My Sweet Retirement Starts Planning for Tax Relief

Last year, I opened my Supplementary Retirement Scheme (SRS) account with OCBC for the purpose of tax relief. At that point in time, I am not aware that we are able to withdraw our money above the full retirement sum from our Central Provident Fund (CPF) when we are 55 years old. I only get to know about it after I recently attended InvestX Congress by the Fifth Person. In the upcoming months, I shall be doing voluntary contributions to my CPF special account instead of my SRS account to enjoy tax reliefs and also higher interest rates.

At the recent InvestXCongress, the masked speaker AK shared about how to maximize your monies in your Central Provident Fund account. Here are the tips he shared:

  1. Transfer your savings in the Ordinary account to Special account to earn higher interests.
  2. Max out your savings in the Medisave account. The current maximum allowed in the Medisave account is S$52,000. The interest earned will pay for your insurance. You are getting free insurance coverage in this case.
  3. We can withdraw monies above the full retirement sum from our Central Provident Fund account when we reach the age of 55.

Special Account – The Power of Compounding

A picture speaks a thousand words. S$10,000 with 4% interest becomes S$21,911 in 20 years time.



  1. Hi Heartland Boy, very comprehensive guide you have there on CPF.
    I perform cash top ups to my special account and also transfer my OA to SA. Can I say that I qualified under SCENARIO E: COMBINED SAVINGS IN OA AND SA IS MORE THAN FRS (with RSTU)?

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