Unlocking retirement income with CPF LIFE

CPF LIFE (CPF Lifelong Income For The Elderly) is one of the most valuable retirement tools available to Singaporeans—a guaranteed monthly income for life, regardless of how long you live. Like most financial decisions, it pays off to plan early and personalise it to your own needs.

The CPF LIFE plan you choose, when you start your payouts, and how much you set aside in your CPF account can all meaningfully affect your monthly income in retirement. 

This guide walks you through how CPF LIFE works, how the three plans compare, what your payout could look like based on your savings, and what options are worth considering to make the most of your CPF retirement payout.

What is CPF LIFE?

CPF LIFE is a national longevity insurance annuity scheme administered by the CPF Board. It provides Singapore Citizens and Permanent Residents with a guaranteed monthly payout for as long as they live, so you never outlive your savings.

You can apply to start receiving CPF LIFE payouts anytime from age 65 to 70. Unlike a savings account that eventually runs dry, CPF LIFE is designed to keep paying you even if you live to 90 or beyond. When you pass away, any remaining premium balance and CPF savings are distributed to your loved ones.

You are automatically included in CPF LIFE if you are:

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

If you do not meet the S$60,000 threshold, your CPF savings will still be paid out monthly, but payouts will stop once your balance runs out. If you are not automatically included, you can still voluntarily join CPF LIFE any time from age 65 to one month before you turn 80.

Understanding CPF retirement sums: BRS, FRS, and ERS

Before choosing your CPF LIFE plan, you need to understand the CPF retirement sums, which are reference points that determine how much CPF savings you need to achieve your desired monthly retirement payout.

Here is a quick recap of how the CPF accounts work: when you turn 55, your Special Account (SA) is closed and a Retirement Account (RA) is opened. Your SA savings will be transferred to your RA first, followed by Ordinary Account (OA) savings, up to the Full Retirement Sum (FRS). The amount set aside in your RA influences your CPF LIFE monthly payout.

What are Basic Retirement Sum (BRS) and Full Retirement Sum (FRS)?

The BRS and FRS are fixed based on the year you turn 55 and do not change after that. For example, if you turn 55 in 2026, your FRS is S$220,400 for life, even though the FRS rises in subsequent years.

BRS and FRS by year (CPF official figures)

Based on CPF’s estimates, BRS covers basic monthly expenses, excluding housing costs. If you own a property with a remaining lease that lasts until at least age 95, you can pledge it and only need to set aside the BRS to meet the FRS requirement.

The FRS is twice the BRS and represents the savings target for an average Singaporean's retirement. If your combined OA and SA exceeds the FRS at age 55, you can withdraw the excess in cash, or transfer it to your RA for a higher CPF LIFE payout.

What is Enhanced Retirement Sum (ERS)?

The ERS is the maximum amount you can hold in your RA. Unlike the BRS and FRS, it is not fixed to the year you turn 55—it increases every 1 January and applies to anyone aged 55 or older in that year.

ERS by year (CPF official figures)

Since 2025, the ERS is set at four times the BRS, up from three times previously. This change allows members who want a higher CPF retirement payout to set aside more in their RA. If you have already reached the ERS and want to contribute more, you can do so the following year when the ERS increases.

Which CPF LIFE plan is better?

When you are ready to start your CPF LIFE payout, you will have to choose from three plans—there is no “best” plan, only what is most suitable for you. The key differences are your monthly payout amount and the bequest (inheritance) your loved ones receive. All three CPF LIFE plans provide payouts for life, regardless of how long you live.

Standard Plan for steady monthly payouts

The Standard Plan is the default CPF LIFE plan. It provides a fixed, steady monthly payout for life. Payouts do not increase over time, so your purchasing power may gradually decline as prices rise. The bequest is lower than the Basic Plan.

Best for: Retirees who prefer a predictable, higher initial monthly income and are comfortable managing their own inflation exposure.

Escalating Plan for payouts that grow with inflation

The Escalating Plan starts with a lower monthly payout than the Standard Plan but grows by 2% each year for life. Over time, this helps protect your purchasing power as the cost of living rises.

Best for: Retirees worried about inflation eroding their retirement income over a long retirement horizon.

Basic Plan for progressively lower payouts, higher bequest

The Basic Plan offers the lowest initial monthly payout among the three CPF LIFE plans. Payouts decline as your CPF balance falls below S$60,000. It leaves the highest bequest to loved ones.

Best for: Retirees with significant other sources of income who prioritise leaving a larger inheritance.

