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The XMAS gift: Save on your taxes today!

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It has come to the time of the year when people start to wonder about contributing to their SRS.

For those who are not sure/have not heard of what the SRS is about, SRS stand for Supplementary Retirement Scheme and it is part of the government strategy to address the needs of a greeting population – the structure of the scheme encourages SRS members to withdraw these savings at statutory retirement age because of the benefits present.

The main benefit?
Well, contribution to the SRS are tax eligible. This means that every dollar that you contribute decreases your chargeable income by a dollar. The amount saved in the SRS can also be used to invest and save- so that you can build your nest egg in a more effective manner.

Everyone needs to save and invest for retirement. So SRS could be a Sound option to save for your Retirement and Save on taxes at the same time.

Of course, one would wonder if such a scheme comes with certain terms and conditions. Definitely so (such as withdrawal before stat retirement age, tax structure on withdrawal). this is to ensure that it is not being misused simply for tax purposes.
At the end of the day, the scheme could be more relevant for some more than others.

Continue reading The XMAS gift: Save on your taxes today!

Top 5 reasons why you would want to be covered for your Death.

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  1. You have outstanding liabilities such as mortgage: 
    this ensures that your family can continue to stay in their place of choice even if you are no longer around. If you pass on prematurely, your spouse would likely take on the responsibility of paying for all the entire household expense- having the burden of mortgage repayment lifted off will greatly reduce the financial stress.
    If the property is simply an investment property, then the payout from the insurance would simply serve to give your family the choice to choose whenthey would like to sell the property, such as to wait for a better price.
  2. You have dependents:
    if you have kids or elderly parents, odds are you are taking care for their needs now and would want to continue taking care of them regardless. Your earning capability is what sustain their lifestyle and which allows them to live, free from financial worries. Having an insurance plan that covers for death serves to replace the income that you are no longer able to earn.
  3. You want to leave a legacy: Continue reading Top 5 reasons why you would want to be covered for your Death.