Voluntary CPF Medisave Contribution

Today is the first day of the 2020. It means one thing. I am able to contribute monies into CPF medisave account for a higher interest. This will also mean that I will be able to claim some tax relief in the event if I enter some part/full-time employment in 2020.

https://www.cpf.gov.sg/Members/Schemes/schemes/self-employed-matters/self-employed-scheme

I have been making such voluntary contribution for a few years. It is natural for me to use the same strategy, albeit that I am no longer having the active income from the full/part-time employment.  Such circumstance will not be suitable for such strategy. I know that there is a likely possibility of making some form of active income (from either full or part-time employment) in the future ahead. It is also possible that I may not have any employment at all for the rest of my life. The future is unknown. It is good for me to make some form of provision in anticipation of future happenings.

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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