Investing For Retirement
In this 2011 post on Investing For Retirement, we look at one specific area of investing for retirement.
[photo source by ngotoh at http://www.flickr.com/photos/gotoh/]
Government schemes can help when investing for retirement. What are the retirement schemes provided by the government to help you in your investing for retirement?
What may be the conditions and terms to check out when investing for retirement?
Here are some things to consider in investing for retirement.
Government schemes for investing for retirement:
First, you can start with your Central Provident Fund (CPF) savings to build your retirement portfolio.
CPF members aged 55 from year 2013 (with at least $40,000 savings in their retirement account with the CPF Board) will automatically be enrolled in the national annuity scheme, CPF Life.
They can look forward to a stream of annuity income from age 65 for life.
Most are familiar with CPF savings but overlook another critical source of funds - the Supplementary Retirement Scheme (SRS).
For those who pay income taxes, SRS can be an excellent tax-deferral scheme.
Each dollar of contribution to the scheme will reduce your taxable income by the same amount.
Individuals can leverage on this scheme to build a stream of retirement income.
You can plan it such that your SRS drawdown starts at age 62 before your CPF Life Plan payment begins.
You must complete your withdrawals in 10 years.
For more details on investing for retirement, take a look at IMSAVVY a site provided to guide you on investing matters.
Editor
Investments Singapore
Investments Singapore