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  1. Benefits
  2. What to consider
  3. Inclusion
  4. Options
  5. Ways to manage
  6. Resources
  7. FAQs
  8. Articles
Benefits
  • Benefits
  • Benefits
  • What to consider
  • Inclusion
  • Options
  • Ways to manage
  • Resources
  • FAQs
  • Articles
Why do you need CPF LIFE?

Nobody can predict how long anyone will actually live.

 

With technology and healthcare becoming more advanced, we’re likely to live longer than our parents and grandparents. Your golden years are to be celebrated, but what if you run out of retirement savings when you’re old, frail and no longer able to work?

 

With CPF LIFE, you don’t need to worry. You can continue receiving a retirement income no matter what age you live to.

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Benefits
Peace of mind and a secure retirement
Payouts for life

Get a monthly income no matter how long you live. Most private retirement income plans only provide payouts for a limited period.

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Safe insurance product with risk-free interest rates

CPF LIFE savings are guaranteed by the Singapore Government. Earn, risk-free interest rates* of up to 6% per annum. Annuities offered by the private sector are subject to investment market returns.

 

* Based on the interest rate floor of 4% per annum.

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More affordable than private annuity plans

Being non-profit and administered by the CPF Board, the CPF LIFE scheme does not incur costs from advertising and agents’ commissions. With a large member base, longevity risks and costs can also be better spread out.

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CPF LIFE is an insurance product, not an investment product

Unlike investment products which are meant to increase our wealth, insurance products help to protect us against life uncertainties.

 

CPF LIFE addresses the uncertainty of us outliving our savings by providing us with lifelong payouts.

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What to consider
How to get the payouts you want based on your desired retirement lifestyle
1
Consider your desired retirement lifestyle

Think about the retirement lifestyle you want. Think about the reality of inflation. Once you have an idea of how much you'll need for your future years in retirement, you can better select a suitable CPF LIFE plan for yourself. 

 

There are three CPF LIFE plans you can choose from: Escalating, Standard, and Basic.

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Learn about the plans
2
Work out the monthly payouts and premiums you need

The next step is to estimate the amount of monthly payouts you'll need to support the retirement lifestyle you want. That will help you work out the premiums to pay under your preferred plan. Don't know where to start?

https://www.cpf.gov.sg/payoutestimator false
Monthly payout estimator View payout examples
3
Determine if your retirement savings are enough

Are you short on CPF savings to pay the premiums required for your chosen CPF LIFE plan? Boost your savings by making cash top-ups and CPF transfers to your Retirement Account.

https://www.cpf.gov.sg/member/tools-and-services/forms-e-applications/cash-top-ups-and-cpf-transfers-for-retirement false
Top up now
4
Defer your payouts

If you have already started receiving payouts but do not actually need the funds yet, you have the option to hold back your payouts until age 70. This will increase what you'll receive later on.

 

For each year that you defer, your payouts will increase by up to 7%. This means if you choose to defer until age 70, your payouts will increase by up to 35%.

https://www.cpf.gov.sg/payout true
Defer now
Consider: With increasing cost of living, your savings will buy you less in the future

Feeling the pinch of paying more for eggs and other groceries? That is the impact of inflation and it affects everyone. Assuming you receive $1,000 of monthly payouts today, in 20 years’ time, you may need about $1,500 to buy the same items today.

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Impact of inflation on living expenses
Inclusion
Will you be included?
Automatic inclusion

You’ll be automatically included in CPF LIFE if you’re:

  • A Singapore Citizen or Permanent Resident;
  • Born in 1958 or after; and
  • Have at least $60,000 in your retirement savings when you start your monthly payouts

If you’re automatically included, we’ll inform you before you turn 65 to explain the options available to you. 

 

If you’re not automatically included, you’ll receive monthly payouts which will stop when your savings run out.

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Learn more
Voluntary inclusion

If you're a Singapore Citizen or Permanent Resident who is not automatically included in CPF LIFE, you can still choose to join the scheme. 

