CPF Retirement Checklist — Golden Years Starter Kit

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Know Your Numbers

The foundation of every good retirement plan

Know your OA, SA, MA, and RA balances. Go to my.cpf.gov.sg → My Statement.

Check my Full Retirement Sum (FRS) for my cohort

This is the amount that stays in your RA at 55 to fund CPF LIFE. It varies by the year you turn 55.

Estimate my CPF LIFE monthly payout

Use the Retirement Income Calculator in this kit or CPF's online payout estimator to see what you'll receive from age 65.

Calculate my total monthly retirement expenses

Include housing, food, transport, healthcare, insurance premiums, leisure, and a buffer for unexpected costs. Be realistic, not optimistic.

Identify my retirement income gap

Monthly expenses minus CPF LIFE payout = the gap you need to fill from savings, investments, or other income sources.

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Pro Tip: Most people underestimate healthcare costs in retirement. Budget at least $300–$500/month for medical, dental, and insurance premiums — even with MediShield Life.

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Optimise Your CPF

Maximise what the system gives you

Consider topping up my RA / SA for higher CPF LIFE payouts

Voluntary top-ups earn up to 6% interest and increase your lifetime payout. You also get up to $8,000 tax relief per year (self) and another $8,000 (for loved ones).

Decide on Standard vs Escalating Plan for CPF LIFE

Standard gives higher initial payouts. Escalating starts lower but grows 2%/year. The right choice depends on your health, other income, and risk tolerance.

Decide when to start CPF LIFE payouts (65–70)

You can defer up to age 70 for higher payouts. But you forgo years of income. Only defer if you have other income sources to bridge the gap.

Review if I should transfer OA to SA (before 55)

SA earns 4% vs OA's 2.5%. Transferring is one-way and irreversible, but the higher interest compounds significantly over time. Only do this if you don't need the OA for housing.

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Pro Tip: If you're in the 15–17% tax bracket, a $8,000 RSTU (Retirement Sum Topping-Up) gives you $1,200–$1,360 in immediate tax savings — on top of the 4% interest your top-up earns. It's one of the highest-return, lowest-risk moves available.

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Protect Yourself & Family

Insurance and healthcare coverage

Review my MediShield Life coverage

MediShield Life covers basic public hospital stays. Check if it's sufficient or if you need an Integrated Shield Plan (IP) upgrade for private hospital coverage.

Check if my Integrated Shield Plan (IP) is still suitable

Premiums increase with age. Review if you can sustain the premiums through retirement, or if you should adjust coverage levels now.

Ensure I have CareShield Life / ElderShield coverage

CareShield Life provides cash payouts if you become severely disabled. It's compulsory for those born in 1980 or later. Older cohorts should check if they're on ElderShield and consider supplementary plans.

Review my life insurance and critical illness coverage

As you approach retirement, your insurance needs shift. You may need less death coverage but more CI and disability coverage. Review and right-size your policies.

Check my MediSave balance and withdrawal limits

MediSave can be used to pay for IP premiums and certain medical expenses. Know your Basic Healthcare Sum (BHS) and how much you can withdraw annually.

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Pro Tip: Many people drop their IP rider to save on premiums when they retire. This can be a costly mistake — one hospitalisation without a rider can easily cost $20,000+ in co-payments. Think carefully before downgrading.

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Plan Your Retirement Income

Beyond CPF LIFE — closing the gap

Build an emergency fund (6–12 months of expenses)

Before investing, make sure you have cash reserves to cover unexpected expenses. In retirement, 12 months is safer than 6.

Review my investment portfolio for retirement readiness

Shift from growth to income. Consider dividend stocks, REITs, bonds, or balanced funds that generate regular cash flow. See the Portfolio Strategy Tips in this kit.

Calculate my sustainable withdrawal rate

A common guideline is 3.5–4% per year from your portfolio. Drawing more risks running out of money. Drawing less means leaving potential income on the table.

Explore additional income sources

Part-time work, freelancing, rental income, or annuity plans can supplement your CPF LIFE. Even a small side income of $500–$1,000/month makes a big difference over 20 years.

Clear all high-interest debt before retiring

Credit cards, personal loans, and car loans eat into retirement income. Prioritise paying these off. Your mortgage may be okay if it's manageable from CPF LIFE alone.

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Legal & Estate Planning

Protect your legacy and wishes

Make my CPF nomination

Without a nomination, your CPF is distributed by the Public Trustee — which can take months and costs fees. Nominate online at cpf.gov.sg — it's free and takes 5 minutes.

Write or update my will

A will ensures your non-CPF assets (property, bank accounts, investments) go to the right people. Without one, the Intestate Succession Act decides — which may not match your wishes.

Set up a Lasting Power of Attorney (LPA)

An LPA appoints someone to make decisions for you if you lose mental capacity. Without one, your family must apply to court — a costly and stressful process. Subsidised at $75 for Singapore citizens.

Review all insurance policy nominations and beneficiaries

Make sure your life insurance, investment policies, and bank accounts have up-to-date beneficiaries. These override your will for nominated assets.

Advance Care Plan (ACP) — document my medical preferences

An ACP lets you state your medical treatment preferences in advance. It ensures your wishes are respected if you can't communicate. Discuss with your family and doctor.

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Pro Tip: CPF nominations, insurance nominations, and your will are three separate things. Many people only do one and assume the others are covered. They're not. Do all three.

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Retirement Lifestyle Planning

Beyond the numbers — live well

Discuss retirement plans with my spouse / family

Alignment on finances, living arrangements, and lifestyle expectations prevents conflict later. Have the conversation now — not on the day you retire.

Plan my housing for retirement

Will you stay in your current home, downsize, or right-size? If you own an HDB, explore the Lease Buyback Scheme or Silver Housing Bonus for additional retirement funds.

Think about how I want to spend my time in retirement

Retirement isn't just financial — it's about purpose. Volunteering, hobbies, travel, part-time mentoring, learning new skills. Plan for fulfilment, not just finances.