Understand What is the Retirement Sum Scheme? <p>The Retirement Sum Scheme provides CPF members a monthly income to support a basic standard of living during retirement.<br></p><p>To better mitigate longevity risks, the <a href="/Members/Schemes/schemes/retirement/cpf-life#Item1596">CPF LIFE Scheme</a> introduced in 2009 provides a monthly income for as long as you live. You will join CPF LIFE if you are a Singapore Citizen or Permanent Resident born in 1958 or after, and have the following Retirement Account balances:</p><table width="100%" class="ms-rteTable-default" cellspacing="0" style="text-align:left;"><tbody><tr class="ms-rteTableEvenRow-default"><td class="ms-rteTableEvenCol-default" style="width:50%;">​<strong>You turned 55 between 1 January 2013 and 30 April 2016</strong></td><td class="ms-rteTableOddCol-default" style="width:50%;"> <strong>​You turned 55 on 1 May 2016 and after</strong></td></tr><tr class="ms-rteTableFooterRow-default"><td class="ms-rteTableFooterEvenCol-default" rowspan="1" style="width:50%;"><ul><li> <span style="color:#444444;">​At least $40,000 in your Retirement Account when you reach 55 years old; or<br><br></span></li><li> <span style="color:#444444;">At least $60,000 in your Retirement Account six months before you reach your payout eligibility age.</span></li></ul></td><td class="ms-rteTableFooterOddCol-default" rowspan="1" style="width:50%;"><ul><li> <span style="color:#444444;">​At least $60,000 in your Retirement Account six months before you reach your payout eligibility age.</span><br></li></ul></td></tr></tbody></table><p> </p><p>If you are not placed on CPF LIFE, you can apply to join anytime between your payout eligibility age and before you turn 80 years old or remain on the Retirement Sum Scheme.</p> Retirement Sum Scheme 1708 1708

Understand What is a retirement sum? <p>This is the amount of retirement savings which you have chosen to set aside in your Retirement Account to receive monthly payouts from your payout eligibility age, which is currently at age 65.</p><p>Your retirement sum can be used to join CPF LIFE which provides you with life-long monthly payout or the Retirement Sum Scheme which provides you with a monthly payout until your Retirement Account balance is depleted.</p> Retirement Sum Scheme 1702 1702

Understand How much is the retirement sum? <p>At age 55 and after, you can choose your desired future monthly payout to meet your retirement needs. The more you set aside in your Retirement Account (RA), the higher your future monthly payout. Please click on <a href="/Assets/members/Documents/RetirementPayouts.pdf" target="_blank">Retirement Payouts</a> (PDF, 0.4MB) to see how the RA savings you set aside at age 55 affect your future monthly payout.</p><p>To help you plan early for retirement, the Basic Retirement Sum (BRS) will be made known to you ahead of time. For each successive cohort of members turning age 55, the payouts need to be higher to account for long-term inflation and improvements in standard of living. Hence, the BRS has to be adjusted. The Full Retirement Sum (FRS) is set at two times the BRS, while the Enhanced Retirement Sum (ERS) is set at three times the BRS.</p><p>The Retirement Sums for members turning age 55 up to year 2022 are as follows:</p> <table class="cpf-table cpf-form-table" style="width:100%;"><thead><tr><th style="width:25%;"> <strong>55th birthday in the year of</strong> </th><th style="width:25%;"> <strong>Basic Retirement Sum</strong>​ </th><th style="width:25%;"> <strong>Full Retirement Sum</strong>​ </th><th style="width:25%;"> <strong>Enhanced Retirement Sum</strong>​ </th></tr></thead><tbody><tr><td style="width:25%;">2017</td><td style="width:25%;">$83,000​</td><td style="width:25%;">$166,000​</td><td style="width:25%;">​$249,000</td></tr><tr><td style="width:25%;">2018</td><td style="width:25%;">$85,500</td><td style="width:25%;">$171,000​</td><td style="width:25%;">$256,500​</td></tr><tr><td style="width:25%;">2019</td><td style="width:25%;">$88,000</td><td style="width:25%;">$176,000​</td><td style="width:25%;">$264,000​</td></tr><tr><td style="width:25%;">2020</td><td style="width:25%;">$90,500</td><td style="width:25%;">$181,000​</td><td style="width:25%;">$271,500​</td></tr><tr><td rowspan="1" style="width:25%;">2021</td><td rowspan="1" style="width:25%;">$93,000</td><td style="width:25%;">$186,000​</td><td style="width:25%;">$279,000​</td></tr><tr><td rowspan="1" style="width:25%;">2022</td><td rowspan="1" style="width:25%;">$96,000</td><td style="width:25%;">$192,000</td><td style="width:25%;">$288,000</td></tr></tbody></table> Retirement Sum Scheme 1591 1591

