Already Retired In Singapore? How Can I Make My Money Last?

How Does CPF LIFE Fit Into Your Monthly Income?

Already getting payouts? Your monthly amount is in your CPF statement. Count it as income, then find the gap your savings must fill. Not started yet? Estimate it with the CPF LIFE estimator.

CPF LIFE pays you a monthly income for as long as you live. You can start it from age 65, and you choose when: CPF Board does not start it for you at 65. If you have not started by 70, it starts automatically then.

Waiting raises the amount. Each year you put off the start adds up to 7% to your monthly payout, so starting at 70 pays up to 35% more each month. Starting later only makes sense if you have other money to live on until then.

How Much CPF Can You Take Out At 55 And 65?

From 55 you can take out S$5,000 or more, even if you have not reached your Full Retirement Sum. Savings above the Full Retirement Sum can also be taken out. For people turning 55 in 2026, the Basic Retirement Sum is S$110,200, the Full Retirement Sum S$220,400 and the Enhanced Retirement Sum S$440,800. If you own a home, you can choose to pledge it, keep only the Basic Retirement Sum in CPF and take out savings above it.

If you were born in 1958 or later, from 65 you can take out up to 20% of your retirement savings, less the S$5,000 you could take out from 55. Money you take out no longer earns CPF interest or adds to your monthly payouts, so check what you give up first.

Savings left with CPF keep earning interest. From age 55, the first S$30,000 earns an extra 2% a year and the next S$30,000 an extra 1%, on top of the 4% minimum rate on retirement savings, which runs until 31 December 2027.

What Government Support Could You Get?

Rules and amounts depend on your age, citizenship, income and home. These schemes are worth knowing about:

• Silver Support Scheme gives cash every three months to Singapore Citizens aged 65 and over who earned little during their working years and have little or no family support. You do not need to apply: CPF Board checks who qualifies.
• MediShield Life is basic health insurance for large hospital bills. Every Singapore Citizen and Permanent Resident is covered for life, including conditions you already have.
• CareShield Life and ElderShield pay monthly cash if you become severely disabled, meaning you cannot do 3 of 6 daily activities such as washing or dressing. Many people born in 1979 or earlier were enrolled in ElderShield at 40. It no longer takes new members; CareShield Life covers everyone born in 1980 or later.
• Pioneer Generation (born on or before 31 December 1949) and Merdeka Generation (born from 1 January 1950 to 31 December 1959) members, who also meet the citizenship dates, get extra help with clinic bills and MediShield Life premiums.

How Long Could Your Savings Last?

Take a made-up retiree with S$150,000 of savings they could use, who spends S$2,500 in a usual month and gets S$1,200 a month from CPF LIFE.

• Monthly spending: S$2,500
• CPF LIFE and other regular income: S$1,200
• Gap your savings must cover: S$1,300 a month
• Savings S$150,000 ÷ S$1,300: About 115 months

That is about 9 years and 7 months. The example leaves out interest your savings earn, prices rising over time and big one-off bills, so test a higher spending figure too. CPF LIFE keeps paying for life even after savings run out, so lowering your monthly gap matters more than anything else.

Where Can Savings Earn Steadier Income?

Money you may need in the next few years is safest where it cannot fall in value. Common choices:

• Treasury bills (T-bills): Singapore Government bills for 6 months or 1 year, from S$1,000.
• Singapore Savings Bonds (SSBs): up to 10 years, and you can take your money out in any month without a penalty. Each person can hold up to S$200,000.
• Fixed deposits: a set rate for a set time. Deposits at a bank in the Singapore Deposit Insurance scheme are insured up to S$100,000 per person per bank, counted together.
• Dividend shares and REITs: they can pay regular income, but payouts can be cut and prices can fall, sometimes a lot. Only use money you will not need soon.

Compare T-bills, SSBs and fixed deposits with your own amount in Where Should My Spare Cash Earn Interest?, or plan money back every few months with the T-bill ladder. This guide does not recommend any product.

What Help Is There With Care Costs?

Care costs can be the biggest new bill in later life. Government subsidies for services such as day care, home care and nursing homes are means-tested: households with less income per person get more help. Two others to know:

• Home Caregiving Grant: up to S$600 a month to help pay for care at home, for someone who needs help with at least 3 of 6 daily activities. The amount depends on household income per person.
• Seniors’ Mobility and Enabling Fund: up to 90% off devices such as wheelchairs and hospital beds, for Singapore Citizens and Permanent Residents aged 60 and over who meet the income limit.

Add up a helper, day care or nursing home with the care cost calculator, and ask AIC which subsidies fit you.

How Do You Spot A Scam Before You Lose Money?

Scammers often pose as bank staff, the police or a government agency, or as a friend in trouble. Government officers will never ask you to transfer money.

1. Stop if someone rushes you, asks you to keep it secret or asks for money, a code or your Singpass.
2. Hang up and call the organisation back on a number you look up yourself.
3. Not sure? Call the 24-hour ScamShield Helpline at 1799 to check.
4. Use the free ScamShield app to report a scam.
5. If you have been scammed, tell your bank at once and call the Police Hotline at 1800-255-0000. For an emergency, call 999.

See the official advice at ScamShield.

Have You Sorted Your Will, CPF Nomination And LPA?

Three papers save your family a lot of worry:

• A will says who gets things such as your bank savings and investments. CPF savings are not covered by a will.
• A CPF nomination says who gets your CPF savings. Without one, the Public Trustee’s Office shares them out under the law, which can take up to six months and costs a fee. Marriage cancels an earlier nomination.
• A Lasting Power of Attorney (LPA) lets people you trust make decisions for you if you can no longer do so. Singapore Citizens can apply with the basic Form 1 free; the certificate issuer, such as a doctor or lawyer, charges a fee.

Tick off what you have done with the Legacy Checklist.

Where Can You Get Free Official Help?

• CPF Board: 1800-227-1188 for retirement, housing and nomination questions; 1800-222-3399 for MediSave, MediShield Life and CareShield Life. Monday to Friday, 8.30am to 5.30pm.
• Agency for Integrated Care (AIC): 1800-650-6060 for care services, subsidies and caregiver support.
• ScamShield Helpline: 1799, 24 hours.

Calls from a mobile phone may cost airtime. Bring your CPF statement or a recent bill when you ask, so the answer fits your own situation.