 

You can enrol yourself when you’re ready to start receiving payouts, any time from 65 to one month before you turn 80.

https://www.cpf.gov.sg/payout true
Enrol for CPF LIFE
Opting out

You can choose to be exempted from CPF LIFE, if you have a pension or private annuity plan that pays the same or higher monthly payouts than CPF LIFE. Find out if you meet the criteria.

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Learn about exemption
Old man and woman holding hands, taking a stroll
Options
Comparing CPF LIFE Plans

The CPF LIFE plan you choose depends on how willing you are to adjust your retirement lifestyle, as things become more expensive.

Escalating Plan
Growing payouts

If you’re worried about things being more expensive in the years ahead, the Escalating Plan is suitable for you. With monthly payouts that start lower initially but grow by 2% a year for life, the Escalating Plan can generally help you maintain your lifestyle even as prices of items increase.

Standard Plan
Steady payouts

If you prefer to keep within a fixed budget, the Standard Plan offers a steady monthly payout. Payouts do not grow to protect you against inflation so you’ll have to lower your lifestyle to buy less as things get more expensive in the years ahead.

Basic Plan
Progressively lower payouts

If you can lower your lifestyle to buy even lesser with progressively lower payouts in the future then the original Basic Plan is good enough. Monthly payouts start low and fall when your CPF balances fall below $60,000.

All three CPF LIFE plans will provide you with monthly payouts no matter how long you live. When you pass away, your CPF LIFE premium balance (if any), together with any remaining CPF savings, will be distributed to your loved ones.

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As we don’t know how long we’ll live, the expected bequest is irrelevant when considering our choice of a suitable CPF LIFE plan. 

https://www.cpf.gov.sg/payout true
Ways to manage
How to manage your CPF LIFE
Managing payouts
Switch to the Escalating or Standard Plan

Are you currently enrolled in the Plus, Balanced, Basic, or Income Plan? Consider switching to the Escalating Plan to receive increasing payouts or Standard Plan to receive higher and level payouts.

https://www.cpf.gov.sg/payout true
Apply now
Increasing payouts
Increase your CPF LIFE premiums

If you are already enrolled in CPF LIFE, one way to boost your monthly payouts is to increase your CPF LIFE premiums. To do so, you must first make a cash top-up or CPF transfer to your Retirement Account.

https://www.cpf.gov.sg/member/tools-and-services/forms-e-applications/cash-top-ups-and-cpf-transfers-for-retirement false
Top up now
Monetise your property

If you own a property, you can also consider monetising your property to boost your monthly payouts.

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Updating your preferences
Defer after starting to receive payouts

Already started receiving payouts? You still have the option of deferring until age 70, to receive higher payouts.

https://www.cpf.gov.sg/payout true
Apply now
Start payouts after deferring

Send in your application to start receiving monthly payouts if you have previously deferred.

https://www.cpf.gov.sg/payout true
Apply now
Update your bank account details with us

Changed your bank account details recently? The fastest way to update is to tell us online.

https://www.cpf.gov.sg/changebankaccount false
Update now
FAQs
Common questions
Benefits
Why CPF LIFE?
Payouts for life

Monthly income for as long as you live, even after your savings run out. Unlike private plans which stop after a set period.

Government-guaranteed

Savings guaranteed by the Singapore Government. Earn risk-free interest of up to 6% p.a. (floor: 4% p.a.).

Lower cost

Non-profit scheme with no commissions or advertising fees. Large member base spreads longevity risk efficiently.

Getting started
4 simple steps
1
Pick your plan

Choose Escalating (grows 2%/year), Standard (fixed), or Basic (decreasing) based on how you want to handle rising costs.

2
Estimate your payouts

Use the payout estimator to figure out how much you'll receive monthly and what premiums you'll need.

Monthly payout estimator
3
Top up if needed

Short on savings? Make cash top-ups or CPF transfers to your Retirement Account to boost your payouts.

4
Consider deferring

Deferring payouts until age 70 increases them by up to 7% per year — that's up to 35% more in total.

