Should I still contribute to SRS given the following condition?

Hi anon, yes, contributing to SRS is still a good idea to reduce your chargeable income and by extension, your tax.

Actually, with a $150K income, if you have CPF relief (assuming you are a PR or SC) and earned income relief, you'll have at most, an assessable income of around $129K and therefore in the 15% tax bracket. Just contributing $9K would take you out from the 15% tax bracket and into the 11.5% bracket already. I would personally find the 15% savings on tax quite attractive, as that's savings $1350 on a $9000 contribution.

Your SRS monies can be used to invest (please don't leave it lying in the bank) in various asset classes, and you will need to know the pros and cons of each asset class to see what suits you, along with how this ties into your overall retirement planning.

Hey friend! This is a scenario which i feel is as such:

• It may not reduce your current income tax bracket (income tax %)
• However, it can used to reduce your taxable income

Here's how it can be used as a direct a tax saving tool:

• If your assessable income is $150k, $13,600 can be reduced from that amount, so your total taxable income is reduced.
• Also, i suggest you just start with $1 to lock in your retirement age at 62 if you do plan to use it next time for tax saving purposes.