If you change your mind after selecting a CPF LIFE plan, there is a 30-day grace period from the date of your first policy letter to change your plan type. Beyond the grace period, you are not allowed to change it unless:

• You are on the Basic Plan and wish to change to the Standard Plan or Escalating Plan
• You are on the Standard Plan and wish to change to the Escalating Plan

How much will your CPF LIFE payout be?

Your CPF retirement payout depends on two things: how much you have in your RA, and which CPF LIFE plan you choose. The BRS, FRS and ERS are simply reference points—you do not need to hold exactly those amounts. Any balance in your RA at age 65 determines your actual payout.

The table below uses CPF Board's published figures, based on a member turning 55 in 2026 and starting payouts at age 65 on a Standard Plan. 

For a personalised estimate based on your actual CPF savings, use the CPF LIFE Estimator if you are aged 55 to 79, or the Retirement Payout Planner if you are under 55.

How to increase your CPF LIFE payout

There are several ways to build up your RA and secure a higher CPF retirement payout:

Useful CPF calculators to estimate your retirement payout

CPF provides two useful tools to help you plan:‍

1. Retirement Payout Planner (for members under 55)
   Enter your desired monthly retirement income, current salary, and CPF balances. The planner calculates whether your projected CPF savings are on track to meet your target. Use it at: 

2. CPF LIFE Estimator (for members aged 55 to 79)
   Enter your current CPF balances, preferred payout start age, and CPF LIFE plan. The estimator calculates your projected monthly payout. 

If you have already turned 65 and are receiving payouts, you can check your exact monthly payout through your CPF Retirement Dashboard.

Get started—grow your CPF to secure a higher retirement payout

The CPF LIFE payout you receive in retirement is largely determined by decisions made years—or even decades—earlier. The more your CPF savings grow before retirement, the higher your eventual RA balance, and the higher your monthly CPF retirement income.

Make your CPF work harder to help you achieve your dream retirement. Endowus is the first digital advisor approved by the CPF Board to help you invest your retirement savings with low-cost, diversified funds curated by our Investment Office at a flat fee of 0.3%–0.4% per annum. No sales fee, no transaction fee—just full pricing transparency. 

When you create an Endowus account, all your assets and transactions are securely held in your name at UOB Kay Hian, ensuring you will always have full access and claim to your assets. Start your CPF investing journey with Endowus today.

Read more:

• How much do you need to retire in Singapore?
• CPF OA, SA, MA, and RA interest rates
• CPF Special Account closure: What can you do next?
• How to be a CPF millionaire | Science of Wealth

Frequently asked questions about CPF LIFE

What is CPF LIFE?

CPF LIFE (CPF Lifelong Income For The Elderly) is Singapore's national longevity insurance annuity scheme. It provides eligible Singapore Citizens and Permanent Residents with a guaranteed monthly payout for life, funded by their Retirement Account savings.

When do CPF LIFE payouts start?

‍Your CPF LIFE payout can start any time from age 65 to age 70. Three months before your 65th birthday, CPF will send you a notification to guide you to choose your plan. Payouts will only start after you select a plan and instruct CPF to start your payouts through this online form.

You do not have to start the payouts at 65, and in fact, waiting can significantly increase your monthly CPF payout. You can defer up to age 70, after which, payouts will automatically start.

How much is the CPF LIFE monthly payout?‍

It depends on your RA balance and the CPF LIFE plan you choose. For a male member turning 55 in 2026 with the FRS (S$220,400) and starting payouts at 65, the estimated monthly payout under the Standard Plan is S$1,780, according to CPF Board.

What are the three CPF LIFE plans?‍

The three CPF LIFE plans are: Standard (steady payouts, lower bequest), Escalating (payouts grow 2% per year, helps with inflation), and Basic (lower payouts that fall over time, higher bequest).

Can I change my CPF LIFE plan?

‍Yes. If you are currently on an older plan (Plus, Balanced, Basic, or Income), you can apply to switch to the Standard or Escalating Plan through your CPF account.

What happens to my CPF LIFE plan when I pass away?

‍Any remaining CPF LIFE premium balance (the amount of RA savings deducted when you joined CPF LIFE, minus the total amount of payouts you received during your lifetime), together with your other CPF savings, will be distributed to your nominated beneficiaries. If you did not make a CPF nomination, this sum will be distributed by the Public Trustee according to the intestacy laws.

What if I do not have S$60,000 in my RA?

‍You will not be automatically included in CPF LIFE, and your monthly payouts will stop when your RA savings run out. However, you can still voluntarily join CPF LIFE from age 65 to one month before age 80.