Anonymous

21 Oct 2022

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What happen to CPF RA (Retirement Account) money when someone pass away? What is the difference, - pass away < 65 CPF LIFE starts vs. - pass away > 65 after CPF LIFE payout starts

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Tan Choong Hwee

21 Oct 2022

Solutions Specialist at Providend

Whatever RA balance and unused CPF LIFE premium balance would be distributed to your nominees or to your estate distributed by PTO if you don't have nomination.

Before 65, CPF LIFE not started, the amount in RA is distributed.

At 65 (or can postpone up to 70), either 100% of RA or 10~20% of RA is the CPF LIFE premium for Standard/Escalating Plan or Basic Plan respectively.

After CPF LIFE started, you will receive monthly payouts (initially from your RA savings for Basic Plan, until depleted then) from you CPF LIFE premium. CPF LIFE premium balance is the CPF LIFE premium deducted from RA at 65 minus the total monthly payouts you receive from CPF LIFE.

For example, lets say your RA is $300k at 65, you choose Standard Plan, so CPF LIFE premium is $300k. Let say your monthly payout is $2k.

After 36 months (3 years), your CPF LIFE premium balance = $300k - 36 x $2k = $228k.

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Can we withdraw the amount above FRS from the CPF retirement sum at age 65 just before the CPF Life monthly payout starts?

For CPF LIFE payouts, If I already have the ERS amount in my SA at 55, what is the difference if I top up RA to ERS at 55 VS topping up to ERS only at 64 before payout?

Parent 65, still RSS now, is it better to switch to CPF Life? With 5k in RA, does it make significant difference in payout if cash available for top up is not much?

Let’s say I just turned 65 and started drawing from CPF Life. If something happens to me next month and i leave this world, what happens to all the funds that I enrolled into CPF Life?

What if CPF RA exceed Enhanced Retirement Sum (ERS) at age 55? If choose not to withdraw, how much CPF life can pay? Using 1M65 as an example, how much CPF life pays based on 1million balance at 65?