Sunday, March 5, 2023

CPF milestone: Happy 65th Birthday (How much $$$ you will be getting)

 


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.

Transfer $10k

Transfer $20k

Transfer $30k



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.  



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3 comments:

  1. AnonymousMarch 9, 2023 at 9:58 AM

    Regarding the last part of your article on able to change the payout plan before commencement of payout - For your father cohort (born 1958), i understand that the CPFB assigned the default Standard plan at age 55. Unless he request for change within specified period (one month?), he cant change the plan later. I am in similar (1959), i appealed for change of plan and not successful.

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    Replies
    1. compoundingdividendxdividendMarch 11, 2023 at 10:40 AM

      Hi, my father selected Basic plan at age 55.

      ==
      Can I change my CPF LIFE plan after I have joined?
      You will not be able to change your CPF LIFE plan as this will affect the payouts of other members on the scheme. However, if you change your mind within 30 days from the date of your policy letter, you may make your request via My Mailbox.

      If you are on a legacy plan such as the Basic, Balanced, Plus or Income Plan, you can switch to the Escalating Plan to benefit from increasing payouts or Standard Plan to enjoy higher and level payouts. Simply make the switch before age 80.

      https://www.cpf.gov.sg/member/faq/retirement-income/monthly-payouts/can-i-change-my-cpf-life-plan-after-i-have-joined-#:~:text=FAQs,-Facebook&text=Twitter-,Can%20I%20change%20my%20CPF%20LIFE%20plan%20after%20I%20have,your%20request%20via%20My%20Mailbox.

      Delete
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    ReplyDelete

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