Can I Opt Out of CPF LIFE?

For an updated version, refer to the article HERE.

Everyone has a goal of retiring comfortably after working more than half their lives out for money.
We all hope to get a lump sum retirement fund when we reach our retirement age.
But, in Singapore, our money is instead secured away and we are given a monthly income from that pool of money.
Today, we will be sharing how you can get that pool of money out of your CPF!

There are 2 ways to do this:

1) Buy a Life Annuity Plan
We talked about what an annuity plan is and how it can help you withdraw your retirement sum from the CPF.
You can find the post here: How to Escape Retirement Sum? 

2) Own a Pension
By owning we do not mean you go out and buy a pension.
A pension is usually a retirement payout paid by the company you worked for.
It is usually a fixed amount of money paid from the day you retire to the day you pass away.
It is rarely (if not no longer) seen in Singapore (except if you are from the really old days of Singapore).
If you are paid or going to be paid by a pension, you can apply to be exempted the setting aside the full retirement sum!

Recommended Post: Can I use my CPF to pay for my housing after age 55?

You will be exempted (fully or partially) based on the monthly income you draw from either/both sources.

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