Happy Lunar New Year to everyone celebrating this festive occasion!
Today, I decided to add $3,000 to my mom’s CPF Retirement Account, and it’s always reassuring to see how smoothly these updates get reflected. As soon as I completed the transaction, I checked my mom’s CPF statement, and there it was—both the transaction detail and her updated Retirement Account balance showed up right away.
Take a look at this:
Just as quickly, I noticed the tax benefits from my contribution reflected in my own CPF Retirement dashboard. It’s amazing to see the system working so efficiently!
There’s even more to gain from this process. Let me tell you about five compelling reasons why topping up a CPF Retirement Account makes for an excellent ang bao gift:
- Tax Relief: It’s not just about saving for the future; there’s a tangible benefit right now. You can enjoy tax relief for contributions of up to $8,000 per calendar year under the Retirement Sum Top Up (RSTU) scheme when topping up for your parents’ CPF accounts. If you’re in the 11% tax bracket, this translates to savings of $880 on your personal income taxes—consider it a delightful ang bao for yourself. And the benefits don’t stop at your parents; you can apply this to other family members like in-laws, grandparents, and siblings too.
