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”
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”
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”
It is the end of September and all contributions are in for the month. MA has reached the 2019 Basic Healthcare Sum (BHS) of $57,200 and the excess from contribution overflowed to SA. OA to SA transfer for the month of September is also completed. SA balance currently stands at $79,778.09.
At the 2016 Budget announcement, all Singaporean children born from 24 March 2016 onwards will receive an initial Baby Bonus First Step Grant of $3,000 in their Child Development Account (CDA). I shall not dwell too much in the usage of the CDA. In addition, the government did a Dollar-For-Dollar Matching for up to $3,000Continue reading “Kick-start my baby’s Ordinary Account with her Child Development Account”