A common misconception by many Singaporeans is regarding the Retirement Sum set aside in their Retirement Account (RA) versus what they “should be proportionately getting” in their monthly payouts. There are three levels of Retirement Sum: The Full Retirement Sum (FRS) is two times the Basic Retirement Sum (BRS), and the Enhanced Retirement Sum (ERS)Continue reading “Why are CPF LIFE monthly payouts for BRS, FRS and ERS not proportional?”
It is the end of October with all mandatory contributions and cash top upare in for the month. MA contribution overflow to SA continues. OA to SA transfer for the month of October is also completed. SA balance currently stands at $82,222.09.
I enjoy analysing data during my spare time and to see if there is any trend or deeper meaning from a macro perspective. I was reading through government statistics available online and I am amazed at how much and how far these data sets go back. So I was interested to find out how farContinue reading “How far have Singaporeans progressed with hacking their CPF SA/RA and SRS?”
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 started Retirement Sum Topping-Up Scheme (RSTU) or topping up my child’s SA in Sep 2019. Working out the sums, I have seen how small contributions over a long period of time could substantially snowball into a big sum. What if I look further beyond the OA to SA transfer and also do a cashContinue reading “Never too late to compound your SA and save on taxes”