According to the CPF Board website, a CPF member with a Full Retirement Sum (FRS) of $213,000 in 2025 can expect a monthly payout of $1,730 from age 65 for the rest of his life.<\/p>\n
Those who are 55 and above have the option to top up to the current year\u2019s Enhanced Retirement Sum (ERS), which is $426,000. This will give them a lifelong monthly payout of $3,330 from age 65, $1,600 more than if they had topped up their retirement savings to the FRS.<\/p>\n
CPF Board\u2019s Tang noted that CPF members who continue to work can choose to defer their CPF Life payouts from age 65 to age 70.<\/p>\n
For every year that they defer, their monthly payouts will increase by up to 7 per cent, he added. This means that if they defer for five years until age 70, their payouts will increase by as much as 35 per cent.<\/p>\n
Using the example of a CPF member who tops up to the ERS, Dr Koh said this member can expect to receive an additional $1,000 every month if he defers his CPF Life payouts to 70 years old.<\/p>\n
He added that this additional payout may be more than the salary increment if one continues working until 70 years old.<\/p>\n
As at December 2023, over half of the CPF members who are eligible to start their payouts\u00a0chose to defer to age 70.<\/p>\n
Some CPF members have failed to meet the Basic Retirement Sum, which is $106,500 in 2025.\u00a0For\u00a0them,\u00a0there is the Matched Retirement Savings Scheme.<\/p>\n
The scheme was enhanced from Jan 1, 2025, to enable Singapore citizens aged 55 and above with lower retirement savings to save more and get higher monthly payouts.<\/p>\n
Under the scheme, the Government matches cash top-ups made to their RA, up to a cap of $2,000 per year. This is up from the previous cap of $600 per year.<\/p>\n
Tang noted that if a CPF member puts in $2,000 a year from age 55 for 10 years and gets the matching government grant of $2,000 a year, he can expect to receive $48,000 in additional savings, including CPF interest, when he is 65 years old. That translates to an additional lifelong monthly income of $260, he added.<\/p>\n