When it comes to CPF retirement planning, an important decision you must think about and make is, which CPF LIFE plan will be the most suitable for you. If you are not familiar with CPF LIFE, it is basically an acronym for CPF Lifelong Income For The Elderly Scheme which is a life annuity scheme that provides you (Singapore Citizens and Permanent Residents) with a monthly payout for as long as you live starting from your payout eligibility age unless you’re exempted. This life annuity scheme is a contract between you and CPF to guarantee yourself lifetime regular income that will be paid to you by CPF.
What Are The CPF LIFE Plans Available For Me?
There are three CPF LIFE plans for you to choose from:
The LIFE Standard Plan
The LIFE Basic Plan
The LIFE Escalating Plan
The plans differ in terms of the monthly payout you would receive and the bequest to your beneficiaries. Bequest means the money you leave that will be given to your beneficiaries. Benefiaries are the people you have nominated to receive your CPF savings after your death. If you have not made any nomination, CPF will pay the bequest to your next-of-kin in line with the intestacy laws of Singapore.
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