26 May 2020
My main goal is saving for retirement.
It is always good to save up for retirement. You are young and I am sure that you have not hit Medisave Basic Healthcare sum of $57,400. I suggest top up to the MA capped first (tax relief) and your obligation as a self employed. Followed by all 3 CPF account (Since you are freelancing, you will have tax relief even if you contribute to all 3 CPF account.) Why? Because you will then have the flexibility to either transfer OA to SA if you choose to or you can save up part of it for you future BTO downpayment. All informations can be found here.
When you contribute to MediSave, you enjoy:
yup since your main goal is saving for retirement, use the power of compounding to your advantage and top up especially your SA to maximise interest!
kudos to taking the freelancing route so young, and thinking of retirement so early!
Topping up your CPF does have its advantages in terms of the guaranteed compound interest earned, as...
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