Self employed personnel miss out on compulsory contributions by employer to CPF (me included). Hence, retirement planning is a gapping hole to fill.
Fortunately, SRS contribution and CPF contributions are available to help build retirement funds. In addition, contributions will likely derive tax relief.
CPFSA vs SRS contribution: what's the difference?
CPFSA contribution is via RSTU (retirement sum topping up scheme).
Relief is up to $7,000.
SRS contribution is up to $15,300 and is into an SRS account opened with DBS/OCBC/UOB.
In summary, this answers common questions you may also have.
As a self-employed, you could use both schemes if you are of a high income bracket to really bring down your chargeable income level.
This could save you taxes and help you catch up with those employed in building up retirement savings.
However, also do also note the max relief cap of $80,000 and that whatever you contribute now is FOR NEXT YEAR"S tax assessment.
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