What Led to Tom's $1.1Mil Windfall (as a self-employed)?
🟩🟩 Welcome to "The Investing Iguana," a show dedicated to helping individuals in Singapore who are self-employed navigate the world of personal finance, investing, and retirement planning. I am Iggy, your friendly and fabulous host, and today's episode is all about CPF top-ups for self-employed persons.
🟩 If you're a freelancer, gig worker, or entrepreneur, this video is tailored just for you. We'll delve into the Central Provident Fund (CPF), Singapore's mandatory social security savings scheme that covers all citizens and permanent residents. CPF comprises three main accounts: the Ordinary Account (OA), Special Account (SA), and MediSave Account (MA), each serving different purposes.
🟩 For self-employed individuals, the contribution process differs from employees. You're only required to contribute to your MA based on your annual net trade income (NTI). However, there are significant benefits to making voluntary contributions to your OA and SA as well.
🟩 By contributing to all three accounts, you can build your retirement savings faster and enjoy higher monthly payouts upon retirement. The OA and SA offer higher interest rates than the MA, potentially reaching up to 6% interest per year on some of your CPF savings.
[得意] Watch the Full YouTube video at https://youtu.be/zjg13MeR2JM
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0:00 - Introduction to "The Investing Iguana"
0:32 - Topic Introduction: CPF Top-ups for Self-Employed
1:24 - What is CPF?
3:03 - How CPF Works for Employees vs Self-Employed
4:28 - Benefits of CPF Contributions for Self-Employed
5:55 - Power of Compound Interest with CPF Contributions
7:33 - Benefits of Contributing to OA and SA
9:04 - Second Benefit: Tax Relief for CPF Contributions
10:44 - How Tax Relief Works for Voluntary Contributions
12:30 - Conditions and Limitations for Claiming Tax Relief
13:55 - Methods: Voluntary Contributions and Top-ups
15:32 - Retirement Sum Topping-Up Scheme (RSTU)
16:00 - MediSave Top-Up Scheme (MTS)
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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
this series video is valuable as long as it will lead me to reach limited profit.
such videos are always helpful for me to understand principles and take care of spotted stocks,TKS
Thanks for sharing, very useful, but don't know the risk?