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What are the benefits of the Matched Retirement Savings Scheme?
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Source: https://www.cpf.gov.sg/memberUnder the Matched Retirement Savings Scheme, you will enjoy:
- dollar-for-dollar matching grant for cash top-ups received, up to $600 per year;
- risk-free interest rates* up to 6% per annum on your cash top-ups, allowing you to enjoy higher monthly payouts in retirement; and
- tax relief if you are making the cash top-up to yourself or your loved ones. If you are an employer making cash top-ups to your employees, you will also qualify for tax deductions.
For example, if you have $40,000 in your Retirement Account (RA) when you turn 55 in 2021 and receive a yearly cash top-up of $600 for five years, you will receive a total matching grant of $3,000 from the Government. Coupled with interest rates* of up to 6% per annum, you will accumulate an additional $8,300 in your RA by the time you turn 65, allowing you to enjoy higher monthly payouts ($45 more) for life.
*Based on the current 4% interest rate floor on Retirement Account monies.
This information provided here is sourced from the CPF website.
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