CPF Life - Standard, Basic and Escalating (2018) Plans

I went to the CPF Life Estimator to input my own data for $166,000 RA. The result is as follows.

Initial monthly payout at 65 　

Standard Plan - $1,205 - $1,315 (More for self)

Basic Plan - $1,094 - $1,198 (More for loved ones)

Escalating Plan - $946 - $1,043 ( More for the future)

You can see that the payout difference between Standard Plan and Basic Plan is marginal but the bequest from the chart is huge. (refer next post on CPF Life Bequest )　

This confirms my decision that I will opt for Basic Plan at age 65. Do look at the chart as worked from the CPF Life Estimator.

CPF Life bequest

CPF Life bequest - bequest is amount pass to beneficiary in event of premature death.

 

I input my profile and $166,000 from RA into CPF Life Estimator in CPF website.

In this case, I input death at age 75, take a closer look and you will understand my decision for Basic Plan because what is left to family is so much more. A difference of about $90,000 between standard and basic.

Logic is payout difference between Standard and Basic is about $200 per month, $2,400 a year and 10 years it is total $24,000 more received for standard plan over basic, but the bequest if conked, family received so much more for Basic Plan.

And I have decided to "upsize" to ERS $249,000. The amount of bequest would be larger.

By age 65, if you forget to choose, by default it will be on Standard Plan.