My parents are nearing 70 years old, and dont hit the retirement sum. What should I do with regards to the Retirement Sum Scheme - do I get to choose the plan for future payout for them?

There is nothing to choose within RSS (Retirement Sum Scheme), and it doesn't matter whether their RA hit retirement sum. CPFB would have told them their monthly payout amount when they were 65. They would receive this payouts until their RA is depleted, latest by 90.

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If they want lifetime payouts (albeit smaller amount than current RSS payouts), they can opt for CPF LIFE. They can choose Basic, Standard or Escalating plan, each will give different amount of payouts for life.

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Refer to CPF LIFE info on CPFB website:

https://www.cpf.gov.sg/member/retirement-income...