever plan you chose, even if you chose the CPF LIFE Basic plan, which is supposed to leave more money for your loved ones.

If you would like to know the accurate numbers, you can use CPF LIFE Payout Estimator to help you but only if you are above 50 years old!

The post How Long Will Your CPF LIFE Last You? Will Your CPF Have Enough For Your Kids After You Pass On? appeared first on autopilot trading‘s Content

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