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January 02, 2021 Unsplash When we retire, we can rely on CPF LIFE to provide us with a monthly payout – for as long as we live – so we never run out of money in our old age. This is what makes CPF LIFE such a unique, powerful and important retirement planning tool for Singaporeans and PRs. Compared to investments, which can be risky and have unpredictable or uneven returns, CPF LIFE is administered by the government. This makes it virtually risk-free. In addition, while building up towards our CPF LIFE payouts, we earn a minimum of 4.0 per cent (and up to 5.0 per cent) per annum on our Sp...

Lower monthly payouts  Based on the type of retirement income you wish to have, you can then choose the type of plan that suits your needs. Other important things to consider would be: 1.  How much retirement income do you wish to receive? 2.  How much retirement savings should you set aside in order to receive this income every month in retirement? 3.  What should you do if the retirement savings you currently have do not meet the above sum? But before that, let’s look at the retirement lifestyles you could be envisioning and estimate how much that would cost. What are some desired ret...