CPF vs SRS | How to Maximise Tax Relief?
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CPF and SRS are both good avenues for you to top-up of contribute to it for tax relief purposes. I’ve talked about both of them extensively on my channel so in this episode, let us compare between these two, which one should you prioritise for tax relief
Assumptions:CPF: Talk about SA/MA only, since you cannot contribute to OA directly
Eligible for both CPF and SRS, since only Singaporeans/PRs have CPF
Interest Rates:
CPF 4% vs SRS 0.05%
SRS need to “force” it to work (invest, buy financial products)
Liquidity:
CPF: after 55 and achieved FRS. Irreversible decision
SRS: any time, with a tax penalty of 5% for withdrawals before retirement age (62/63)
Annual limit for tax relief:
CPF: $8000 per year, RSTU or VCMA only
SRS: $15,300 for SRS only
Products offered to invest:
CPF: Unable to invest MA, limited products for SA. Also not recommended to invest
SRS: Singapore listed stocks, ETFs, Unit trusts with roboadvisors (Endowus, MoneyOwl), even buy S&P500 ETF with ticker S27 using POEMS Cash+
My personal journey
- Started with CPF first because no good products for SRS until recently in 2020 where I discovered Roboadvisors
- But you should always start your SRS account and lock your retirement age asap, currently 63
- More competitive SRS products to invest nowadays like Roboadvisors with Endowus/MoneyOwl, S&P500 with POEMS Cash+, even SSB in 2022
#moomoo #moomootrading #cpfvssrs
Видео CPF vs SRS | How to Maximise Tax Relief? канала Chris @HoneyMoneySG
STOCK BROKERS & INVESTING:
🐂 Webull Singapore (Free Stock) https://hmsg.link/sgwebull
🐯 Tiger Brokers SG Code HONEYMONEY (Free stock): https://hmsg.link/sgtiger
🐬 uSMART Securities Code nn8gx7 (Free Stock) https://hmsg.link/sgusmart
📝 POEMS Cash Plus: https://hmsg.link/poems
📈 Interactive Brokers: https://hmsg.link/ibkr
📗 Seeking Alpha Premium ($40 Off) https://hmsg.link/seekingalpha
🐯 Tiger Brokers International Code HMONEYSG: https://hmsg.link/ustiger
🐮 moomoo US by Futu Inc (Free Stocks) https://hmsg.link/usmoomoo
CREDIT CARDS & PAYMENT APPS:
💳 Credit Cards Affiliate Links (Singsaver gifts) https://t.me/sgpromocode
💨 Dash PET 1.5% interest CODE DASH-RXQ45 https://hmsg.link/dash
🚌 Revolut SG (20% Bus/MRT Cashback) https://hmsg.link/revolut
☯️ YouTrip ($5 Bonus) https://hmsg.link/youtrip
💰 iPayMy https://hmsg.link/ipaymy
💳 CardUp Use WAIKITC316 to get S$30 off the CardUp fee for first payment https://app.cardup.co/users/sign_up
⭐️ CapitaStar App $5 https://hmsg.link/capitastar
🏬 Lendlease Plus $5 referral code NsHQKY
🐠 Marina Square $5 referral code EoQjdG
✈️ SIA Kris+ App Code: C647172 https://hmsg.link/krisplus
🛍 Shopback $5 https://hmsg.link/shopback
😻 Favepay https://hmsg.link/fave
🅱️ BigPay $5 referral code KJN6MN5GS0 at http://bigpay.link/referrals
💴 Instarem Amaze https://hmsg.link/amaze
ROBO-ADVISORS:
☣️ Syfe Trade & Wealth: Use code HONEYMONEY @ https://www.syfe.com/
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🤖 Endowus RoboAdvisor (FREE $20) https://hmsg.link/endowus
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🧱 FTX Blockfolio (Free Crypto): https://hmsg.link/ftxbf
♊️ Gemini (Free $10) https://hmsg.link/gemini
📒 Ledger Crypto Hardware Wallet https://hmsg.link/ledger
PROFESSIONAL FINANCIAL PLANNING:
🤝 DareToFinance https://hmsg.link/daretofinance
If you sign up for any of these services using my link, I will earn a small commission which helps support my channel at NO additional cost to you. And you will definitely get some referral benefits as listed here!
Disclaimer: Information provided in the video are not meant to be taken as professional financial advice and are strictly for entertainment purposes only. The content shared is based on the creator’s personal experience and results may vary from each individual’s personal finance situation i.e. DYOR
🔭 Telegram Group: https://t.me/HoneyMoneySG
📷 Instagram @HoneyMoneySG https://www.instagram.com/honeymoneysg
📧 Email (Business only): sghoneymoney@gmail.com
☕️ Buy me a Ko-fi: https://Ko-fi.com/honeymoneysg
💵 Patreon: https://www.patreon.com/honeymoneysg
_________________________________________________
CPF and SRS are both good avenues for you to top-up of contribute to it for tax relief purposes. I’ve talked about both of them extensively on my channel so in this episode, let us compare between these two, which one should you prioritise for tax relief
Assumptions:CPF: Talk about SA/MA only, since you cannot contribute to OA directly
Eligible for both CPF and SRS, since only Singaporeans/PRs have CPF
Interest Rates:
CPF 4% vs SRS 0.05%
SRS need to “force” it to work (invest, buy financial products)
Liquidity:
CPF: after 55 and achieved FRS. Irreversible decision
SRS: any time, with a tax penalty of 5% for withdrawals before retirement age (62/63)
Annual limit for tax relief:
CPF: $8000 per year, RSTU or VCMA only
SRS: $15,300 for SRS only
Products offered to invest:
CPF: Unable to invest MA, limited products for SA. Also not recommended to invest
SRS: Singapore listed stocks, ETFs, Unit trusts with roboadvisors (Endowus, MoneyOwl), even buy S&P500 ETF with ticker S27 using POEMS Cash+
My personal journey
- Started with CPF first because no good products for SRS until recently in 2020 where I discovered Roboadvisors
- But you should always start your SRS account and lock your retirement age asap, currently 63
- More competitive SRS products to invest nowadays like Roboadvisors with Endowus/MoneyOwl, S&P500 with POEMS Cash+, even SSB in 2022
#moomoo #moomootrading #cpfvssrs
Видео CPF vs SRS | How to Maximise Tax Relief? канала Chris @HoneyMoneySG
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