How to choose which CPF Life retirement plan is best for me?
Central Provident Fund Lifelong Income for the Elderly would provide me funds for the rest of my life until I die. I want to be able to choose the right plan for me since I will be using it for as long as I live and I want to avoid errors. I want to know the different types of CPF life plans because I want to be able to choose the best one.
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The first one is CPF LIFE Basicwhich gives you lower monthly payouts but leaves a greater bequest. Contrary to the first one The Standard plan is the inverse of the Basic plan. It provides higher monthly payouts but leaves a smaller bequest. The Basic plan is useful if your children are not in a position to provide for themselves or are financially strapped. The Standard plan is what most Singaporeans will choose if they can see their children are financially stable.