Retirement Sum Scheme: Who Qualifies and What You Get
Discover how the Retirement Sum Scheme provides monthly payouts for CPF members to help support their lifestyle after age 65.
The Retirement Sum Scheme is a national arrangement designed to provide CPF members with a steady stream of monthly payouts starting from the age of 65.
Who it's for
This scheme is available to all CPF members. Whether you are a salaried employee or a freelancer managing your own contributions, you qualify for this arrangement as part of the national social security framework.
What you get
The primary benefit of this scheme is the provision of regular monthly payouts. These payments are intended to provide financial support and a consistent income stream once you reach the age of 65, helping you manage your daily expenses during your retirement years.
What it costs you
There is no direct cash fee to join the scheme. Instead, the "cost" is the use of your accumulated CPF savings. The money used to fund your monthly payouts is drawn from the total amount you have saved within your CPF accounts over your working life.
The catch to know
It is important to understand that your monthly payouts are not a fixed, guaranteed amount for every person. The actual amount of money you receive each month is directly tied to the total sum held in your Retirement Account. Because the payouts depend on your individual savings, the more you have accumulated in your account, the higher your monthly income will likely be.
How to apply
- Access your official CPF account to review your current savings and contributions.
- Check your Retirement Account balance to understand how much is available for your future payouts.
- Review your projected monthly payout amounts based on your specific account balance.
- Use the official government portal to manage your retirement settings and prepare for your payouts.