Just two weeks left for you to get savings on your taxes! So top up your SRS account by 31 December 2020 to enjoy up to $3,366^ in tax savings on this year’s assessable income. Every dollar you deposit is eligible for tax relief and can also be used for investment to further grow your retirement funds.
Please visit here for full details on SRS.
Making your SRS contributions work harder…
Beyond tax savings, another benefit of the SRS is that it allows you to invest your SRS monies in SRS approved financial instruments to potentially enjoy higher returns. And you can make your SRS monies work for you by investing in a wide range of SRS approved financial instruments such as annuities and insurance products, SGX-listed shares, fixed deposits, bonds and unit trusts.
Consider two individuals, James and Paul, who contribute S$15,300 annually to their SRS accounts. After 30 years, each of them would have contributed the same amount of S$459,000 to their SRS accounts.
James is contented to let his funds lie un-invested. This earns him an interest of 0.05% per annum (SRS deposit rate).
However, Paul who has made his SRS funds work harder with SRS approved financial instruments, would have accumulated additional S$554,171 (+119%) for his retirement. Paul is slightly more aggressive when investing and he earns a return of 5% per annum.
With effective planning and a sound investment strategy, Supplementary Retirement Scheme can certainly help you increase your retirement funds. If you would like advice on what investment options are best for you to achieve a secure retirement, please contact me for a discussion.
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