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20-04-2013, 11:25 PM
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Junior Member
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Join Date: Apr 2013
Posts: 2
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401(k) Equivalent in Singapore?
Is there any? Other than the obvious CPF answer.
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20-04-2013, 11:26 PM
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The obvious is the answer.
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21-04-2013, 01:47 AM
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Erm............ SRS?
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21-04-2013, 10:16 AM
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CPF is Singapore answer to 401(k).
I still have my old 401(k) retirement account back from my days of working in USA and here is my take of pros vs cons
Pros of CPF vs 401(k)
1) CPF is tax free.
2) Higher employer contribution rate(16%) than most 401k employer contribution rates. Many companies in USA don't even have an employer contributions.
3) Guaranteed returns if u don't invest it.
Cons of CPF vs 401(k)
1) have to wait till 65 to take out.
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22-04-2013, 03:16 PM
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Actually it is the SRS not CPF which is more similar to the 401K. The SRS is tax deferred, just like the 401K, but it's better in that only 50% of the withdrawals are subject to tax. Also, both are optional i.e., supplementary. Also, early withdrawals are permitted but you suffer a penalty.
Although its hard to compare them, CPF is like Social Security Tax in the US. One is forced to contribute to a limit and then you get a fixed payment for life, from when you are in your 60s (in Singapore, you have to opt for CPF Life to get lifetime payments)
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