Worth Topping Up To SRS If You Are Retiring Early?

🌟 Is it worth topping up your SRS to save on taxes, even if you're planning to retire early? Absolutely! 💰 Despite a 5% early withdrawal penalty, here's why it makes financial sense:

Let's break it down:

💸 Earning $100k? Contributing $15,300 to SRS saves you $1,759.50 in taxes.

👴 Fast forward to retirement at 40 (as a Young Ah Pek, not Old!), withdrawing $200,000 from SRS. With $0 from your day job and $20,000 from SRS annually, you stay in the 0% tax bracket.

Yes, there's a $1,000 penalty, but compared to the $1,759.50 saved in taxes, it's a win!

💡 Conclusion: Topping up to SRS is a smart move, even for early retirees.

🚀💪 #FinancialFreedom #RetireEarly #SmartInvesting