Let's Support Our Elders as One Bukit Timah Community
Join us to pledge to the Matched Retirement Savings Scheme (MRSS) today!
Thank you for cheering us on and supporting us with your generosity as we introduced various ways to help families in need, in what has been an extraordinarily difficult year. As 2020 draws to a close, I find myself thinking once again of vulnerable seniors in our midst and how we can help them secure a better retirement.
The main problem faced by some seniors who approach Team Bukit Timah for financial aid is simply inadequate retirement savings to meet their day-to-day needs. The supermarket vouchers and cash aid we provide can tide them over for a few weeks. But soon, they are back again for help.
We are always happy to serve such seniors. But we also ask ourselves...
What if we can channel some of that giving upstream?
What if the giving can translate into a permanent increase in the senior’s retirement income?
Soon, we will have a way to do exactly that. The Government has announced a Matched Retirement Savings Scheme (MRSS) earlier this year, which will be implemented from 2021. MRSS provides dollar-for-dollar matching by the Government (up to a cap of $600 each year) for cash a top-ups to eligible seniors’ CPF Retirement Account (RA), building up their retirement savings for higher monthly payouts in retirement.
The top-ups and matching grant will also enjoy attractive CPF interest rates of up to 6%. Over a period of 5 years, for a senior aged 55 in 2021 with $40,000 in his RA, this adds up to $8,300 more in his savings by age 65 and translates into a permanent increase of up to $45 in monthly CPF payouts, for life.
And most importantly, the matching is triggered even if the top-up is from a complete stranger.
This is where the Bukit Timah family comes in.
We have already identified a group of vulnerable seniors living in Bukit Timah who haven’t been able to meet the Basic Retirement Sum, and who cannot possibly afford further top-ups to their own CPF account. We have also been recruiting generous donors who are prepared to make a gift to one of these seniors, to trigger the maximum amount of Government matching. That’s a donation of $600, for a single recipient.
If you’d like to find out how you can be part of this effort, please click on the button below.
In the meantime, please accept my best wishes to you and your family for a peaceful, safe and healthy festive season, and a wonderful 2021.