The Central Provident Fund (CPF) is a savings scheme created by the Singapore government to provide retirement, healthcare, and home ownership benefits to its citizens. As a Singaporean, you are automatically enrolled in the CPF scheme and contribute a portion of your monthly income towards your CPF account. One of the key features of the CPF scheme is the CPF Life, which is a retirement scheme that provides a monthly payout for life. In this article, we will explore the different options available under the CPF Life scheme and their respective benefits.

There are three main CPF Life options: Standard, Basic, and Escalating. The Standard option provides a fixed monthly payout for life, while the Basic option provides a lower initial payout but increases over time to account for inflation. The Escalating option provides a higher initial payout that increases every year to account for inflation. The type of option you choose will depend on your personal preferences and financial goals.

One of the biggest benefits of the CPF Life scheme is the guaranteed monthly payout for life, which provides you with a steady stream of income during your retirement years. Additionally, the CPF Life scheme also offers a higher interest rate on your CPF savings compared to other investment options, making it a safer and more attractive option for retirement planning. Furthermore, you can also choose to leave a lump sum or annuity to your loved ones upon your