One of the many stuffs that Mr and Mrs Budget set out to do this year is to top up our Special Account via the Retirement Sum Topping Up Scheme.
With the receipts from the wedding angpaos recently, Mr Budget has used the receipts and went ahead to top up S$7,000 to his Special Account.
The reason why I do it earlier in the year is to allow the compounding effect to start earlier this year in order to enjoy the interest rate by end of 2020. Of course, we also stand to claim a personal tax relief of the amount contributed.
Mrs Budget will also be contributing to her CPF SA account in the next few weeks when we do our monthly finance reconciliation.
With the RSTU done, what’s left for Mr Budget this year is to:
- Increase Singapore portfolio to S$110,000 from the current S$80,000 level.
- Reduction of annual expenses from current S$95,000 to a more manageable S$60,000, or even lesser since the real mandatory expenses we calculated for last year was at around S$35,000.
- Start renovation for Malaysia property and then rent it out for rental income to balance off the monthly mortgage payment. Will have to wait for the TOP for the project.
- Monthly consistent S$1,000 contribution to Syfe Roboadvisor.
If you are thinking of topping up your CPF SA account to enjoy the tax relief this year, you should probably do it earlier too. 🙂
Also, Chinese New Year is just less than 2 weeks away, if you have not exchange your new bank notes, you should probably do so soon!
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