Invest
Considerations for setting up my SRS account
By Value Warrior  •  December 31, 2019

Happy 2020!
I have finally opened my SRS account this year after some consideration for 2019 tax relief. I think it might be worthwhile to share what I was considering before deciding to finally lock up my money till I am 62. These might be something that you would want to consider as well before setting up and contributing to your SRS account.


1)     Confirm that I have not exceeded the annual $80K tax relief and my contribution will be eligible for tax relief.


2)     Amount of tax relief I will be getting. I was using CPF top up to my/my parent Special Account and parent relief to reduce my payable tax for the past few years. Unfortunately, for 2019, my siblings will be claiming for the parent relief instead. Hence I am using SRS to compensate for that portion of tax relief.


3)     Can I live without the money till 62? Since there is a 5% withdrawal penalty...
Read the full article
By Value Warrior
A regular working Joe starting out his value investing journey. I started my investment journey late at the age of 34. Looking back i wish i had started earlier so that power of compounding can work its magic. Nevertheless a good time to start investing is always NOW!!! So here i am having started this journey, i planned to reach Financial independence at age 65. Wish me luck.
LEAVE A COMMENT
LEAVE A COMMENT

Your email address will not be published.

*

Your Email Address will not be published
*

Read More Articles
More from thefinance