#7 Other tools of consideration for retirement and Financial freedom - an Introduction.

During this journey of retirement and financial freedom, what is noteworthy is of the tools like CPF , and SRS (Supplementary Retirement Scheme ).

CPF and especially CPF life can be a useful foundation for income payout during retirement and financial freedom. This will involve achieving what is called the retirement sum for the retirement account (which is formed at the age of 55).

The retirement account is formed from the combination of special account (SA) and ordinary account (OA) when one turns age 55, with the priority of Special account first , then the ordinary account means.

Some Starter questions which i can cover in future articles:

• Strategize the CPF journey
• How can CPF help my retirement
• Which retirement sum is best for me
• Which type of payout is better for me
• How about the home journey and OA?
• Misc matters of CPF transfer, manual top up.
• CPF for self employed and business owners.
• CPF for loved ones - medical and for one's own medical etc.

SRS (Supplementary Retirement Scheme ) helps one to have a lower taxable revenue or income when one contribute to this scheme.

Once in the scheme, one can use it to grow its monies in various asset classes and financial vehicles.

This will allow another stream of income during the later years (as of now it is earliest age 63.)

Take note there is the 50% taxable upon withdrawal which one can strategize (non exhaustive) :

• How much to contribute yearly - or alternatives.
• Monitoring of taxable income and revenue to stretch well the monies
• SRS at 1 million and more is it okay , or is it more viable to be at a better value or lesser value.

So these are a glimpse of the depth of these tools. Retirement can be also argued as a lifestyle and belief.

#retirement #tools