Starting June 2025, Singapore will introduce an upgraded version of the CPF LIFE (Lifelong Income for the Elderly) scheme, offering eligible seniors a steady monthly income of S$1,250. This move is aimed at giving retirees more financial freedom and dignity as they move into their golden years.
With rising healthcare costs, longer life expectancy, and changing family dynamics, CPF LIFE addresses the growing need for financial self-sufficiency during retirement. It reduces dependence on children or external help and ensures that seniors can age with confidence and independence. This scheme represents more than just a pension plan—it reflects Singapore’s commitment to ensuring its aging population enjoys dignity and long-term financial stability.
What’s the CPF LIFE Boost All About?
CPF LIFE is designed to provide lifelong monthly payouts to Singaporeans aged 65 and above. It’s not just a pension—it’s a promise of financial stability during retirement. With this latest enhancement, seniors who meet certain conditions will receive a guaranteed S$1,250 every month, helping them manage daily expenses, healthcare needs, and unforeseen costs.
To qualify for the full payout, seniors must:
- Be between 65 to 70 years old
- Have at least S$60,000 in their CPF Retirement Account
- Be a Singapore Citizen or Permanent Resident
- Apply through the Singpass portal
Those who don’t meet the minimum balance requirement can still opt for the Retirement Sum Scheme (RSS), which provides support over a fixed term.
Flexible Payout Options: Start Between Age 65–70
One of the key features of CPF LIFE is the flexibility it offers. Seniors can choose when to begin receiving payouts—anytime between age 65 and 70. The later they start, the higher the monthly amount. For instance, delaying the payout until age 70 could boost the monthly income by up to 7% compared to starting at 65. This allows retirees to align their payouts with personal financial needs and lifestyle goals.
Two CPF LIFE Plans to Choose From
CPF LIFE offers two plan options:
- Standard Plan: Provides consistent monthly payouts
- Escalating Plan: Payouts increase by around 2% per year to keep pace with inflation
Both options ensure that retirees won’t outlive their savings, making CPF LIFE a reliable pillar of retirement planning.
What If You Don’t Have S$60,000 in Your CPF?
If your Retirement Account balance is below S$60,000, you won’t be left out. The Retirement Sum Scheme (RSS) will still offer monthly payments for around 20 years or until the funds run out. While RSS doesn’t provide lifelong payouts, it still offers meaningful support—especially for those with inconsistent income or lower savings.
How to Apply for CPF LIFE
Applying for CPF LIFE is now a smooth digital process. Here’s how it works:
- Log in to the Singpass portal
- Go to the ‘Start My Payout’ section
- Choose between CPF LIFE or RSS
- Provide your bank account details for monthly credit
Once completed, the CPF Board will review the application and notify eligible applicants. The scheme also features auto-enrollment for those with over S$60,000 in their Retirement Account—eliminating the need to manually apply.
The upgraded CPF LIFE scheme set to launch in June 2025 marks a major milestone in Singapore’s approach to retirement. With a monthly payout of S$1,250, auto-enrollment, and flexible options, it empowers seniors to retire with peace of mind. Whether it’s through CPF LIFE or the RSS, the goal is clear—no senior should be left behind.
By providing a dependable income, CPF LIFE not only supports the elderly today but also sets a strong example for future generations to plan wisely and live independently.
