CPF Life is crucial to every Singaporean’s retirement planning. There are people who protested and demanded the government to “Return Our CPF”, but there are also many people who have good faith in our national pension system and want to top up more into CPF for their own retirement planning.
What are the benefits of topping up CPF, how much more can you top up? This article will give you the answers you need.
The benefits of CPF top up
There are two main benefits of topping CPF.
- Earn more interest
- Enjoy more tax relief
These will help you boost your retirement funds. Before we get into the details of these benefits, we need to first understand the CPF Retirement Sum scheme. Because all the figures which we are going to talk about are based on this framework.
CPF Retirement Sum Scheme
CPF has three accounts:
- Ordinary Account