In your 60s and thinking if you should retire soon? One of your key considerations should be the monthly payouts you need to live your desired lifestyle in your golden years. Ideally we want our CPF LIFE payouts to be higher, but how exactly can we achieve this?
The answer is simpler than you think.
Start your retirement payouts later
You can choose when to start receiving your CPF LIFE payouts any time between age 65 and 70. If you have sufficient cash on hand for the time being, you can defer your monthly payouts and continue to earn up to 6% interest on your savings. For each year that you defer your payout start age from age 65, your monthly payouts increase by up to 7%. You can refer
here to see how much you can expect to receive if you defer your payouts.