Why should I top up my retirement savings?
There are several reasons why you should consider topping up your retirement savings:
1. Higher monthly payouts in retirement
By topping up your Special Account (SA) (if you are below 55) or Retirement Account (RA) (if you are 55 or above), you are growing your retirement savings and will enjoy higher monthly payouts when you retire.
2. Risk-free interest rates* of up to 6% per annum
By topping up your SA or RA, you can earn risk-free interest rates* of up to 6% per annum on your savings.
For instance, if you save $100 a month for 15 years on your own, you would have saved $18,000. On the other hand, if you top up $100 a month to your SA or RA for the same amount of time, you would have saved over $24,000*. If you continue to top up for another 10 years, your savings would grow even more, reaching over $50,000* with compound interest.
3. Enjoy tax relief and matching grant for cash top-ups
By topping up with cash, you can also benefit from:
*Based on the current 4% interest rate floor on Special and Retirement Account monies.
