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.

Confused About Financial Products?

You can chat directly and receive the best offers from the experts.

  • user image

    No Name

    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.

    2020.03.24 15:44

    Please leave your knowledge and opinion!

    Related Forums

    What is the cheapest sim only plan in Singapore that provides data, calls and SMS?

    What is the best unlimited mobile data plan in Singapore?

    What are thee companies that offer monthly investment plans and who are the individuals who should get these plans?

    How do I buy and sell my bonds?

    How do I notify my landline provider my change of address?

    What are the characteristics of a bond?

    Related Reviews

    Zero Travel Related Online Merchants

    Citi Prestige Card / Citibank Singapore

    The Citi SMRT card is a pretty decent card for spending but they unfortunately exclude travel related online merchants. This to me is the downside of the card and may be a reason to get another card for travel websites.

    Complimentary Night Stay a Success

    Citi Cash Back Visa Card / Citibank Singapore

    Very impressed by the complimentary night stay I got after I made bookings for a five nights stay at a resort I spent my birthday at in Malaysia. Even more pleasing was the complimentary golf games at a high quality golf courses in Malaysia. As a matter of fact, I had as much as six complementary golf games.

    Close to 6.5% rebates on dining

    American Express CapitaCard / American Express International

    I have held this card for quite a long time and one thing I like about the card is the fact that it is used for CapitaLand malls and they are almost everywhere. So I enjoy dining taking advantage of the 10x rewards merchants to accumulate the points faster. Imagine getting close to 6.5% rebates on dining. Not to forget their sign up bonus of $60 rebates in vouchers when you spend $1,500. That's a 4% rebate excluding the points you will earn which will convert into vouchers too.

    Fee waivers and No transfe fees

    American Express Singapore Airlines Solitaire PPS Credit Card / American Express International

    The AMEX Express Singapore Airlines Solitaire PPS Credit Card gives a First Year Fee Waiver for you to enjoy and also for your supplementary card members. In addition there are no transfer fees and all the KrisFlyer miles you can earn are directly transferred automatically to your KrisFlyer account with no transfer fee. I would recommend this card for these few reasons which could really make the difference.

    Poor and upleasant hotline

    HSBC Revolution Credit Card / HSBC Bank Singapore

    I am a fresh graduate and just started my first job, I signed up for this card due to the onetime $150 cash back reward for $800 spend within the first two months. However for its main monthly rewards, it is nothing to be pleasant about and the hotline is very bad, I even had to hold more than 20 minutes during non-peak hour.

    Great customer service officers

    American Express Singapore Airlines KrisFlyer Ascend Credit Card / American Express International

    I have had this card for a long while. The good thing with the card is that AMEX have been waiving my annual fees which is probably why I still have the card. The pros with this card include – Great customer service officers that are friendly and will do their best to help you with prompt follow ups, direct credit of miles to your Krisflyer account, many small promos every few months with a fantastic sign up promo, no minimum spending and perfect for concert lovers as AMEX offers priority to provide tickets.

    Confused About Financial Products?

    You can chat directly and receive the best offers from the experts.