Average Balance in Singaporeans' MediSave and Retirement Accounts at Death

50 Mr Desmond Choo asked the Minister for Manpower over the last 10 years, what is the average balance in Singaporeans’ CPF MediSave and Retirement Account at the point of death.

Dr Tan See Leng: As the average balance may be skewed by a relatively small group of members with higher balances, it may be more instructive to look at the median instead. Table 1 shows the average and median MediSave and Retirement Account balances of Singaporeans aged 65 years or older and 85 years or older who passed away in the last 10 years.

MediSave Account and Retirement Account balances upon members’ demise may differ depending on factors, such as members’ lifespan and individual utilisation of CPF balances.

For those who have passed away, their CPF savings will be distributed to their beneficiaries in cash according to their CPF nomination or through the Public Trustee's Office, if no CPF nominations were made.