I have been topping up
my Mom's CPF account regularly and you can read more about that Journey here.
This year is no exception.
I have topped up $8000 to my Mom's CPF account to first get the maximum tax
relief and also to increase my mom's monthly payout and allowance due to
inflation.
So how much did this $8000 top up
increased her monthly payout by?
To find that out, first I
have to log in to my Mom's CPF account using her Singpass.
Then go My cpf ➡ Retirement under My dashboards
Scroll all the way down to
Monthly payouts and you can see the details of your CPF Life plan. You can view
the payout history as well with by clicking on Monthly payout history.
So my mom was getting around $455 per month from CPF before the $8000 top up and after the top up, she will be getting around $500. That’s a $45 increase or 9% increase. I do noticed that it takes a month or two for the payout amount to get updated after the top up.
You can see the step increase in her payout this year because my $8000 top up was done in step as well.
It's not too bad and is keeping up with Singapore's inflation rate so far.
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Reviewed by Valuewarrior
on
September 15, 2022
Rating:
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Hi
ReplyDeleteDoesn't any part of the sum goes to annuity with the new rules
Regards
Yes, I don't think its a new rule though.
DeletePart of the RA will be deducted for the CPF life premium at the point where you opt in. I opt into CPF life basic plan for my mom and so a portion of her RA is deducted for the CPF Life Premium. Different amount will be deducted depending on which CPF life plan is chosen.
Part of the RA top up amount will also goes into CPF Life Premium. You can see the CPF Life premium balance under Monthly payout as well.