Like I shared in a recent blog post, the new Basic Healthcare Sum is $71,500 which is an increase of $3,000 from $68,500 in 2023.
This was what my CPF statement looked like at the start of 2024:
After doing the Top Up of $3,000 using PayNow, this is what my statement looks like now:
I decided to do the Top Up earlier than later in the month because I might forget.
Growing old and forgetful.
For those who are not forgetful like me, doing the Top Up a few days before the end of January would mean making a little more in interest income in a savings account.
If AK can do it, so can you!
However, sometimes, it is better to do it your way!
Of course, for those who are still gainfully employed, doing this will also get income tax relief.
It is a win and a win again!
Finally, a question from a reader is worth reproducing here:
“Just wondering, if I were to also top up my MA to $71,500 in Jan, but as I am still getting monthly CPF contribution, would the top up be refunded without interest as my employer/employee contribution would also flow to MA, or would it go straight to OA/SA?”
If we are doing voluntary contributions, then, we would have to be mindful of the CPF annual contribution limit.
This is because mandatory contributions would count towards that limit.
However, when we do Top Ups to our SA and MA, they are independent of that limit.
Why top up CPF MA?
CPF savings, SSBs and T-bills…