Do THESEEEE before the year ends!
Hello my SGFC Fam!
Happy Mid week! WOW it’s the last day of the year already. Sibeh Chuan was talking to @mrssgfirecouple then realized Niama my own wife never top up her CPF la f 🥹
So here’s a list of reminders for you to do before the year ends.
Even if you don’t intent to top up SRS, it’s advisable to put $1 to create SRS account first so it “locks” the withdrawal age at 63 otherwise it might keep increasing as we age.
Kthxbye.
As the year wraps up, it's crucial to take advantage of opportunities that can boost your financial well-being. One key step is to top up your CPF’s Special Account or Medisave Account, which not only strengthens your retirement savings but also qualifies for tax relief up to $8,000 annually—something I recently reminded my wife about! If you haven’t opened an SRS account yet, consider depositing at least $1 before the year ends. This simple act locks in your withdrawal age at 63, preventing it from increasing as you get older. Singaporeans and PRs can contribute up to $15,300 yearly to SRS, reducing taxable income and offering more flexibility at retirement. Don't forget to use your expiring CDC vouchers; these can be spent at numerous heartland shops and hawker centres and are a great way to support local businesses while saving money. Also, remember your SkillsFuture credits. Instead of letting them go to waste, I opted to purchase a Coursera annual subscription, which not only enhanced my skills but also maximized the value of those credits. By completing these small but impactful tasks, you ensure your finances are in order and make the most of incentives that can ease your tax burden in the coming year. It's a smooth way to turn year-end chores into financial wins!
