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Register for the webinar
Join our upcoming webinar to discover ways to lower your income tax and maximise your retirement with the Supplementary Retirement Scheme (SRS).
Watch the replay
Chapters
- 00:00 - Introduction
- 01:00 - About Endowus
- 05:05 - How does income tax work in Singapore?
- 07:25 - Understanding your Notice of Assessment (NOA)
- 11:07 - What are the different types of tax relief?
- 12:37 - How do CPF top-ups help with tax relief?
- 15:46 - Differences between topping up Medisave Account (MA) and Special Account (SA)
- 17:31 - Other things you should know about Special Account (SA) top-ups
- 19:40 - Benefits of the Matching Retirement Sum Scheme (MRSS)?
- 21:22 - Tax relief scenario for John with a take home pay of $100,000 annually
- 24:17 - Q&A: Should I top up my CPF or SRS?
- 25:41 - What is the Supplementary Retirement Scheme (SRS)?
- 27:49 - When can I withdraw my SRS monies?
- 30:53 - Penalties and benefits of SRS withdrawals
- 39:47 - Q&A: What are suitable investment options for SRS?
- 50:00 - Q&A: Are there any options for investing my CPF SA?
- 51:00 - Q&A: If I need to buy a home soon, does it still make sense to top up my CPF/SRS?
- 53:10 - Q&A: Should I top up my CPF MA or CPF SA?
- 59:00 - Q&A: What are the best investment options for CPF/SRS on Endowus?
About the session
Costs of living continue to remain high this year, but yet, not everyone has plans to keep their income taxes low just yet. The SRS — or Supplementary Retirement Scheme – is a great way to cut down your tax bill.
It is also a strategy to better prepare for retirement by capitalising on the excess cash you might have on hand, which only earns you 0.05% p.a. in your bank account.
Join Sheng Shi Chiam, Business Development & Partnerships Lead at Endowus, together with Lean Sing Ding, Senior Client Advisor at Endowus as they share more about the various discretionary tax relief schemes you can utilise to minimise your tax expenses in 2024. Tune into learn more as they discuss:
- How to optimise your SRS for tax reliefs and retirement planning
- How your income tax bill is calculated and what are the ways to lower it
- What everyone should know about the CPF SA Retirement Sum Top-up Scheme
- How you can use Endowus for your various SRS investment preferences
There will be a Q&A segment at the end of the session. Submit your questions ahead of time here.
About the speakers
Sheng Shi Chiam, Business Development & Partnerships Lead, Endowus
Sheng Shi is a personal finance enthusiast who believes that good investment advice and products should be made accessible to everyone. Prior to Endowus, he was with CapitaLand covering China private equity funds. Sheng Shi covers personal finance, investing and CPF/SRS content on Endowus blog site, Endowus insights.
He graduated with a B.B.A (Hons) in a double specialisation in Finance and Supply Chain Management from National University of Singapore and is a CFA Charterholder.
Lean Sing Ding, Senior Client Advisor, Endowus
Lean Sing is a senior client advisor at Endowus and has close to a decade worth of experience working in banking and in fintech industries.
In his role - he provides investment advisory services to both individual as well as institutional clients - ensuring that clients of all stripes find the right financial solutions to their investment goals.
Lean Sing is passionate about “doing right by clients” - and with Endowus - he hopes to elevate financial literacy, transparency and integrity in the wealth management industry.
He holds degrees from University of Melbourne as well as Regent College.
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