Asked by Anonymous
Updated 53m ago
Why isn't it possible to top up more then 7k for Retirement Scheme Top Ups?
Top Contributor (May)
Tax relief is capped at 7k but RSTU is until SA hits the prevailing Full Retirement Sum. You just don't get the tax relief for contributions above 7k.
Another 7k is given for top ups to loved ones accounts.
Hi, You can enjoy tax relief of up to $7,000 per calendar year if you are topping up for yourself and additional tax relief of up to $7,000 per calendar year if you are topping up for your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings, for cash top-ups within the current Full Retirement Sum. For more information on top-ups, please visit https://www.cpf.gov.sg/Members/Schemes/schemes/retirement/retirement-sum-topping-up-scheme Thank you.