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Anonymous
I have met the minimum requirement and if i choose to top up the RA, can i enjoy the tax relief ? Or can my children top up for me and enjoy tax relief?
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Tan Choong Hwee
07 Feb 2022
Investor/Trader at Home
If you have met FRS in RA at 55, you can top up RA to prevailing FRS for up to $8k tax relief in subsquent years. Or your children can enjoy up to $8k tax relief by topping up your RA to prevailing FRS in subsequent years.
Any top up beyond prevailing FRS won't have tax relief.
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I have ERS at 55 year old, does it make sense to top up my ERS again when I am 56?