CPF Life Options

Currently, there are three type of plans for CPF withdrawals. They are the Standard, Basic and Escalating Plans. Most of the people in Singapore have the dilemma of choosing the appropriate plan for themselves. There are about 30 years before I am due to make my choice. This is with the assumption of me reaching the age of  70. I will opt for the Standard Plan which will result in higher level monthly payouts for myself. I feel that such plan is suitable for me based on the prevailing circumstance given that I do not have the dependants at this juncture. Of course, things might change as the years proceed along and I make the choice based on the best possible choice in my views.

There are also possibilities of the policy changes in the years to come. Hence, I am of view that there is a need for the flexibility in the retirement plan. The flexibility in the plan will allow one to be able to adapt to the likely changing dynamics of the Government Policy.

WTK

Author: firewtk

A middle-age Singaporean currently having a minimalist and simple lifestyle. I am not longer in full-time employment with effect from 1 May 2019. I try my very best to write one post per day on this blog. The purpose is to share my prevailing thoughts to interested readers. It is up to the interested readers to decide whether they want to take action in embarking on the FIRE journey. I do not gain anything from this blog and it is solely for sharing hopefully for the benefits of all interested reader. WTK

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