You can use your CPF savings for your home’s down payment, monthly instalments and even premiums for the Home Protection Scheme. As buying a home is one of the biggest financial commitments in life, it is important to buy within your means and manage your housing loan adequately so that you still have sufficient savings for retirement.
Be prepared for unexpected rainy days. All CPF members are covered by MediShield Life — a health insurance plan that helps to pay for large medical bills, even if you have pre-existing conditions. Your MediSave savings can also be used to pay for hospitalisation and certain outpatient expenses.
CPF LIFE is a national longevity insurance annuity scheme that insures you against running out of your retirement savings, by providing you with a monthly payout no matter how long you live. There are three CPF LIFE plans available – Escalating Plan, Standard Plan and Basic Plan. Deciding the kind of retirement lifestyle you want is key to choosing the right CPF LIFE plan for you.