Eligibility
Who is included?
Automatic

You’re auto-included if you are:

  • A Singapore Citizen or PR
  • Born 1958 or after
  • Have ≥ $60,000 in retirement savings
Voluntary

Not auto-included? You can still join. Enrol any time from age 65 to one month before you turn 80.

Enrol for CPF LIFE
Opt-out

You can be exempted if you have a pension or private annuity with equal or higher monthly payouts.

Options
3 plans at a glance
Escalating Plan

Growing payouts

Starts lower but grows by 2% each year. Best if you’re worried about rising costs of living.

Standard Plan

Steady payouts

Same amount every month for life. Best if you prefer a predictable, fixed budget.

Basic Plan

Decreasing payouts

Starts higher but decreases over time. Payouts drop when your balance falls below $60,000.

All plans pay for life.
Remaining balance goes to your loved ones.

Choose your plan 
---
source: https://www.cpf.gov.sg/member/retirement-income/monthly-payouts/cpf-life
title: CPF LIFE (Lifelong Income For the Elderly)
description: National longevity insurance annuity scheme providing lifelong monthly payouts for CPF members.
last_updated: 2025-11-18
category: retirement-income/monthly-payouts
---

# CPF LIFE

CPF Lifelong Income For the Elderly (CPF LIFE) is a national longevity insurance annuity scheme that provides monthly payouts for life, so you never outlive your retirement savings.

## Benefits

- **Lifelong payouts** — monthly income for as long as you live, even after your savings are depleted
- **Government-guaranteed** — savings guaranteed by the Singapore Government; risk-free interest up to 6% p.a. (floor: 4% p.a.)
- **Lower cost** — non-profit, no commissions or advertising fees; large member base spreads longevity risk
- **Insurance, not investment** — protects against outliving savings, not for wealth growth

## Eligibility

### Auto-included
- Singapore Citizen or Permanent Resident
- Born 1958 or later
- At least $60,000 in retirement savings when monthly payouts start

### Voluntary inclusion
- SC/PR not auto-included can enrol from age 65 to 1 month before turning 80

### Exemption
- Allowed if you have a pension or private annuity with >= equivalent monthly payouts

## Plans

| Plan        | Payout trend         | Best for                    |
|-------------|---------------------|-----------------------------|
| Escalating  | Grows ~2%/year       | Keeping up with inflation   |
| Standard    | Fixed for life       | Predictable budgeting       |
| Basic       | Decreases over time  | Lowest premium cost         |

All plans provide lifelong payouts. Remaining CPF LIFE premium balance distributed to beneficiaries on death.

## Steps to get your desired payouts

1. **Choose a plan** — Escalating, Standard, or Basic based on inflation tolerance
2. **Estimate payouts** — use the Monthly Payout Estimator (https://www.cpf.gov.sg/payoutestimator)
3. **Top up if short** — cash top-ups or CPF transfers to Retirement Account
4. **Consider deferring** — up to 7% increase per year of deferral (max age 70, up to +35%)

## Managing your CPF LIFE

- **Switch plans** — move from Plus/Balanced/Basic/Income to Escalating or Standard
- **Increase premiums** — top up Retirement Account for higher monthly payouts
- **Monetise property** — use property to supplement retirement income
- **Defer payouts** — pause until age 70 for higher payouts
- **Resume payouts** — apply to start after deferring
- **Update bank account** — update online at https://www.cpf.gov.sg/changebankaccount

## Key links

- Monthly Payout Estimator: https://www.cpf.gov.sg/payoutestimator
- Top up / Transfer: https://www.cpf.gov.sg/member/tools-and-services/forms-e-applications/cash-top-ups-and-cpf-transfers-for-retirement
- Manage CPF LIFE: https://www.cpf.gov.sg/payout
- CPF LIFE Brochure (PDF): https://www.cpf.gov.sg/content/dam/web/member/retirement/documents/OnlineBrochureEnglish.pdf
- FAQs: https://www.cpf.gov.sg/service/sub-categories?category=P_M_RI