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How CPF Life can enable retirees above 65 to have new credit cards
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Retirees who have planned for high monthly payouts from CPF Life will have no problem meeting the $15,000 annual income threshold.
PHOTO: LIANHE ZAOBAO
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If you have been topping up your CPF Retirement Account to plan for higher payouts from age 65, here’s another piece of good news – the lifelong monthly income from CPF Life will give your creditworthiness a boost should you need to apply for a new credit card or loan.
Monetary Authority of Singapore (MAS) rules state that people who are over 55 and retired must show they have an annual income of at least $15,000 if applying for an unsecured loan facility such as credit cards.
