Retirement planning is starts early! At each stage of your life, you will need careful consideration and preparation. Here are some tips for retirement planning at various life stages: Early Career (20s – 30s): – Start saving early: Begin contributing to retirement plans such as the CPF or private retirement accounts as soon as you start working. The power of compounding can significantly boost your savings over time. – Establish an emergency fund: Set aside three to six months’ worth of living expenses in a separate account to handle unexpected financial challenges. – Manage debt: Avoid accum ..read more

As part of Singapore’s comprehensive retirement funding landscape, the Supplementary Retirement Scheme (SRS) offers individuals an avenue to save for their retirement while enjoying tax benefits. Understanding the eligibility criteria and contribution limits of the SRS is crucial for those planning to invest in this retirement scheme.  SRS Eligibility: To be eligible for the Supplementary Retirement Scheme in Singapore, individuals must fulfill the following criteria: 1. Singaporean Citizenship or Permanent Resident: The SRS is open to both Singaporean citizens and Permanent Residents. 2 ..read more

Retirement planning in Singapore is a crucial aspect of financial management, ensuring individuals have sufficient income and resources to support their lifestyle after they stop working. The Singaporean government has implemented several initiatives and schemes to encourage retirement planning, alongside private retirement plans offered by financial institutions. Check out the different ways that you can fund your retirement. 1. CPF Retirement Schemes: a. CPF LIFE (Lifetime Income for the Elderly): CPF LIFE is an annuity scheme that provides Singaporeans with a monthly payout for life, starti ..read more

How should you plan for your retirement? In Singapore, where individuals are responsible for funding their retirement, finding the best saving plan is paramount. One such option that stands out is the Supplementary Retirement Scheme (SRS). In this article, we will explore how the Supplementary Retirement Scheme can assist you in achieving your retirement goals while maximizing tax benefits. 1. The Supplementary Retirement Scheme (SRS): The Supplementary Retirement Scheme is a voluntary scheme introduced by the Singapore government to encourage individuals to save for their retirement needs. Th ..read more

There are hundreds of ways to save, how do you know which is the best option for you?  Supplementary Retirement Scheme (SRS) The Supplementary Retirement Scheme (SRS) in Singapore is a tax-deferred savings plan that allows individuals to set aside a portion of their income for retirement, while also receiving certain tax benefits.  Know more about Supplementary Retirement Scheme (SRS) here. Endowment Plan At the same time, you can also save for retirement with endowment plans and legacy plans. An endowment plan is a type of insurance plan that combines savings and insurance protectio ..read more

It is important to plan your legacy carefully, so that you can organise and maximise your wealth for your children and heirs to have an easier time financially.  If you are starting or already in the midst of planning your legacy, here are some tips you should know: 1. Separate your legacy fund from your retirement plan Your legacy fund is what you will be leaving to your spouse or children when you are no longer physically present. As much as you would like to give your heirs everything you have, you should also remember to have a separate plan to fund your retirement, so that ..read more

What is legacy planning? Legacy planning is the process of planning the distribution of assets of an individual to their loved ones. A legacy plan will detail how, who and when (in some cases), the individual would like to distribute their assets after they pass on. Despite being similar to estate planning, legacy planning goes beyond the allocation of financial resources. It demonstrates your love and care for your spouse and children, that you have already put measures in place to take care of them. As we grow older and closer to retirement, we eventually realise that we can’t live forever ..read more

As the name goes, the Supplementary Retirement Scheme (SRS) is designed to help Singaporeans save for retirement. On top of enjoying tax relief, the next thing you should do after contributing to your SRS account is to invest your funds! As you steadily reap the returns of your investments, you can grow your nest egg continuously as you continue working hard at your day job. How can SRS investments grow your retirement funds? Investing your SRS funds is extremely important if you’re trying to grow your wealth for retirement. This is because SRS funds will only earn a meagre 0.05%p.a. return, w ..read more

Do you have a Supplementary Retirement Scheme (SRS) account? And are you maximising your tax relief with it? Find out more about What Is SRS here. SRS is a scheme introduced by the Singapore government to encourage Singaporeans to save for retirement, by providing tax benefits. The mechanics of SRS is similar to a tax deferral scheme, where you are paying tax for your chargeable income at a discounted rate in the future. Huh? What do you mean? Fret not, just read on. How can you use SRS for tax relief? 1. Enjoy Tax Relief now The fastest and most straightforward way you can enjoy tax relief is ..read more

Supplementary Retirement Scheme (SRS) provides great tax benefits while helping you save for retirement. Unlike Central Provident Fund (CPF), it is voluntary, yet you can still benefit from tax relief when you contribute to your SRS account.  Another difference between CPF and SRS is that you have the option to withdraw the funds in your SRS account in the event of emergencies, although you may have to pay penalties or tax for your withdrawal amount.  Here are 3 ways SRS can help you save tax: 1. Enjoy Tax Relief As Singaporeans or PRs, you are allowed to contribute up to $15,300 eve ..read more