SRS Has 24% Tax For Foreigners! Worth Topping Up?

📈 Say you earn $160k/yr & contribute $35,700 annually to SRS. With a 15% tax bracket, by topping up to SRS, you’ll save $53,550 in taxes over 10 years.

🔍 Although there's a 24% withholding tax on withdrawals, it applies to only 50% of the amount. Plus, as a foreigner, there'll be no early withdrawal penalty after 10 years!

💼 After 10 years, let’s say you withdraw $400k, you'd pay $48k in taxes, it’s still less than the $53,550 that you saved.

#SRS #TaxSavings #FinancialPlanning #InvestingTips