My father is celebrating his 65th Birthday this year.
CPF is the first to wish him "Happy 65th Birthday in advance!" via snail mail letter.
In the letter, he was provided with 2 options regard to CPF LIFE
Option 1: To use our online "Plan my monthly payouts" service
Option 2: To book a 1-to-1 CRPS consultation session with us
The letter is simple and straight forward to understand (There is no * found in the letter. LOL)
We go with Option 1 and you can complete the 5 steps in less than 15mins.
The website is graphical user interface which provided you with super clear and detail illustration on the varies options you can consider.
My father is lucky to have met FRS amount.
Step 1: Start of defer payouts
For CPF standard plan, he can receive an estimated monthly payouts of $1,230 for as long as he is breathing.
If you would like to defer payout to later age, you can slide the slider and it will show the estimated amount with your chosen age
Step 2: Payout detail
If you have extra amount in your OA/SA, you can use it to increase your monthly payout too.
You have 3 options to choose from: "Use the full amount available" / "Use a partial amount" / "I do not want to use CPF savings to increase my payouts".
Else, you can keep it in CPF to continue earn interest and withdraw the amount as and when you require it.
I just capture only the monthly payout if you transfer $10k, $20k and $30k as example to CPF LIFE.
I wont continue into Step 3 to 5 as it is pretty much straight forward and more into personal detail.
You are done with your CPF LIFE payout choice :)
- If you change your mind on the CPF LIFE plan you selected at age 55, you can change it here before you submit the payout at age 65.