What a great week to start August, with 2 sweet deals to start the month.
Lobang 1:
Approval to utilise CPF for my second property since my first was all with cash (shared with my spouse) but wait a min...where's the 2.5%?
Answer being with the follow-on action to initiate an online $1 CPF property instalment to service my already cheap mortgage loan so as to earn the 2.5% OA rate and bump up DBS multiplier savings interest (up to 3% category tiers). This is also to have the option to use CPF if ever I have a liquidity crunch.
Lobang 2:
The next deal is the on-going effort to ensure my CPF is always optimise, being a proponent of CPF as a great accompaniment to financial safety net.
What else can be done besides RSTU-SA beyond FRS, VCMA to BHS, and VHR to OA? The answer is pretty simple, VCMA along the lines of yearly BHS increases and whenever there are deductions for health related issues or insurances.
Of course, I have to be certain that my Additional Wages (AW) would not exceed CPFAL, which in my case is $30,000. (Quite sure my boss not that generous kekeke...)
A voluntary top up of $316.50 to my CPF MA would yield $47.475 tax savings. Seemingly petite as a single entity but ballpark $5000 tax relief for the entire year on VCMA alone is not peanuts.
Next few months to end off 2021 would be a flurry of renovation and house moving activities, hopefully with encouraging news on the
COVID-19 endemic front as well. Stay safe people and good health readers.
Disclaimer:
As content gets commoditised with technological advancements and fungible resources, readers should comprehend materials for informational purposes ONLY and NOT be taken as tax, legal, business, or investment advice. It also does NOT constitute as an offer or solicitation to consider any investments or securities. Case to point, the content is not directed to any individual and may not be used to evaluate or make any investment.
Do note that this is not financial advice. Please always do you own due diligence all the time and consult relevant professionals or certified financial advisors/planners. (Or a chat with me!)
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