Understand How is the retirement sum set aside? <p>When you reach 55 years old, your Special and/or Ordinary Accounts savings will be transferred to your Retirement Account (RA), up to the Full Retirement Sum (FRS).</p><p>You can choose to set aside a larger retirement sum, up to the Enhanced Retirement Sum, by topping up your RA using cash or transferring your remaining CPF savings in the Special and/or Ordinary Accounts via the Retirement Sum Topping-Up Scheme (RSTU).</p><p>After setting aside the FRS fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property, you can choose to <a href="/Members/Schemes/schemes/retirement/withdrawals-of-cpf-savings-from-55#Item1556">withdraw</a> the remaining cash balances in your Ordinary and Special Accounts, or continue to keep your savings in CPF to earn <a href="/Members/faq/schemes/Other-Matters/Others?ajfaqid=faq2192024">attractive interest</a>.</p> Retirement Sum Scheme 1593 1593

Understand Why do I need to set aside a retirement sum? <p>Setting aside a retirement sum when you reach 55 years old ensures that you have a regular income from your payout eligibility age:​</p><table width="100%" class="ms-rteTable-default" cellspacing="0"><tbody><tr bgcolor="#d2d2d2"><td width="50%" align="center"> <b class="fontbold">Year of Birth</b></td><td width="50%" align="center"> <b class="fontbold">Payout Eligibility Age</b></td></tr><tr align="center"><td>1943 and before</td><td>60</td></tr><tr align="center"><td>1944 to 1949</td><td>62</td></tr><tr align="center"><td>1950 and 1951</td><td>63</td></tr><tr align="center"><td>1952 and 1953</td><td>64</td></tr><tr align="center"><td>1954 and after</td><td>65</td></tr></tbody></table> Retirement Sum Scheme 1592 1592

Understand Can I be exempted from setting aside a retirement sum? <p>If you are aged 55 and above and are receiving lifelong monthly payouts from a private annuity (bought using cash or under the CPF Investment Scheme) or a pension, you may apply to be exempted from setting aside a retirement sum in your Retirement Account. </p><p>You may be fully or partially exempted, depending on the lifelong monthly payout amount from your annuity or pension. </p> Retirement Sum Scheme 1600 1600

Evaluate What can I do with the retirement sum? <p>Depending on your year of birth, you</p><ul><li>will be placed on CPF LIFE; or </li><li>may remain on the Retirement Sum Scheme; or</li><li>can apply to join CPF LIFE.</li></ul><table class="ms-rteTable-default" cellspacing="0" width="100%"><tbody><tr class="ms-rteTableEvenRow-default" bgcolor="#d2d2d2"><td width="25%" align="left" class="ms-rteTableEvenCol-default"> <b class="fontbold">Birth Year</b></td><td width="75%" align="left" class="ms-rteTableOddCol-default"> <b class="fontbold">What You Can Do</b></td></tr><tr align="left" class="ms-rteTableOddRow-default" valign="top"><td class="ms-rteTableEvenCol-default">1957 and earlier</td><td class="ms-rteTableOddCol-default" style="text-align:left;"><ul style="margin:0px;padding:0px;"><li style="padding:0px;margin-bottom:5pt;margin-left:20px;">You can apply to join CPF LIFE any time before you turn 80, or you can remain on the Retirement Sum Scheme.</li></ul></td></tr><tr align="left" class="ms-rteTableEvenRow-default" valign="top"><td class="ms-rteTableEvenCol-default">1958 onwards</td><td class="ms-rteTableOddCol-default" style="text-align:left;"><ul style="margin:0px;padding:0px;"><li style="padding:0px;margin-bottom:5pt;margin-left:20px;"> <strong>Between 1 January 1958 and 30 April 1961</strong><br><br>If you ​have at least $40,000 in your Retirement Account (RA) at 55 or at least $60,000 in your Retirement Account at 65, you will be placed on CPF LIFE. </li><li style="padding:0px;margin-bottom:5pt;margin-left:20px;"> <strong>1 May 1961 onwards</strong><br><br>If you have at least $60,000 in your Retirement Account at 65 you will be placed on CPF LIFE<br></li></ul><p>If you are not placed on CPF LIFE, you can apply to join CPF LIFE before you turn 80 or remain on the Retirement Sum Scheme. </p></td></tr></tbody></table> Retirement Sum Scheme 1596 1596

