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.
