Aside from the Central Provident Fund (CPF) scheme, the government has another scheme called the Supplementary Retirement Scheme (SRS) to help boost your retirement funds.
The SRS is voluntary with maximum yearly contributions capped at S$15,300 a year for Singaporeans and permanent residents.
Contributions are eligible for tax relief, but the funds within the SRS account earn a paltry interest of just 0.05%.
With Singapore’s core inflation hitting a 14-year high of 4.8% in July, you must take action to make your SRS funds worth the while.
The good news is that the SRS funds are allowed to be invested in a variety of Singapore-listed shares that can help increase your overall returns.
Here are five investments you can consider making with your SRS monies.
DBS Group (SGX: D05)
DBS is Singapore’s largest bank and the blue-chip lender has proven to be resilient during tough economic conditions....