Last Day Of 2019

Time flies. Today is the last day of 2019. It has been a record year for me and this blog. With this post today, I have posted consecutively on a daily basis in 2019.  Hopefully, I will be able to achieve the same record for the years beyond.

Today is also the Eve of New Year’s Day. As I worked for the first four month of this year, I will be subject to the tax liability come April 2020. I have been considering whether to make the Supplementary Retirment Scheme (“SRS”) contribution in order to be eligible for tax relief. Today is the last day for me to do so. I decided to contribute the maximum amount of $15,300 to my SRS account today.

https://www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Special-tax-schemes/Supplementary-Retirement-Scheme–SRS-/SRS-contributions/

It is unlikely that I will do likewise the same for 2020 and beyond as long as I do not have full-time employment.  It makes no sense for me to contribute voluntarily without the active income from the full-time employment in which I will not enjoy any relief. Furthermore, I can only withdraw the proceeds from SRS contribution effective from the age of 62 which is about two decades only.

This is an example of making the appropriate decision based on the prevailing circumstance.

WTK

 

 

Author: firewtk

A middle-age Singaporean currently having a minimalist and simple lifestyle. I am not longer in full-time employment with effect from 1 May 2019. I try my very best to write one post per day on this blog. The purpose is to share my prevailing thoughts to interested readers. It is up to the interested readers to decide whether they want to take action in embarking on the FIRE journey. I do not gain anything from this blog and it is solely for sharing hopefully for the benefits of all interested reader. WTK

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