Formula for CPFLIFE Payout calculator

I asked CHATGPT to provide a formula for female:

* to compute the CPFLIFE monthly payout from age 65 to 70
* based on RA balance at $500k to $1,000k.
* Assuming yearly topup to its yearly ERS limit, till age 70.
* Basic Plan:

The formula is:

At 65: Monthly payout ≈ 0.51% of RA

Each year delayed (with ERS top-ups):

Multiply previous payout by ~1.10

~~~ based on above true payout case at your 6% p.a. payout rate:

CPFLIFE monthly Basic Plan payout: 0.51% of RA Balance @age 65 = Payout@65.

Each year delay in payout, which one continues to topup to its yearly ERS Limit: Payout@65 x 1.1

~~~

Check:
RA Balance @age 65: $535,000
CPFLIFE monthly payout = 0.51% of $535,000 = $2728.5 p.m. (= which matches the true payout of the 67yo female case)

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