Mom's CPF update

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.

It is good to see my Mom's RA grows as she nears her Payout Eligibility Age (PEA). My mom is turning 70 end of this year and she will have to initiate her payout then. Yes.... we deferred her payout from 65 to 70 to get more interest from the government. Soon we will have to decide if she should stay on Retirement Sum Scheme (RSS) or enroll into CPF Life and which Life plan to go for. Time to help her churn some numbers to make that decision.

Do support me at my Referral and Store Pages. Appreciate your support and Happy CPFing!

Mom's CPF update Mom's CPF update Reviewed by Valuewarrior on January 07, 2021 Rating: 5

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