Why am I not eligible for the Matched Retirement Savings Scheme if I am older than 70 years old?
The Matched Retirement Savings Scheme is designed to boost the retirement payouts of senior Singaporean Citizens who have not started or are just starting their retirement payouts, by helping them accumulate more savings. Doing this at a younger age allows top-ups to benefit from compound interest for a longer period and have a bigger impact on their eventual payouts. Hence, the age eligibility is capped at 70 years old in the assessment year.
Moreover, seniors above 70 years old would have already started receiving their payouts. The Government provides support for them in many other ways. For example, as members of the Pioneer Generation, they enjoy enhanced healthcare support. Seniors who own an HDB flat can tap on the Lease Buyback Scheme or Silver Housing Bonus Scheme to receive a cash bonus and a stream of retirement income for life. Eligible seniors may also receive quarterly cash supplements from the Silver Support Scheme. Seniors who need additional help to manage their daily costs of living can also apply for direct financial assistance via ComCare.