How to use CPF for retirement planning so that you can have peace of mind to pursue your purpose

From topping up your CPF to deferring payouts, here are some ways to have more in your nest egg to make the rest of your life, the best of your life


Singaporeans are living longer and healthier. Many of us now see retirement as a new life stage where we can spend more time on our passions and hobbies. The pandemic has made many of us realise the importance of retirement planning.

Mr Oliveiro turns 55 in two months. Now that his children are older, the engineer has found time for a new passion: volunteering at a charity for underprivileged children.

As he envisions volunteering being a big part of his golden years, he wants to find out how he can achieve his retirement goal. If he were to switch to working part-time, would he have enough savings to live comfortably during retirement?

As a first step, he looks at his CPF savings.

*This includes the extra 2 per cent per annum on the first $30,000 and extra 1 per cent per annum on the next $30,000 of CPF savings for those age 55 and above.

**These figures are based on a member setting aside the 2021 Basic Retirement Sum, Full Retirement Sum and Enhanced Retirement Sum at age 55 without additional CPF contribution.

***Figures are estimates based on the CPF LIFE Standard Plan, for members who turn 65 in 2031, computed as of 2021.

Disclaimer: Mr Oliveiro is a fictional character created for illustrative purposes only.

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