When it comes to planning for retirement, many Singaporeans turn to the Central Provident Fund (CPF) as a reliable source of income. However, not many are aware of the different CPF retirement schemes available and how they work. These schemes are crucial in helping individuals save and build their retirement funds, and it’s important to understand them in order to make informed decisions for our future.

The first and most well-known CPF retirement scheme is the Retirement Account (RA). This is created when an individual turns 55 and serves as a source of monthly retirement payouts. There are also additional schemes within the RA such as the Basic Retirement Sum (BRS), Full Retirement Sum (FRS), and Enhanced Retirement Sum (ERS). The next scheme is the CPF LIFE, which stands for Lifelong Income For the Elderly. This scheme allows Singaporeans to receive a monthly payout for as long as they live, providing a stable stream of income during retirement. Lastly, there is the Silver Support Scheme for low-income seniors, which helps to supplement their retirement income. By understanding these schemes, we can better plan and utilize our CPF savings for a comfortable retirement.