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Anonymous
This is damn confusing. On one hand they said "life long payouts" and on the other hand they said "payouts depends on how much you have in RA". Isn't it contradictory??
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Lena Teng
21 Aug 2020
Lead, Solutions & Investment at Moneyowl
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Hariz Arthur Maloy
19 Apr 2020
Independent Financial Advisor at Promiseland Independent
Hi Anon, to be placed on CPF Life, you'll need at least 60k in your RA by the payout eligibility age as this is the minimum premium.
This will then give you a lifetime payout.
Without 60k you'll be placed on the older RSS scheme that will pay you only until 90 years old where then your RA will be 0.
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To add on to the earlier reply, even if you have less than $60k in your Retirement Account by age 65, you can still choose to join CPF LIFE to enjoy the lifelong payouts. And these payouts won't run out even after all the money has been paid out. That is the essence of an annuity, or longevity insurance.