With increasing longevity, it is important that your parents have monthly payouts that last them for as long as they live. If they are not on the national annuity CPF Life scheme and are under 80 years of age, it's worth considering joining.
Older cohorts of CPF members are likely to be on the Retirement Sum Scheme (previously known as the Minimum Sum Scheme) where they receive monthly payouts for a certain period of time, usually over 20 years, upon reaching their eligibility age.
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