The Singapore government makes it easy for us to build up on retirement funds by incentivising it with tax cuts. In a nutshell as seen in the diagram, you have 3 main ways to shave off some savings from the taxman. Some key points to note:
- Overall tax relief cap of $80,000 per individual
- If you have PTR(Parenthood tax rebate) and other tax reliefs, most of the time you do not have to make any voluntary contributions at all to avoid the taxman
Contribute RA and Medisave via CPF website and SRS directly through the bank.