Anonymous
My Wife is self employed, she’s 48 years old, and she doesnt have any CPF SA or OA savings as we only became PR 2 years ago. We intend to stay in Singapore Long term. she only works part time, and earnings aren’t high, but it’s more than $4000 a year which I believe means that I can’t make voluntary contributions for her?. She makes a contribution which goes to her Medisave each year. Can we grow my wife’s CPF to make make it worthwhile in the period she has left to grow the minimum sum?
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Loo Cheng Chuan
07 Nov 2018
Founder at 1M65 Movement
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Yes, if your wife's declared income is more than $4k for the tax year, you will not be eligiblle for tax relief. But you are still able to topup her SA. It makes sense to topup her CPF as the first $60k earns an extra 1%, which makes 5% guaranteed return.
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