At age 55, your RA savings up to the Minimum Sum Cash Component (MSCC) applicable to you will be deducted as the first annuity6 premium.
The balance will remain in your RA until your Drawn-Down-Age (DDA) when a second deduction will take place.
* Current DDA is 65.
CPF LIFE Basic Plan
At age 55, a small portion, say about 10% of your RA savings will be deducted as the first annuity premium.
CPF Board will calculate the annuity premium that needs to be deducted from your RA based on your gender and age.
You will be informed of the exact amount of annuity premium deducted from your RA when your LIFE Basic Plan is issued.
The balance will remain in your RA and a second deduction will take place at DDA.
At age 55, a small portion, say about 10% of your RA savings will be deducted as the first annuity premium.
CPF Board will calculate the annuity premium that needs to be deducted from your RA based on your gender and age.
You will be informed of the exact amount of annuity premium deducted from your RA when your LIFE Basic Plan is issued.
The balance will remain in your RA and a second deduction will take place at DDA.
CPF LIFE Payout Estimator
Eg. A full $148k set aside for CPF Life will probably get around $1,100 of monthly payout.
######## Refund ########
* Savings used to join CPF LIFE (including the annuity premium) will be refunded if a member passes away before any payout has been made.
* If the member passes away after the monthly payout has started, his RA balance, if any, and unused annuity premium on death will be refunded
.
Eg. A full $148k set aside for CPF Life will probably get around $1,100 of monthly payout.
######## Refund ########
* Savings used to join CPF LIFE (including the annuity premium) will be refunded if a member passes away before any payout has been made.
* If the member passes away after the monthly payout has started, his RA balance, if any, and unused annuity premium on death will be refunded
.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.