I was doing research on the Supplementary Retirement Scheme the past week, and I must say, the existing content out there is downright criminal.
Given that I’d already spent all that time researching and thinking about SRS, I figured I’d pen an article this week to share my decision making framework for all fellow Singaporeans out there.
Basics: Supplementary Retirement Scheme (SRS)Very simply, the Supplementary Retirement Scheme is a form of tax planning. Each Singaporean can top up S$15,300 a year into a SRS account, and any amount that you place into SRS is tax exempt. So if your take home pay this year is S$100,000 and you top up the full SRS entitlement, in 2018 you will only pay tax on S$84,700. It really is that good.
The catch here, is that while anything that goes into SRS is tax free, you’re penalized if you want to
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