Following up on my previous post on ‘Helping your parents maximize their CPF account‘, I had gotten permission from my mom and have decided to share how my Mom’s CPF account grows over the year as it was being faithfully topped up and earned interests throughout the years.
Her account started with about $3400 in her RA and $3200 in her OA and was only earning about $370 in interest. This was at the end of 2016.
After transferring all her OA to RA and topping up $7000 to her RA for tax relief, her RA reached about $14,000 and is getting close to $680 in interest in 2017.
With a further $7000 top up, her RA grows to $22,000 and is earning about $1200 in interest in 2018.
2019 was the year where on top of the $7000 top up for tax relief, I started to transfer my OA to her RA to quickly hit $60,000 for the 5% and 6% interest in RA. her RA grows to $50,000