15/11/2018
"You can claim tax relief for contributions made to your SRS account. Each dollar of SRS contribution reduces your income chargeable to tax by a dollar. However, note that there is an overall personal income tax relief cap of $80,000 since the Year of Assessment 2018. So evaluate if you would benefit from the tax relief on your SRS contributions."
"Investment instruments that can be made with SRS funds vary in terms of their tenor, potential returns and risk levels. It is always wise not to place all your eggs in one basket.
"Some people may have the wrong mindset, that since they cannot touch their SRS funds until age 62, they take aggressive bets and place everything into a single investment," says Mr Menon.
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It's that time of the year when the three local banks roll out incentives to encourage you to set up a Supplementary Retirement Scheme (SRS) account or to boost your balances if you are already signed up.. Read more at straitstimes.com.