Did the Government of Singapore quietly shift the Central Provident Fund (CPF) payout eligibility age from 65 years to 70 years?

By January 22, 2019 April 15th, 2019 Government, Local Politics, Personal Finance

No. This is untrue. See the clarifications below.

Did the CPF Board fail to assist Singaporeans by making it an opt-in step for CPF members to write to CPF to start payment from 65 years old or later, otherwise for payment to automatically start from 70 years old?

No. For 2 main reasons.

First, prior to CPF LIFE providing the above opt-in step, no payments would, in fact, be made even at age 70, if there was no instruction given to CPF Board to start payouts.

Second, it would appear that CPF took a view to give an option to permit one to earn more – If funds continue to be kept and not paid out at 65, CPF members can earn 7% more if withdrawals begin at 70.

Read more about it here.

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