Anonymous
Fresh grad @ 25 y/o. With my monthly on 3.5k gross, should I opt for CPF voluntary top up just to save that 7k tax on 3.5% bracket (~$245)?
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Loh Tat Tian
13 Sep 2019
Founder at PolicyWoke (We Buy Insurance Policies)
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Fergus Tan
07 Sep 2019
Senior Partner at Vision Advisory Management
As a short answer, no.
The 2 common tax relief product would be SRS and CPF RSTU.
If you are below the 7% bracket, then it makes more sense to keep cash.
If you are above the 7% bracket, then putting to SRS is a good thing to consider.
If you have maxed out your SRS contribution for the year, then you can consider CPF RSTU.
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Same as Cedric, Vincent and Elijah.
Thought about this before, and I think even at 7% tax bracket, ...
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In order for tax bracket to be worth it, you have to be above 11.5%.
MY simple calculation is this. 11.5% Present Value is worth 22% after 18 years. IF you know what I mean.