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Hi Josh. Thanks for sharing. It is worth noting that your medisave top up will be refunded without interest if you hit annual contribution of $37740 and needless to say you will not enjoy any tax relief. so topping up of medisave is only for those who earn below annual income of $102k.
Hi Josh, based on faq in cpf website it says that "Do remember to consider your mandatory CPF contributions which you will be receiving for the calendar year, before making voluntary top-ups. If the total mandatory CPF contributions and voluntary top-ups exceed the CPF Annual Limit in the calendar year, any excess voluntary top-ups will be refunded without interest in the following year." www.cpf.gov.sg/member/faq/growing-your-savings/top-up-your-cpf-accounts-to-build-your-savings/what-is-the-voluntary-top-up-limit-to-my-three-cpf-accounts So am i right to say that if your annual income is $102k, u r not eligible for top up to medisave since the amount will be refunded with interest and the amount u top up will not be eligible for tax relief?
I did that for some time but seems like the amount top up to MA is not reflected in the retirement dashboard under the tax relief section. Only if I do a cash top up to SA then it will be reflected there 😢 not sure why 🤷🏻♂️
Hi Josh, my understanding for employee like me the max tax reliefs for provided fund/Life Insurance is about 20,400. How will you get 36,400 for self employed? Is there anything I never claim in year 23.
Try not to withdraw srs before the eligibility age. Once you withdraw, you will be penalised not only the 5% but you won't be able to contribute srs in future
Wow this is news to me. Once withdraw (regardless of amount withdrawn) can't contribute in future?? Are you able to link the iras website that touch on this. I always thought of srs as emergency fund.
I suspect you are heavily in REITs for your srs. Which is clobbered. For my household SRS funds, we deploy in SSB. SRS + tax gains already 7+% 10 year xirr
@@jironghuang4895putting money in ssb is never a good thing because you lose out on the 5-7% risk premium compared to being in equities and securities over the long run. However, case by case, some people might not have that long runway or risk appetite for volatility
It’s 2.5x. Donation portioned to me is $4k. I’ve this previous sharing on my commitment to help disadavantaged student via josh tan bursary. Gave the rest of the tax donation deduction to my wife :) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Nzi-o3YwLPk.htmlsi=a8DBvpgIqNgpwXrp
Josh, question if my wife has reach ERS for her RA, can i still top up for her MA for tax relief? , for this case my wife MA is only 40K. thanks in advance .
For those between 55 to 64, I am wondering if this group should still top-up their CPF OA and SRS assuming they have more than S$250K in each account. They also have already achieved the FRS scheme…
For those above 55 and still employed, would the $8k medisave top up qualify for tax relief if they continue to have CPF Contribution through their employment during the year and can easily meet the yearly medisave increase cap.
Thanks for sharing Josh. For srs i understand back then there were no options to invest srs into s&p500 etf funds. If u had invested in that instead, would it likely improve your srs gains?
No probs. Cant see it as that way my friend... An even better option would have been to keep the SRS as cash and put into Bitcoin isnt it? 😅 We cannot control returns... Investing is into what you know and understand well Investing is into what you believe as good value None of the principles are regarding past returns which is a dangerous lead Hope it answers well =)
I have a question. Wouldn’t it be more worth to pay the tax with cash rather than through many channels that you have shared to claim for tax reliefs then at the end of the day one still need to pay the tax albeit little less?
Even if u withdraw after retirement age and no longer working, it's still considered taxable income if more than 20k is withdrawn because the first 20k withdrawn has no tax. So let's say withdraw 100k at 70 years old. 50% of 100k which is 50k is taxable....of that, first 20k no tax but rest of 30k will be subjected to the tax rates as of that year it was withdrawn.
You cannot do a direct top up to your OA. You can only either top up your SA via RSTU, top up your MA via VCMA or top up 3 accounts according to your age band via VC3A. However, if you already have used your OA for housing, e.g. downpayment or for mortgage, you can do Voluntary Housing Refund (VHR) to your OA using cash to reduce the principal and AI for housing.
For srs top ups, wouldn't there be a certain income level where it will be feasible to just top up for the tax relief as even after 5% penalty. Assuming withdrawal is not too much each year, over all there will still be savings?
Hi Josh, thanks for the video. My CFP contribution is more than $5k and I cannot qualify for Provident Fund/Life Insurance relief. Your Provident Fund/Life Insurance relief is >$30k. How did you achieve that?
Hey Josh, appreciate the sharing. What is the strategy behind going for SG equities in SRS against SPDR S&P 500 ETF? I hope to understand your thought process since S&P 10 year avg ~10%.
Thank you =) How market trends for the next 10y moving forward no one knows BUT Good investing is about understand the price you pay for the thing you invest in. That is MAIN thing you can control as an investor. Good investing is not about choosing the one with best 10y average. Usually this gets you something who's price is already inflated. Once youve understood this, you'd understand who are investors are who likes the popular opinion...
I put srs funds in endowus for s&p500 funds. The returns over a 10-20yr period will be safer. Inflation and div adjusted realistically would be 7-8% yoy
