Matched Retirement Savings Scheme (MRSS): Who Qualifies and What You Get
Learn how seniors can receive matching grants for cash top-ups to their retirement savings to help boost their financial security.
The Matched Retirement Savings Scheme (MRSS) is a program designed to help boost your retirement funds through government matching grants.
Who it's for
This scheme is available to seniors who are between the ages of 55 and 70 and have low balances in their CPF accounts.
What you get
When you make a cash top-up to your account, the government will provide a dollar-for-dollar matching grant. This means for every dollar you contribute, the government adds an equal amount to your savings.
What it costs you
To receive the matching funds, you must first make a cash top-up into your account yourself.
The catch to know
There is a limit to how much you can receive. The matching grant is capped at a specific annual amount, so you cannot receive unlimited matching funds each year.
How to apply
- Check your current CPF balances to ensure you meet the criteria.
- Determine the amount you wish to top up with your own cash.
- Log in to the official portal to make your contribution.
- Verify that the matching grant has been credited to your account.