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Anonymous

18 Apr 2019

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My mum is aged 64, does it make sense to enrol into CPF life for the annuity? Because it gives her sums of money monthly till death. I am new to the workforce and salary of only $3k per month.

My mum has a minimal amount (around $10-12K) in her CPF Hoping to get some advise on this CPF life annuity, who is it for and who is it not suitable for. She lives to maintain same lifestyle, hence will need $3-4K per month

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Hariz Arthur Maloy

18 Oct 2018

Independent Financial Advisor at Promiseland Independent

I may be wrong, but I don't think she can enroll unless you top up her RA to at least 20k.

This will then give her about 1.8k per year or about 150 per month for life.

Do ask her if she had any other retirement plans or assets other than just CPF. Endowment plans, fixed deposits, etc.

3k per month for a retiree is honestly quite a lot of money.

If she doesn't need to pay for dependents or housing, she maybe could try to live on less than that.

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