The OCBC Financial Wellness Index 2022 showed that only 42% of Singaporeans are on track to reach their retirement goals.
It pays to start retirement planning early to fully enjoy your golden years. You can do so by contributing to and investing your Supplementary Retirement Scheme (SRS) funds to help multiply your retirement savings, save on taxes and beat the ever-rising inflation!
Designed to supplement the CPF, the SRS is a voluntary scheme which offers attractive tax savings. However, as of the end of 2021, there were less than 300,000 SRS accounts, and about a quarter of the SRS savings were held in cash, earning just 0.05% each year.
Through this handy visual guide, we explain how contributing to your SRS helps reduces your tax burden, how to get started and share 3 key reasons why you should invest your SRS monies with MoneyOwl!
If you found our infographic useful, check out the following articles related to the SRS:
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