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...