CPF Life - Standard Plan

[inmyopinion]

Haven't decide.
Was thinking from 55 to 65, still got 10yrs to decide whether is a good move..

1. Topping up RA is one way.
2. How much monthly payout one wants from 65 yo is up to individuals. No right / wrong.
3. If you top up, make sure you have enough money in your OA if you need additional money besides your savings.
4.. You can top up once RA is created (your 55th birthday). The earlier you top up, the better it is because the interest starts the following month. You can also top up at 56, 57.. but as mentioned, the earlier the better.

If you just want to take advantage of the 4% instead of 2.5%, and nothing more, you can use the following example.
https://forums.hardwarezone.com.sg/...withdraw-at-2-5.7180148/page-9#post-158222787

 

[xdivider]

This is a very good suggestion!! FRS for 2026 is at $220,400 thus ERS is $440,800. Based on 3.5% yearly increase for both FRS & ERS, the projected amount in 2034 should be around $290,200 and $580,400. WTF man, more half a Mil for ERS in 2034!!!

If I have these amounts by 55, I can pledge FRS and start withdrawing the rest. $290K divide by 10 years divide by 12 months = $2.4K / month. After depleting my OA and reaching 65, my CPF Life will take over and pay me around $1.8K / month for the rest of my life.

I can effectively retire at 55 if I lead a frugal life.

Imho ers is for pple treating it as savings and not needing the money for retirement....

 

[audiovideo]

The power of compounded interest.

indeed very power
lately I was wondering how to get additional around 100k between 65-75, if I still around since I retired, so is either toto or stock, but not so likely. sekali I realized if no touch my OA, here comes the money .

 

[inmyopinion]

meaning one can top up even after the cpf life start rolling..
only thing is getting less due to the RA top up interest not taken into account..

You can top up even after CPF Life payout starts from 65 onwards.
The monthly payout will be adjusted accordingly.

As mentioned earlier, you top up from 55 to let the interest compound for 10 yrs, and star CPF Life payout at 65 or later

Refer to below table as reference:

 

[Elfblade]

@Hello_Kitty @coyote

I was wrong! They actually started the payout already. It's $1171.51. But the money is not in my bank account yet.

This is the screenshot from my retirement dashboard. Have to login to the website to see.

@eggie011 Do you think the payout of $1171.51 is enough for your monthly usage?

 

[Elfblade]

i wonder if you need to login monthly to withdraw from CPF into your bank???

if it has auto credit into the bank, it will be better

I don't think so, they payout should be automatic from CPF -> TS's designated bank account every month, macam CPF paying him Celery.

 

[Elfblade]

Imho ers is for pple treating it as savings and not needing the money for retirement....

ERS payout is also higher at around $3.4K per month, which I think is quote comfortable for most ppl at age 65.

 

[inmyopinion]

i wonder if you need to login monthly to withdraw from CPF into your bank???

if it has auto credit into the bank, it will be better

Because it is your retirement income.
And not transfers between CPF Accounts.

You can put back the payout into CPF account if you want.

 

[eggie011]

@eggie011 Do you think the payout of $1171.51 is enough for your monthly usage?

It's just another part of my retirement. The bulk comes from passive income.

 

[xdivider]

ERS payout is also higher at around $3.4K per month, which I think is quote comfortable for most ppl at age 65.

its like hoarding 400k til 65. at which point most of the time u probably will be cutting down on spending due to physical weakening........

my feel is u want the money around 60-65 period, or 55 if u think u are going to be replace by ai......

 

[Elfblade]

its like hoarding 400k til 65. at which point most of the time u probably will be cutting down on spending due to physical weakening........

my feel is u want the money around 60-65 period, or 55 if u think u are going to be replace by ai......

Good to hear more suggestions but why must all your sentence ends with so many ..............

If you find it 不耐烦 to reply can don't reply, I would rather you don't reply than reply with ..................................................................................

 

[xdivider]

Good to hear more suggestions but why must all your sentence ends with so many ..............

If you find it 不耐烦 to reply can don't reply, I would rather you don't reply than reply with ..................................................................................

sorry, habbit ever since they do the 10 char thing........

 

[snowcrabramyeon]

I don't think so, they payout should be automatic from CPF -> TS's designated bank account every month, macam CPF paying him Celery.

What is this "designated bank account"? Do you have to log in to CPF website to input your bank account number? Or do they just send the money to the PayNow bank account linked to your NRIC number?

 

[weiess]

What is this "designated bank account"? Do you have to log in to CPF website to input your bank account number? Or do they just send the money to the PayNow bank account linked to your NRIC number?

should be this one.

https://www.cpf.gov.sg/service/article/how-would-my-cpf-savings-be-paid-to-me

How would my CPF savings be paid to me?
You will receive your CPF savings to your bank account provided under your Account settings. If you have set your PayNow NRIC-linked bank account as your bank account, your savings will be transferred via PayNow and you will generally receive your CPF savings almost immediately upon the withdrawal application. However, please note that you won't be able to withdraw your CPF savings via PayNow if you have unpaid taxes, MediShield Life/CareShield Life premiums or outstanding divorce matters.

 

[Elfblade]

What is this "designated bank account"? Do you have to log in to CPF website to input your bank account number? Or do they just send the money to the PayNow bank account linked to your NRIC number?

Only TS has the answer, I am far from 65.

 

[LPPLKPKB]

This is a very good suggestion!! FRS for 2026 is at $220,400 thus ERS is $440,800. Based on 3.5% yearly increase for both FRS & ERS, the projected amount in 2034 should be around $290,200 and $580,400. WTF man, more half a Mil for ERS in 2034!!!

If I have these amounts by 55, I can pledge FRS and start withdrawing the rest. $290K divide by 10 years divide by 12 months = $2.4K / month. After depleting my OA and reaching 65, my CPF Life will take over and pay me around $1.8K / month for the rest of my life.

I can effectively retire at 55 if I lead a frugal life.

Go for ERS at $3400/month, $1800/month is not sufficient for anything!

 

[Gondon72]

GXGX to TS. Will come back next month to see the actual amount of money given by CPF life per month. (usually I divided by 15 years to estimate it. Agar agar $1160..)

@Hello_Kitty @coyote

I was wrong! They actually started the payout already. It's $1171.51. But the money is not in my bank account yet.

This is the screenshot from my retirement dashboard. Have to login to the website to see.

Nice, my calculations is agar agar near...

 

[inmyopinion]

What is this "designated bank account"? Do you have to log in to CPF website to input your bank account number? Or do they just send the money to the PayNow bank account linked to your NRIC number?

How do I update my registered bank account details with CPF Board?

https://www.cpf.gov.sg/service/article/how-do-i-update-my-bank-account-details-with-cpf-board

 

[Andrew833]

What is this "designated bank account"? Do you have to log in to CPF website to input your bank account number? Or do they just send the money to the PayNow bank account linked to your NRIC number?

At age 55, you need to go to the CPF website to choose your PayNow bank account. So OA withdrawal, money will transfer to that account. Same for age 65 payout.

 

[KnyghtRyder]

This 20% is 20% of FRS of that year?

Where you get that idea?