You have probably heard this piece of advice many times in our community or among your savvier circle of friends.
“Top up $1 to your account to lock-in your retirement age”
I promise you, when you get to the end of this article, you will understand fully what this means and how you can do this in the next 5 minutes (yes, it’s really that simple).
I will share my own example at the end of the article and run you through a step-by-step guide.
What is Supplementary Retirement Scheme (SRS)?
The SRS started in 2001 and is part of the Singapore government’s multi-pronged strategy to address the financial needs of a greying population by helping Singaporeans to save more for their old age.
It literally means it’s a “supplement” to your retirement income, which for most people is the Central Provident Fund (CPF).
Think of this like an extra