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 basic 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 provides you with monthly payouts for as long as you live, so that you don’t have to worry about running out of your retirement savings.
Depending on the type of retirement income you need, there are three CPF LIFE plans – Standard, Escalating and Basic – that you can choose from to meet your retirement needs.