CPF vs SRS | How to Maximise Tax Relief?

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CPF and SRS are both good avenues for you to top-up of contribute to it for tax relief purposes. I’ve talked about both of them extensively on my channel so in this episode, let us compare between these two, which one should you prioritise for tax relief
Assumptions:CPF: Talk about SA/MA only, since you cannot contribute to OA directly
Eligible for both CPF and SRS, since only Singaporeans/PRs have CPF
Interest Rates:
CPF 4% vs SRS 0.05%
SRS need to “force” it to work (invest, buy financial products)
Liquidity:
CPF: after 55 and achieved FRS. Irreversible decision
SRS: any time, with a tax penalty of 5% for withdrawals before retirement age (62/63)
Annual limit for tax relief:
CPF: $8000 per year, RSTU or VCMA only
SRS: $15,300 for SRS only
Products offered to invest:
CPF: Unable to invest MA, limited products for SA. Also not recommended to invest
SRS: Singapore listed stocks, ETFs, Unit trusts with roboadvisors (Endowus, MoneyOwl), even buy S&P500 ETF with ticker S27 using POEMS Cash+
My personal journey
- Started with CPF first because no good products for SRS until recently in 2020 where I discovered Roboadvisors
- But you should always start your SRS account and lock your retirement age asap, currently 63
- More competitive SRS products to invest nowadays like Roboadvisors with Endowus/MoneyOwl, S&P500 with POEMS Cash+, even SSB in 2022
#moomoo #moomootrading #cpfvssrs

[@HoneyMoneySG]

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[@HumdrumSingaporeanREACTS]

😮

[@SGDaveWeng]

Thanks boy , great content and inform 👍

[@Mahasariputta]

Thank you

[@ckfoo4755]

Hi Chris, how to buy SSB using ocbc srs account? Can advise?

[@clarencechan835]

Hi Chris! Thanks for your insights in CPF! I wanna ask if its a good idea to pay off some insurances using medisave? I think right now some of my Insurance payments are made through medisave, I'm considering changing to cash to try to achieve the MA limit early.

[@HoneyMoneySG]

For integrated shield plans yes. Not too sure about other insurance

[@clarencechan835]

@@HoneyMoneySGthank you! And yes I believe it's ISP

[@HoneyMoneySG]

I misread your comment. You should always pay ISP by Medisave, then there is opportunity for you to top-up more and get the tax relief whenever there are deductions from MA

[@clarencechan835]

@@HoneyMoneySG oh I see! Thank you Chris!

[@ObeluStrawberry]

not sure if you have touch on the topic, but can do a topic on those age 50 to 54, where u left with 1-5 years towards 55, so but topping up CPF, is quite a near future and what are the consideration in doing so?

[@HoneyMoneySG]

Yes, I've discussed it here: STOP Topping up your CPF for this! kzbin.info/www/bejne/roGxoJ6QbcpkgMk

[@JRambonian]

Is SRS really necessary? Personally, i cannot be bothered partly bcoz i am not a hi income earner haha.

[@HoneyMoneySG]

No need for SRS if you don't need the tax relief

[@raymondtay5184]

For those who have more than current FRS in their SA, they cannot top up in CPF anymore

[@raymondtay5184]

Suggestion is to top up in SA first. Once you exceeded the FRS in SA then contribute to SRS

[@HoneyMoneySG]

Agree

[@agu26fly]

Hi Chris for 2023 tax relief, when shld I top up $8000? Any deadline?

[@HoneyMoneySG]

For 2023 income tax relief, top up in 2023

[@HumdrumSingaporeanREACTS]

🤔🤔🤔

[@HumdrumSingaporeanREACTS]

😌