Can someone help shed light on CPF retirement plan?

CPF have series of videos on youtube. Is easier to understand.

https://www.google.com/search?q=cpf+youtube&oq=...

Hi anon,

First you will need to calculate how much you will need for your retirement eg $1.5k/ mth to cover your expenses eg transport, food, travel etc. You may want to consider 2% inflation/year if you're calculating from your current expenses.

Then, head over to https://www.cpf.gov.sg/eSvc/Web/Schemes/LifeEst... to see how much is required in your RA at the age of 55.

Based on your current contributions from your salary, you can try to calculate if you will meet the sum you see from the website.
If your salary contributions is not enough, then you may want to consider topping up via RSTU into your CPF SA up to $7k. If you want to top up more, then top up into your SRS, but remember to invest the money in your SRS (can consider endowus / stashaway / maybe moneyowl not sure... if you don't know how to invest. Speak to their advisors for options.). If you just want a safe option, you can also just continue topping up your SA above $7k.

Note that cpf life only pays out earliest at age 65, latest age 70. If you decide to retire early, then your personal savings / investments should support you till the payout begins. SRS may be withdrawn over 10 years at the official retirement age when you first open your SRS account (now is age 62).