CPFB | Top up to enjoy higher retirement payouts

Growing Your Savings

Boost your retirement savings with cash top-ups and CPF transfers

Make cash top-ups and CPF transfers to your own or loved ones’ Special or Retirement Account to benefit from compounding interest and receive higher monthly payouts in retirement. You can also enjoy tax relief on cash top-ups made.

Raising of Enhanced Retirement Sum on 1 January 2025

From 1 January 2025, the Enhanced Retirement Sum (ERS) was raised from $308,700 to $426,000. This allows members to get higher CPF LIFE monthly payouts of up to $3,300 for life from age 65 through CPF top-ups. See the estimated payouts here!

Things to note
Cash top-ups
CPF transfers
Act now
FAQs
Articles

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Benefits of topping up

Receive higher monthly payouts
Earn interest rates* of up to 6% per annum on retirement savings
Enjoy tax relief of up to $16,000 for cash top-ups made to yourself and your loved ones in each calendar year
Seniors under the Matched Retirement Savings Scheme enjoy matching grants from the Government on cash top-ups^{^} received, up to $2,000 per year, with a lifetime limit of $20,000.

*Based on the current 4% interest rate floor on Special and Retirement Account monies.

^{^}Cash top-ups which attract the matching grant will not enjoy tax relief.

Make a top-up now

You can also set recurring top-ups to make regular contributions.

Quick tip

From age 55, you can choose to top up your Retirement Account up to the current year's Enhanced Retirement Sum (ERS) of $426,000 for higher payouts. As the ERS increases every January, you can make further top-ups every year for even higher payouts!

Things to note

What you need to know before making cash top-up or CPF transfer

Top up to boost your monthly payouts

Consider the amount of monthly payouts you wish to have to support your desired retirement lifestyle, and top up to work towards your goal.

Try using the Retirement Payout Planner or Monthly Payout Estimator to facilitate your financial planning.

Top-ups are irreversible and reserved for monthly payouts

Top-ups (both cash top-ups and CPF transfers) are irreversible as they are a long-term commitment to boost your retirement savings for higher payouts. They cannot be withdrawn for any other purposes.

Consider your financial situation and goals before making the top-up

For example, consider whether you plan to finance your house using your Ordinary Account savings or cash.

Find out your top-up limits and tax benefits

Visit your Retirement Dashboard to find out your top-up limits (the maximum amount you can top up) and eligible tax relief benefits.

Quick tip

Make your cash top-up or CPF transfer early to earn more through the power of compounding interest. If you make a top-up in January instead of December, you can earn up to 20% more interest in just 10 years on those monies.

Cash top-ups

Who you can make a cash top-up to

Yourself and your loved ones

Receive up to $8,000 tax relief when you make a cash top-up to yourself and up to another $8,000 when you make a cash top-up to your loved ones (parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings) in each calendar year.

The top-up amount you or your loved ones can receive and tax relief you can enjoy depends on the recipient’s age and CPF balances. If your recipient is eligible for the Matched Retirement Savings Scheme, the top-up amount which attracts the matching grant will not enjoy tax relief.

Tax relief only applies to givers and not recipients.

Your employees or platform workers

Boost your employees' or platform workers’ retirement savings by making cash top-ups on your employees' or platform workers’ behalf.

By doing so, you will benefit from dollar-for-dollar tax deductions while your employees or platform workers may enjoy tax relief of up to $8,000.

Apply online

Any other CPF member (e.g. friends or other relatives)

Help grow the savings of people you care about so they can enjoy higher payouts in retirement.

Note that such top-ups are not eligible for tax relief.

CPF transfers

Who you can make a CPF transfer to

Besides cash top-ups, you can also transfer your CPF savings to yourself and your loved ones to boost your own or their retirement savings.

Do note that CPF transfers do not qualify for tax relief and the matching grant under the Matched Retirement Savings Scheme (MRSS).

Yourself

You can transfer your Ordinary Account (OA) savings to your Special Account (SA) if you are below 55.

If you are above 55, you can transfer your CPF savings to your Retirement Account (RA)*.

How much you can transfer depends on your age and CPF balances.

*Your SA savings will be transferred first, followed by your OA savings

Loved ones

Before transferring your CPF savings to your loved ones, you have to first set aside enough for your own retirement.

The amount of CPF transfers you can make to them depends on how much your loved one can receive, and the amount you can transfer.

Act now

How to make cash top-up or CPF transfer

Make cash top-ups and CPF transfers (from your own Ordinary or Special Account) to your own or loved ones’ Special or Retirement Account through the following methods:

One-time cash top-ups and CPF transfers

Make cash top-ups or CPF transfers View guides

Recurring cash top-ups

Slowly but surely! Use GIRO to make small, regular cash top-ups.

Set up your GIRO with us

Set up recurring cash top-up

View guide

Have the CPF Mobile app?

Check out our guide for making cash top-ups using PayNow (PDF, 141.9KB).