This post is a quick update on my Mom’s CPF savings.
She received around $3400 in interest for her Retirement Account (RA) savings on 31 Dec 2020. Interestingly, she started with only $3400 in her RA in 2016 and is receiving that amount in interest 4 years later. What a journey!
On top of that, I did a Retirement Sum Top Up of $7000 to her account on 1st Jan 2021 for my tax relief as well as her advanced allowance. This year, the RSTU will be matched up to $600 from the government under the Matched Retirement Savings Scheme (MRSS).
If you haven’t heard of MRSS, it is a scheme introduced by the government starting from 2021 for 5 years. Under this scheme, the Government will match every dollar of cash top-ups made to eligible members (See below) under the CPF RSTU scheme up to an annual cap of $600. Do consider toping up for your folks if they are eligible.