My New Year CPF routine

I have some sort of CPF routine every New Year. The followings are the things I will do every New Year with regards to my CPF.

Check my CPF account on the CPF App.

On the 1st January morning, I would log on to the CPF App on my phone to see the sweet sweet interest CPF credits into my account. Similarly this year, I am glad to see the 5 figures (although it’s a low 5 figures but still happy that its 5 figures) interest I got across all my 3 accounts.

After that, I will go to the value warrior CPF calculator and do a forecast on the CPF monies I will have when I hit 65. It is just reassuring to see my CPF safety net growing towards my retirement.

Top up my Special Account (SA) for tax relief.

I used to do this before I hit my Full Retirement Sum (FRS) and I try to top up for the maximum tax relief. I try to do this on January so that the money is able to earn the 4% interest from February onwards. Since I have hit my FRS 4 years ago, I will not be able to top up my SA anymore.

Top up my Mum’s Retirement Account (RA) for tax relief.

I always try to do this in every year if I have spare cash. Similarly I try to do this on January so that it can start to earn the 4% interest from February onwards. 

For 2025, the Matching Retirement Saving Scheme (MRSS) has some changes. Now there is no age cap for MRSS and my Mum is eligible again. Also the MRSS amount had increased from $600 to $2000 per year with a life time cap of $20,000. However, the $2000 that is eligible for MRSS will now not be eligible for tax relief. 

So for this year I may have to top up $10,000 to my Mum's RA in order to get the maximum MRSS of $2000 and maximum tax relief of $8000. It is a huge sum of money to be locked up but since my mum had started her CPF payout, these top ups monies will help to offset my monthly allowance to her.

Top up my Medisave Account (MA) for tax relief.

Since I have hit FRS and is unable to top up my SA for tax relief, I started to top up my MA for tax relief. I have also hit my Basic Healthcare Sum (BHS), so this year the amount I can top up is the $4000 increase in BHS. 

I will be doing this again in January before the mandatory contribution from my work gets credited in usually around 15^th of the month. This way I will be able to top up the full $4000 for maximum tax relief.

Update the CPF calculator to the latest FRS and BHS figures.

For 2025, thanks to the remainder from some of the users out there, I have updated the CPF calculator to the latest FRS and BHS figures. Again thank you all for using the CPF forecast calculator and I am glad that it can help some of you out there to plan for your retirement.

So do you have your own New Year CPF routine as well? Happy CPFing!

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