CPF members (Singapore Citizens or Permanent Residents) born in 1954 or later are eligible to receive monthly payouts from age 65, automatically commencing by age 70. Payouts come from the Retirement Account (RA) via CPF LIFE (lifelong) or the Retirement Sum Scheme (until savings run out), designed for members with savings in their RA.
Your payout eligibility age is the age where you can start receiving your retirement monthly payouts. If you were born in 1954 or later, your payout eligibility age is 65. This means that you can start receiving your monthly payouts any time between the ages of 65 and 70.
Monthly payouts
The payout eligibility age is currently 65. You can set aside the: Basic Retirement Sum, if you own a property with a remaining lease that can last you till 95, or. Full Retirement Sum.
Your payouts will automatically start when you turn 70 if you have not instructed CPF Board regarding your payouts by then. If you are already covered under a CPF LIFE plan, you do not need to apply to start your monthly payouts as it will be automatically paid to you from the month you turn 65.
Your eligibility is automatically assessed every year. CPF Board will notify you at the beginning of each year if you qualify. You can also check your eligibility for the MRSS anytime via your Retirement dashboard (Singpass login required).
You must be aged 20 and below, or 55 and above, in the disbursement year. Lower-income senior Singapore citizens will receive cash payments of $600 to $900 through the AP Seniors' Bonus. The AP Seniors' Bonus will be disbursed over three years, from 2023 to 2025. The last disbursement was made in February 2025.
You can start payouts anytime between age 65 and 70. Deferring your payouts will allow you to receive higher payouts in the future. You can submit your decision as early as three months before turning 65 through the Plan my monthly payouts service.
The top ten financial mistakes most people make after retirement are:
Log in with your Singpass account to authenticate your identity. Once authenticated, your CPF statement for the month will be displayed. To save or download your monthly transaction statement, click the PDF icon on the top right corner. To find your downloaded documents on mobile devices, refer to this FAQ.
For Singaporeans with an annual income of up to $34,000 and property ownership that meets the criteria: Annual Value up to $21,000: Eligible Singaporeans can expect a cash payout of $850. Annual Value between $21,001 and $31,000: The cash payout will be $450.
From 1 January 2025, the ERS was raised to double the current year's Full Retirement Sum to enable members to voluntarily commit more savings for even higher payouts. This allows members to get higher CPF LIFE monthly payouts of up to $3,440 for life from age 65 through CPF top-ups.
Senior Citizens Savings Scheme (SCSS)
Eligibility: Individuals aged 60 years and above. Investment Limit: Minimum ₹1,000 and maximum ₹15 lakhs. Interest Rate: Approximately 8% per annum (subject to change). Tenure: 5 years, extendable by 3 years.
55 years – when you can start withdrawing your CPF savings as a lump sum. 65 years (for those born after 1953) – when you start receiving monthly payouts from your CPF savings. The Basic Retirement Sum is meant to provide you with monthly payouts in retirement that cover basic living expenses.
You can apply to withdraw a portion of your CPF savings anytime from 55 whenever you have immediate needs for cash. There is no limit to the number of withdrawals you can make.
There are three CPF LIFE plans you can choose from: Escalating, Standard, and Basic. The next step is to estimate the amount of monthly payouts you'll need to support the retirement lifestyle you want.
The $1,000 a month rule is a retirement guideline suggesting you need about $240,000 saved for every $1,000 per month in desired income, based on a 5% annual withdrawal rate (5% of $240k is $12k/year, or $1k/month). It's a simple way to set savings goals, but it doesn't account for inflation, taxes, or other income like Social Security, so it's best used as a starting point, not a complete plan.
Retirement Regret #1.
Retiring as soon as possible can be a priority, but retiring too early can be a big mistake. For one, premature retirement can mean gambling with your financial security in the future. If you leave work too early, you could be forfeiting some key, higher-earning years to build up your savings.
You can submit your instructions on CPF LIFE monthly payouts via Plan my monthly payouts service. You do not need to apply to start your monthly payouts as it will be automatically paid to you from the month you turn 65.
The minimum retirement age is 63 years. In accordance with the Retirement and Re-employment Act ( RRA ), from 1 July 2022, the minimum retirement age is 63 years. Your company cannot ask you to retire before that age.
You're required to pay CPF contributions for employees who are Singapore Citizens or Singapore Permanent Residents earning total wages of more than $50 per month. From certain schools, Madrasahs, private, or overseas tertiary education institutions.
You must meet the following criteria to be eligible: Singapore Citizens only. Aged 55 and above as of 31st December of the assessment year. Your Retirement Account (RA) savings^ are less than $106,500^^
Assets Test
A single homeowner can have up to $714,500 of assessable assets and receive a part pension – for a single non-homeowner the higher threshold is $972,500.