Supplementary Retirement Scheme (‘SRS’) Account
Unlike the previous recommendations by Heartland Boy, namely,
- Transfer from Central Provident Fund (‘CPF’) Ordinary Account (‘OA’) to Special Account (‘SA’) and
- CPF Retirement Topping-Up Scheme
this recommendation of utilizing the SRS Account requires a little bit more effort. This is because this is a voluntary scheme and not a compulsory scheme such as the CPF. One has to first apply for a SRS Account with any of the 3 authorised local banks – DBS, UOB or OCBC. Nonetheless, Heartland Boy assures you that this little effort is worth your time as the SRS Account is not just a useful tool to boost your retirement planning, but also a valuable tool to minimize your tax expenses.
How the SRS Account Works
In all honesty, it is not easy to explain the workings of the SRS Account in a single …