The reason CPF Life is the best longevity insurance scheme that money can buy is because it is backed by the Government.
The longer you keep your money in the Central Provident Fund (CPF), the more you will earn because of its high interest rate. This is why more Singaporeans are trying to keep their funds for a longer period in this safe haven.
No wonder the CPF Board has to do more to get eligible members to start collecting payouts when they hit 65. At that age, members can start receiving monthly payouts under CPF Life, the Board’s longevity insurance scheme. But many choose not to ask for the payouts.
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A version of this article appeared in the print edition of The Sunday Times on July 05, 2020, with the headline ‘How to have a good, long life with CPF’. Print Edition | Subscribe