Top Tax-Saving Strategies: CPF vs SRS (⚡10MPPF) Investment Iguana

🟩🟩 In this informative video from The Investing Iguana, host Iggy discusses a crucial topic that Singaporeans should pay attention to: CPF vs SRS – Which One Should You Use to Save Tax? As he explains the differences between the Central Provident Fund (CPF) and Supplementary Retirement Scheme (SRS), Iggy delves into their respective features, benefits, and drawbacks. CPF, a mandatory savings scheme for Singaporeans and permanent residents, helps individuals save for retirement, healthcare, and housing needs.

🟩 (⚡10MPPF) = TEN MINUTE PODCAST (PERSONAL FINANCE) by the Investment Iguana

🟡TIMESTAMP

• 0:00 - Intro and welcome

• 0:25 - What is CPF and how does it work

• 2:10 - What is SRS and how does it work

• 4:00 - CPF vs SRS: Pros and cons

• 6:20 - How to decide which one to use

• 7:40 - Summary and conclusion

• 8:35 - Outro and call to action

🟩 Meanwhile, SRS is a voluntary savings scheme that allows both Singaporeans and foreigners to supplement their retirement income. Iggy emphasizes the tax benefits associated with SRS, such as a dollar-for-dollar tax deduction on contributions and only 50% of withdrawals being taxable after the statutory retirement age. He advises viewers to consider factors like nationality, income level, retirement goals, and liquidity needs when deciding which scheme to use or whether to use both.

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"Investing is a long-term game. Be patient, disciplined, and informed." - The Investing Iguana

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🟥 Remember, always conduct your own research and consult a financial advisor before making any investment decisions. Happy investing, and see you in the next episode!