CPF vs SRS | How to Maximise Tax Relief?

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CPF and SRS are both good avenues for you to top-up of contribute to it for tax relief purposes. I’ve talked about both of them extensively on my channel so in this episode, let us compare between these two, which one should you prioritise for tax relief

Assumptions:CPF: Talk about SA/MA only, since you cannot contribute to OA directly
Eligible for both CPF and SRS, since only Singaporeans/PRs have CPF

Interest Rates:
CPF 4% vs SRS 0.05%
SRS need to “force” it to work (invest, buy financial products)

Liquidity:
CPF: after 55 and achieved FRS. Irreversible decision
SRS: any time, with a tax penalty of 5% for withdrawals before retirement age (62/63)

Annual limit for tax relief:
CPF: $8000 per year, RSTU or VCMA only
SRS: $15,300 for SRS only

Products offered to invest:
CPF: Unable to invest MA, limited products for SA. Also not recommended to invest
SRS: Singapore listed stocks, ETFs, Unit trusts with roboadvisors (Endowus, MoneyOwl), even buy S&P500 ETF with ticker S27 using POEMS Cash+

My personal journey
- Started with CPF first because no good products for SRS until recently in 2020 where I discovered Roboadvisors
- But you should always start your SRS account and lock your retirement age asap, currently 63
- More competitive SRS products to invest nowadays like Roboadvisors with Endowus/MoneyOwl, S&P500 with POEMS Cash+, even SSB in 2022

#moomoo #moomootrading #cpfvssrs