Every time year end comes around, I end up scrambling to figure out what to do with CPF and SRS. This year, I’m trying to plan ahead and have better clarity in my CPF/SRS strategy. Here’s what I plan to do this year, subject to change.
Since I’m still below age 55, usually there are a few things I can do under my control:
- Voluntary Contribution (VC) to all 3 CPF accounts
- Voluntary housing refund to OA
- Cash top up to SRS (eligible for tax relief)
- Cash top up to SA/MA (eligible for tax relief)
- CPF transfer from OA to SA
VC to all 3 CPF accounts
- If my mandatory CPF contributions for the year don’t hit the CPF Annual Limit of $37,740 (i.e. my gross annual salary package doesn’t hit $102,000), this would be my first choice. However, my bonus usually takes me up to the limit unless it’s a bad year. So, I would usually decide after bonus payout around end of Q1.
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