I poured my SRS Money into these investments
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- Опубликовано: 28 сен 2024
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In this video, I will explain in full detail what is the Supplementary Retirement Scheme (SRS) and how you could optimize it fully! We will look at the WHAT, HOW and WHY should we be concerned about SRS with regards to the statutory retirement age. And at the end of the video you can find some recent promotions that may encourage you to contribute and invest your SRS right now!
What is SRS: Voluntary Retirement Account that is similar to CPF, but more flexible
Tax planning option for you to defer your taxes to be assessed at a future date.
Stashed money in the SRS can be used for investments
Details:
SG/PR $15,300, Foreigner $35,700
if withdraw earlier than statutory retirement age of 62 (as of 2021), 100% Taxed on withdrawal + Penalty of 5%
Penalty-free withdrawals from age 62 (if you funded a SRS account this year 2021)
Once start withdrawal, you have 10 years to complete your withdrawal unless it is a life annuity
Taxed on 50% of SRS withdrawal for the year. E.g. Withdraw $80K this year, only $40K will be taxed ($550 based on current tax rate)
Why contribute to SRS:
Tax savings: Depending on income tax bracket. E.g. 7% bracket, contribute $15,300. Tax savings = 7*$15,300 = $1071 saved
Use for investments:
SRS can be used to invest in Equities such as Singapore Exchange Stocks, REITs or even Global Unit trusts via Roboadvisors
How to invest SRS:
Endowus: One-stop RoboAdvisor for your Cash, CPF and SRS investments
- Can help you set up SRS account with UOB via Singpass
- General Investing (0.4% fee) or Fund Smart (0.3%)
- Buy into Dimensional Fund Advisors SGD Unit trusts (Global Core, Emerging Markets)
- Endowus SRS investment promo ($20 Access Fee Credit + Up to $80 Cash Reward till 20 Nov 2021)
sg.endow.us/3o...
MoneyOwl: Bionic Advisor in collaboration with NTUC
- No fees for first $10,000 managed till 31 Dec 2021
- Buy into Dimensional Fund Advisors SGD Unit trusts (Global Core, Emerging Markets)
- MoneyOwl SRS investment promo ($20 GrabFood Voucher + Up to $200 worth of eCapitaVouchers till 31 Dec 2021)
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When to start SRS
- Open and fund account now to lock in the statutory retirement age of 62
- When to fund depends on you when you are ready. E.g. 7% tax bracket or after you exhausted your CPF Tax relief of topping up SA and MA
- My own experience: Opened SRS with $1000 in 2016 to lock in age 62. But no good options to buy since DBS Vickers charges $25. Bought FLCT at 1000 shares of FLCT at $1.06, sold for $1.30 in 2020 to invest in Endowus.
#SRS #Endowus #MoneyOwl
Start funding and invest your SRS to lock the retirement age of 62 now!
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Disclosure - While we try to be objective in our sharing, we are paid a fee from our partners if you were to sign up with us. Please take note that the information and analysis shared is based on our own opinions, and should not be seen as investment advice
Hi, thanks for your informative video. Very basic question... Where I can see the securities which I have bought using SRS funds?
Underr your SRS linked Bank statement
@@HoneyMoneySG got it. Thanks. Keep up the the great work!
Thank you for this! Always enjoyed watching your videos, you made all these so easy to understand
You're welcome and thabk you for the compliments!🍯
Hi, i would like to invest in vanguard index funds, but can't seems to find in singapore. Can you have a video on this ?
For pure Vanguard funds, you can only use Cash to invest. Tickers like VOO, VT, VTI, VUSA.
Need to remember 30% witholding tax on dividend for non US residents.
Thanks for the great video Chris! I'm in a similar position to where you were a few years ago - my SRS account is with DBS account. How do I transfer it from under DBS management to EndowUS or MoneyOwl? Thanks!
Welcome Razeen! You just have to open an account with Endowus or MoneyOwl (or both), then select SRS as your source of funds for investment, that simple!
Does it work with Saxo?
Check with you, why put your money 15000$ into srs to save 1000$ tax which u can only touch at age 62? 10000$ today and 10000$ 10 years later is lesser. Also what if you pass away early? Thanks!
I suggest you watch the video again because I explained it rather clearly
1) Save tax (7% tax bracket)
2) use for investing (7% average for s&p 500)
If one passed away, please read IRAS website here
www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-Your-Taxes/Special-tax-schemes/Supplementary-Retirement-Scheme--SRS-/Tax-on-SRS-withdrawal/
But basically, anything above $400,000 will be taxed
@@HoneyMoneySG thanks!
Welcome!
If let's say I put $10,000 in SRS yesterday and use it entirely for MoneyOwl today so my SRS becomes $0
Will the tax savings be calculated based on my current SRS amount today ($0) or based on the amount I've initially put in SRS yesterday ($10,000)?
Based on date of contribution. So when you transfered from your normal bank account to SRS account. Whatever you do after doesn't matter
@@HoneyMoneySG wow what a money hack! awesome! thanks Chris!
Hm I still don’t quite understand tho. IRAS states that any withdrawal under 62, be it cash or investment, is subject to 100% amount taxed + 5% penalty fee. So this amount, although “invested”, is subjected to get taxed. Soo essentially I’m still paying tax for this amount of money (although it’s invested), and then pay the Govt additional 5% of the amount cos I withdrew it early. All these is without guarantee that my investment would give me 5% return annually. This is what I understand Please help me understand how is that a good deal? Feels like I’m missing something?
I mentioned that you can get penalty free withdrawal upon age 62 (now age 63 from 2022 onwards)
Hey Chris thanks for replying. I urge you to read my question properly tho. Thanks for the reminder, but I’m aware of the penalty free withdrawal after 62.
What I’m asking is before I turn 63, I use my SRS for StashAway for eg, from what I understand, I still have to pay for tax plus penalty fee since an investment is counted as a withdrawal from what I read. Which will mean that tax is still applied for that investment sum?
The goal is to invest for the long term, not to just put in money for short term and reap the benefits. Therefore the 5% penalty will deter that.
I got Question; Let sat you invest 15.3k as capital and the returns at your statutory age is 30k. The 50% tax will be charge on your capital or your total amount?
Total amount that you withdraw, so $30K.
If I make contributions to SRS as well as top ups to VCMA/RSTU in 2022, does this mean I can potentially get tax relief of $15.3k + $8k?
Yes Linus, correct
Hi, how do you sell the unit trust invested through SRS accounts with DBS?
I only deal with Unit trusts through Endowus and MoneyOwl, not with DBS
Thanks for the great video. If I put $15,300 into SRS and then use this money to invest, do I still get tax relief?
Yes you do
@@HoneyMoneySG Thank you!
@@weiyuquan2425Welcome!
Can invest crypto under srs? Thks
As of now, still cannot
How about crypto etf?
@@sprlow1219 nope
Hi Chris, may I ask if at age of 62 I still working. Will that mean that the 40k will added to my income? By then my pay will be higher hence higher tax % is it correct
Yes. But you can choose not to withdraw until you stopped working.
So is not a die due must redraw at 62. Once I start redrawing the 10yr clock start?
Thanks for sharing
Yes correct