Anonymous
I'm in my mid-20, and didn't declare that I am freelancing. My strategy is to contribute up to the $20k limit of CPF OA to get the 3.5% ASAP by putting in a lot monthly, and empty it for housing. Any advice?
My income averages between 5-7k mthly. I contribute CPF up to 40% of my income, 25% in STIETF, the rest in CIMB.
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Chin Guo Qiang
19 Jan 2020
Assistant Vice President, IT EUC at OCBC
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Heyo QP!
Fellow self-employed here:
Leaving you a video comment as typing it out will take way too much time:
Video link:
IRAS Calculator: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&uact=8&ved=2ahUKEwj_ys3cpOTdAhWLrI8KHZbRCGcQFjABegQIBxAC&url=https%3A%2F%2Fwww.iras.gov.sg%2Firashome%2FuploadedFiles%2FIRASHome%2FIndividuals%2FTax%2520Calculator%2520-%2520Residents_YA17.xls&usg=AOvVaw36RaJQAX74G-15QyTe7KJt
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Gabriel Tham
07 Jun 2019
Tag Team Member at Kenichi Tag Team
if you did not declare to IRAS and still contribute to CPF voluntarily, then IRAS will be knocking o...
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Don't rush to get to $20k OA just for the 3.5% pa interest in CPF account. It can be $5,000 or $10,000, but the 3.5% pa interest do not add up to be a significant sum, for balances less than let's say, $50,000 (I did the math myself and saw the trend).
Just contribute if you see it fit for a good 3.5% interest rate, if not keep the earnings as liquid for opportunities to come by. :)