If you’ve recently topped up your loved one’s CPF Retirement Account (RA) and are wondering where the money went, you’re not alone. Understanding how CPF works, especially the CPF LIFE Plan, can help you make the most of your contributions. Here’s a breakdown of what happened to the $10,000 I topped up to my mum’s CPF account and how it impacts her retirement payouts. Why I Topped Up My Mum’s CPF Retirement Account Similar to the past few years, this year, I have decided to top up my mum’s CPF Retirement Account, this time with a total of $10,000. Here’s why: Tax Relief: $8,000 was topped up to maximize tax relief for myself as the donor. Matched Retirement Savings Scheme (MRSS): $2,000 was topped up to take advantage of the MRSS, which will be matched by the government. Starting in 2025, the MRSS matching cap will increase from $600 to...