- Government Freebies For Senior Citizens
- Health Insurance For Senior Citizens: Best Plans 2023
Government Freebies For Senior Citizens – Remember when I mentioned one of my top 10 things to do in 2022 was to help my parents get Singapore citizenship? Over the past year, they have begun to appreciate the myriad benefits of being citizens of this small island. For example, they got paid GST guarantee package, benefited from subsidized medical expenses and transport etc. Now they can add another feather to the roof with the Matching Retirement Savings Scheme (“MRSS”). More specifically, I helped my parents get $1,200 from the government as a result of the CPF matching retirement savings plan.
The Matching Retirement Savings Scheme (“MRSS”) was first introduced in 2021 and is expected to continue for 5 years before the government reviews its effectiveness. The main objective is to help elderly Singaporeans who have not yet met the Basic Pension Amount (“BRS”) to save more for retirement. The group receives a $1 matching grant for every $1 in cash raised, up to an annual cap of $600. Since the program runs for 5 years, the maximum grant or “free money” from the government is limited to $3,000 from MRSS.
Government Freebies For Senior Citizens
Such a policy compliant savings scheme is similar to the CDA mechanism under the Child Benefit Scheme. A matching grant will only appear the following year, usually around February. For example, any matching contribution from the CPF for a cash top-up made to a Retirement Account (‘RA) in 2022 will only appear in 2023. Note that anyone, including the elderly, loved ones, and the employer, can make this cash charge. In addition, it does not need to be done all at once, and it can be done in many months throughout the year.
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Chart 1 outlines the eligibility criteria for MRSS. MRSS is intended to provide targeted assistance to elderly Singaporeans who are still seeking their basic pension. The 55-70 age group is set because younger members under 55 have a longer horizon to earn more and save more for their retirement, while senior members over 70 should have already enjoyed their monthly CPF payments. . Both my parents are in this age group of 55-70 years.
Second, their Retirement Account (“RA”) savings must be less than their Basic Retirement Amount (“BRS”). For those who are not aware, BRS, Full Retirement Amount and Enhanced Retirement Amount are already fixed till 2027 as shown in Chart 2.
Other requirements include having a monthly income of less than $4,000, an annual residence value of more than $13,000, and not owning more than 1 property.
Fun Fact: Did you know that even if you have just $1 less than the regular BRS, you can still receive a $600 grant!
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I imagine that potential beneficiaries of the MRSS include the self-employed and carers. For self-employed persons, contributions to Ordinary Account (“OA”) and Special Account (“SA”) are not mandatory. However, these are accounts that roll over to RA at age 55. Full-time carers, on the other hand, have no CPF contribution to speak of as they are not employed.
My parents have been peddlers for a large part of their lives and therefore have minimal savings in their RA. Since eligibility for MRSS is automatically assessed annually, I understand that they should be eligible for MRSS once they receive their citizenship in 2022. Note that there is no need to apply for MRSS as eligible members are notified by the CPF Board every first quarter of each year. An example of a notification email is shown in Figure 3.
For those who are unsure, log into the CPF Dashboard to check your eligibility as shown in Figure 4.
As a financial blogger who is more in tune with government financial schemes, I took the proactive step of logging into my parents’ CPF accounts online to check instead of waiting for the CPF notification. What I found on their CPF dashboard confirmed that they are eligible for MRSS as shown in Chart 5.
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With that in mind, I proceeded to add $600 to each of their RAs. As a result, they should both receive a $600 grant in 2024. I told them to deal with it, both the government and their son give them hongbao during CNY!
If you’ve ever wondered, it’s actually true that cash payments to RAs are part of the Superannuation Top Up Scheme (RSTU). Since I was the one adding the cash to my parents’ RA, I will get a tax credit that will lower my tax bill in 2024. Tax rebate for cash top-up to my CPF account is $8. 000 per year. This is another benefit to participating in MRSS and another example of killing 2 birds with 1 stone.
My parents still have a long way to go before their RA reaches BRS, but with a little help from the children and the government through MRSS, they should get there eventually.
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Health Insurance For Senior Citizens: Best Plans 2023
I’ve been using it for months and here’s my full review and sign up with my promo code to make sure you get the coupons! Finding free things for seniors can make life a little easier at this tender age. If you are a senior citizen, take the time to learn about all the things and services that are available to you at no cost. If you live on a small income, free spending for seniors is very important.
Free products and services are available below, but if you don’t see what you need, or a company listed, don’t be afraid to ask! Many companies offer free or discounted services and goods, but they don’t always advertise this option. Many local governments and nonprofit organizations also offer free services that may not be widely advertised.
“AAA” is available in most major cities to provide services to the elderly. Services vary from office to office, so you should contact your local office to see what they offer. Typically, AAAs offer free counseling on long-term care, health and other insurance, nutrition, minor home repairs, and help applying for government assistance programs. AAAs are also a great source of free services in your area that may not be widely advertised, such as public transportation and other city and county services, adult day care, and food banks that provide meals for seniors. .
Another way to find free local services specifically for seniors is through the Eldercare Locator website. This program is funded by the US Administration on Aging and can help you find options such as transportation, legal assistance, elder abuse resources, and more. Some services may only be discounted, but many can be found at your location that are free. You can also call them for assistance at 1-800-677-1116.
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If you are a low-income senior, Donor Dental Services (DDS) offers free dental services for seniors. The program is run entirely by volunteer dentists and is available in every state. Their website lists facilities by state and their application process. You may also be able to get free dentures by contacting your state dental association. They will be aware of any free services offered by dental schools and others in your state. You may also be able to find local free prosthetics programs through your local AAA.
Low-income seniors can also get medical services for the elderly through local free clinics run by the National Association of Free and Charitable Clinics. If you need help with medication, pharmaceutical companies run patient assistance programs that provide free medication to seniors. Some of these programs are run by states and can be found on the National Council on Aging website. The RXAssist website and the NCOA-sponsored BenefitsCheckUp site help you search for PAPs offered directly from pharmaceutical companies.
Lions Clubs International offers glasses, exams, and glaucoma screenings for seniors. These services vary based on your local Lions Club.
Meals on Wheels is an amazing program that provides over 2 million meals a year to seniors in need. Meals on Wheels are available in every state. You can find your local provider on the Meals on Wheels website. Typically, the program serves seniors who are homebound and on a sliding scale that can lead to free meals depending on your income, but they also provide places where seniors can gather and eat together for social times. They provide food.
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USDA’s Commodity Supplemental Food Program (CSFP) provides low-income seniors with food packages to supplement their regular meals. These packages include things like canned food, peanut butter, cereal,