SG Investor Hub Blog

Understanding CPF LIFE (Lifelong Income for Elderly)

Sometimes, you really have to hand it to the policymakers for coming out with an acronym like CPF LIFE, which stands for Lifelong Income for Elderly. As the name aptly suggests, CPF LIFE provides you with a lifetime monthly pay outs.

Introduced in 2009 by the Singapore government, this annuity scheme ensures that Singaporeans do not outlive their CPF savings.

There is a marked difference between the previous scheme, CPF Retirement Sum, and the current CPF LIFE. It is important that Singaporeans understand how this improved system works so that they can plan their retirement needs appropriately. It should also be noted that the old scheme, CPF Retirement Sum, has not been phased out because there are many Singaporeans who may not qualify for CPF LIFE.

Another unique aspect of CPF LIFE is that it allows you to decide how much you wish to set aside for your loved ones upon your death while balancing the amount of monthly payouts. Thus, I feel that the CPF Advisory Panel had developed a rather comprehensive framework because the plans allow you to choose whether you want a higher monthly payout or lower monthly payouts with more bequest for your loved ones.…

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Portfolio Update: April 2018

With decent income and very manageable expenses recently, we were able to inject close to $5k to the portfolio. But unfortunately, the portfolio did not rise by that much. Even after a couple of very good days in the market,…

Looking for the perfect Insurance plan? Alas, it does not exist

Perfection is always on our minds   That’s the mark of a true blue Singaporean. We are constantly on the lookout for improvement and betterment, all in the name of getting ahead. We want to have the best credit cards that give the best rewards. We want to upgrade our educational status to stay competitive […]

The post Looking for the perfect Insurance plan? Alas, it does not exist appeared first on Singapore’s Insurance Blog.