If you (or your parents) are between 55 – 70 this year, check out the newest CPF Matched Retirement Savings Scheme and consider topping up $600 / year for the next 5 years to potentially boost your (or your parents) retirement savings. The government will be doing dollar-for-dollar matching under this scheme, up to $600, so don’t forget to claim your free money!
What is the CPF Matched Retirement Savings Scheme (MRSS)?
Launched 1 January 2021, the MRSS is meant to help senior Singaporeans who have yet to hit the current Basic Retirement Sum (BRS) build their CPF retirement savings for higher monthly payouts in their retirement years.
MRSS will run for a period of 5 years between 2021 – 2025, where the government will match every dollar of cash top-ups made to the Retirement Account (RA) of eligible members, up to an annual cap of $600.