Asked by Anonymous

This year is coming to an end. Would you advise me to top-up MA or SA to enjoy further tax relief?

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  • Bang Hong
    Bang Hong
    Level 4. Prodigy
    Answered on 17 Dec 2018

    No straightforward answers here.

    I will advise to top up MA/SA to enjoy tax relief if the following are met (But not limited to):

    1) You will confirm + chop reach FRS at 55 years old, with the projected increment of the minimum sum.

    2) You enjoy a "good" tax rebate, meaning your income is on a higher tier tax bracket and not the 1st/2nd bracket for instance

    3) You do not need the cash until you reach 55 years old (With assumption #1 is met). You should have reserve monies from other places.

    4) If liquid monies is important to you, can consider SRS. At least can withdraw at a penalty for early withdrawals subjected to 100% tax for that year.

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