Interest rates Allocation Priority for your CPF RA, OA and SA

For all CPF members, extra 1% interest is earned on the first $60,000 of your combined balances across RA (if applicable), OA, SA and MA. If you are aged 55 and above, an additional 1% extra interest is earned on the first $30,000 of your combined balances across RA, OA, SA and MA. The orderContinue reading “Interest rates Allocation Priority for your CPF RA, OA and SA”

Avoid paying too much income taxes

Income taxes are a financial burden to working individuals. It is essential is to recognise that there is a way to lessen this burden by maximising the tax reliefs claimable for each assessment year. From Year of Assessment (YA) 2018, the total amount of personal income tax reliefs which you can be allowed is subjectContinue reading “Avoid paying too much income taxes”

Simulating the compounding of SA from young

I initiated the top-up of my child’s SA in September 2019 to kick off the power of compounding interest. A monthly $100 top-up is a small but steady way in building up her assets. To reiterate, the first $60,000 of combined balances (with up to $20,000 from the OA) earns an extra 1% interest. ItContinue reading “Simulating the compounding of SA from young”