Decide When can I receive my Retirement Sum Scheme monthly payouts? <div><p>You can instruct CPF Board to start your Retirement Sum Scheme (RSS) payouts anytime from your payout eligibility age. To do so, please submit <a href="/Assets/members/Documents/FORM_RSS30.pdf" target="_blank">FORM RSS30: Start Monthly Payouts and Change Bank Details under CPF Retirement Sum Scheme</a> (PDF, 0.8MB).</p></div><div><p>For members turning age 70 from 2018 onwards, if you have not started your monthly payouts by age 70, the Board will do so automatically for you. This automatic payout start age of 70 simplifies the activation process for RSS members to receive payouts for retirement. <br></p></div><div><p>You can refer to this infographic (<a href="/Assets/members/Documents/PEA_Infographic_English.pdf" target="_blank">English</a> (PDF, 0.2MB), <a href="/Assets/members/Documents/PEA_Infographic_Chinese.pdf" target="_blank">Chinese</a> (PDF, 0.5MB), <a href="/Assets/members/Documents/PEA_Infographic_Malay.pdf" target="_blank">Malay</a> (PDF,0.2MB), <a href="/Assets/members/Documents/PEA_Infographic_Tamil.pdf" target="_blank">Tamil</a> (PDF, 0.2MB)) for 5 Things To Note if you are on the Retirement Sum Scheme.</p></div> Retirement Sum Scheme 1598 1598

Decide How much monthly payout should I be receiving to be fully exempted from setting aside a retirement sum in my Retirement Account? <p>You may be fully exempted from setting aside a retirement sum if the lifelong monthly payout from your annuity or pension is equal to or above the <a href="https://www.cpf.gov.sg/askjamie/user/uploads/Payout%20Benchmark.pdf" target="_blank">full monthly payout</a> applicable to you under the payout benchmark, based on when you are born.</p><p>If your lifelong monthly payout from your annuity or pension is lower than the payout benchmark, you may still qualify for partial exemption.</p> Retirement Sum Scheme 2686 1771

Decide I have received top-ups to my Retirement Account. Can I be exempted from setting aside the retirement sum? <p>You may still apply to be exempted from setting aside the retirement sum in your Retirement Account as long as you are receiving lifelong monthly payouts from your private annuity or pension. </p><p>However, the top-ups that you have received and the interest earned from these top-ups will remain in the Retirement Account and be paid to you through monthly payouts and cannot be withdrawn as a lump sum.</p> Retirement Sum Scheme 2687 1772

Apply How do I instruct CPF Board to start my Retirement Sum Scheme monthly payouts? <p> <strong>Online using <em> <strong>my cpf</strong></em></strong></p><ol><li style="margin-bottom:5pt;">Login with your SingPass. </li><li style="margin-bottom:5pt;">Click on My Requests > Retirement > <a href="https://www.cpf.gov.sg/eSvc/Web/Schemes/MonthlyPayoutsFromMyRetirementAccount/BeginRequest">Start Monthly Payouts and Change Bank Details under CPF Retirement Sum Scheme</a></li> </ol> <p>Your RSS payouts will start the following month if we receive your form three working days before the end of the month.</p><p> <strong>Mail</strong></p><ol><li style="margin-bottom:5pt;">Download and fill up <a href="/Assets/members/Documents/FORM_RSS30.pdf" target="_blank">FORM RSS30: Start Monthly Payouts and Change Bank Details under CPF Retirement Sum Scheme</a> (PDF, 0.8MB). </li><li style="margin-bottom:5pt;">Mail it to:<br>CPF Board<br>Retirement Schemes Department (RSD)<br>Robinson Road P.O. Box 3060<br>Singapore 905060</li></ol><p>Your RSS payouts will start the following month if we receive your form five working days before the end of the month.<br></p> Retirement Sum Scheme 1599 1599