2023 CPF Interest of $11,134.61 and top up CPF MA to the new BHS

1 January is always an exciting day. Not because it is the start of the new year, but because it is the date where we can all check how much CPF interest we have earned in the preceding year.  

I received $11,134.61 in interest from CPF for the year of 2023. In 2022, I received $9,281.95 in interest. The MA interest was adjusted into OA as my SA had already reached Full Retirement Sum (FRS). 

With MA Basic Healthcare Sum (BHS) being increased to $71,500 from $68,500 in 2024, I did a $3,000 cash top up to my MA on 1 January.  Hence, my MA is now back at BHS level (i.e. $71,5000). 

Why did I do a top up on the first day of 2024?

1) I wanted to get tax relief of $3,000 for Year of Assessment 2025

2) My monthly CPF contributions from employer is typically credited on the first or second day of the month. I did not want that contribution to decrease my tax relief, I wanted to get a full $3,000 tax relief. 

3) I will now be able to 'super charge' my OA. My monthly contributions from employer for MA will not flow to OA. This is because my MA has reached BHS AND my SA has reached FRS.

If you would like to find out how I reach FRS last year, you can refer to this post.