Singaporeans and permanent residents who have a CPF account have the option to top up their account voluntarily. This move is done for two reasons. Firstly, topping up your CPF helps to increase your nest egg for the future by setting aside more money, which you can access when you retire. The second reason is to reduce your taxable income. Some Singaporeans may not be familiar with the pros and cons of this voluntary CPF contribution. In light of this, I have decided to discuss the arguments for and against voluntary topping up of your CPF account. This will be split into two articles. In this first article, I will describe the arguments for topping up, and in the second, I will look at reasons why topping up may not be such a good idea. Tax relief When you top up your CPF voluntarily, you will be entitled to tax relief....