Retirement planning in Singapore: general knowledge
This page brings together general knowledge about retirement in Singapore — CPF contributions and accounts, the retirement sums at 55, CPF LIFE monthly payouts, and long-term care and healthcare. You can then use the planner to estimate whether your monthly income in retirement will be enough.
FAQ
What is the CPF in Singapore, and who has to contribute?
The CPF (Central Provident Fund) is Singapore's compulsory social security savings scheme, used for retirement, healthcare and housing. Employees who are Singapore Citizens or Permanent Residents (PR) contribute together with their employers; foreigners on work passes do not participate in the CPF.
Source: CPF Board (cpf.gov.sg) (website: cpf.gov.sg)
How much is contributed to the CPF each month?
From 2026, for employees aged 55 and below earning more than S$750 a month, the employer contributes 17% and the employee 20%, a total of 37%. Ordinary Wages are subject to a ceiling, which is S$8,000 a month in 2026; wages above the ceiling do not attract CPF contributions. Rates are progressively lower for those above 55.
Source: CPF Board (website: cpf.gov.sg)
What are the CPF accounts, and what is each used for?
The Ordinary Account (OA) can be used for housing, education and more; the Special Account (SA) is for retirement; the MediSave Account (MA) is for healthcare. A Retirement Account (RA) is created at age 55. From 2025, the Special Account is closed at 55 and its balance is transferred to the Retirement Account.
Source: CPF Board (website: cpf.gov.sg)
What do the CPF retirement sums (BRS / FRS / ERS) mean?
They are reference amounts for the Retirement Account at age 55. For members turning 55 in 2026, the Basic Retirement Sum (BRS) is S$110,200, the Full Retirement Sum (FRS) is S$220,400 and the Enhanced Retirement Sum (ERS) is S$440,800. Savings in the Retirement Account provide lifelong monthly payouts through CPF LIFE from age 65; the more you set aside, the higher the monthly payouts.
Source: CPF Board (website: cpf.gov.sg)
How do CPF contributions work for new Permanent Residents?
In the first two years of becoming a PR, lower graduated contribution rates apply; full rates apply from the third year. Employees and employers may also choose to contribute at full rates earlier.
Source: CPF Board (website: cpf.gov.sg)
What is CareShield Life?
It is a government long-term care insurance scheme. Citizens and PRs born in 1980 or later are automatically covered; if the insured becomes severely disabled, monthly cash payouts are provided to help with long-term care costs.
Source: MOH; careshieldlife.gov.sg (website: moh.gov.sg, careshieldlife.gov.sg)
What is MediShield Life?
It is a government basic health insurance plan covering all Singapore Citizens and PRs for life. It mainly covers large hospital bills and some costly outpatient treatments, and is designed around subsidised ward costs. Premiums can be paid with MediSave.
Source: MOH; CPF Board (website: cpf.gov.sg, moh.gov.sg)
Data as read on 1 October 2026. Policies may change; please refer to the latest official announcements, and consult a professional for your own situation.
Official references
- CPF Board: CPF Board (accounts, nomination, CPF LIFE) www.cpf.gov.sg (Search the site for: CPF accounts / CPF nomination / CPF LIFE)
- CPF Board: CPF contribution rates (for employers) www.cpf.gov.sg/employer/employer-obligations/how-much-cpf-contributions-to-pay
- CPF Board: Enhanced Retirement Sum (ERS) www.cpf.gov.sg/service/article/what-is-the-current-enhanced-retirement-sum
- CareShield Life: CareShield Life www.careshieldlife.gov.sg
- MOH: MediShield Life, MediSave and MediFund www.moh.gov.sg (Search the site for: MediShield Life / MediSave / MediFund)
Policies may change; please refer to the latest official announcements.
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