[SIC] SRS top-up 2021

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chiokcc

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I am creating a thread on SRS top-up for 2021. As in previous years. hope that this thread will be useful for sharing this year's (2021) promo (if any) from the three local banks ....

If past years' history can be used as references, SRS top-up promo by the local banks should be out in early October...

Link to [2016] thread
https://forums.hardwarezone.com.sg/money-mind-210/[sic]-2016-srs-promo-5489156.html

Link to [2017] thread
https://forums.hardwarezone.com.sg/money-mind-210/[sic]-srs-top-up-promo-2017-a-5700563.html

Link to [2018] thread
https://forums.hardwarezone.com.sg/money-mind-210/sic-srs-promotion-2018-a-5911741.html

Link to [2019] thread
https://forums.hardwarezone.com.sg/money-mind-210/[sic]-srs-top-up-promo-2019-a-6124714.html

Link to [2020] thread
https://forums.hardwarezone.com.sg/threads/sic-srs-top-up-2020.6366659/
 
BBCWatcher

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2021 is an important year for opening a new Supplementary Retirement Scheme (SRS) account and depositing $1. Anyone age 18 or older, working or nonworking, who opens a SRS account in 2021 will qualify for the age 62 earliest qualified withdrawal age. If you open a new SRS next year (2022) then the minimum qualified withdrawal age will be 63. The minimum qualified withdrawal age will increase progressively to age 65 for SRS accounts opened in 2030 and later.

So, make sure you remember to open your SRS account this year (2021) if you don't already have one, including for anyone/everyone in your household who will be at least age 18 any time in 2021. It only takes $1 to do it.
 
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soneat

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BBCWatcher said:
2021 is an important year for opening a new Supplementary Retirement Scheme (SRS) account and depositing $1. Anyone age 18 or older, working or nonworking, who opens a SRS account in 2021 will qualify for the age 62 earliest qualified withdrawal age. If you open a new SRS next year (2022) then the minimum qualified withdrawal age will be 63. The minimum qualified withdrawal age will increase progressively to age 65 for SRS accounts opened in 2030 and later.

So, make sure you remember to open your SRS account this year (2021) if you don't already have one, including for anyone/everyone in your household who will be at least age 18 any time in 2021. It only takes $1 to do it.
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Absolutely. Agree totally on this.

Even for people who don't intent to do a SRS contribution this year or in the near future, it makes sense to open a SRS account (min S$1) to lock-in the withdrawal age.
 
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chiokcc

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Thanks for the reminder. Forgot to post the above info while setting up this thread :p
 
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cassowary18

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If you change bank for SRS, are you still locked into the original withdrawal age or the new withdrawal age?
 
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lzydata

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BBCWatcher said:
2021 is an important year for opening a new Supplementary Retirement Scheme (SRS) account and depositing $1. Anyone age 18 or older, working or nonworking, who opens a SRS account in 2021 will qualify for the age 62 earliest qualified withdrawal age. If you open a new SRS next year (2022) then the minimum qualified withdrawal age will be 63. The minimum qualified withdrawal age will increase progressively to age 65 for SRS accounts opened in 2030 and later.

So, make sure you remember to open your SRS account this year (2021) if you don't already have one, including for anyone/everyone in your household who will be at least age 18 any time in 2021. It only takes $1 to do it.
Click to expand...
This is a good point. Just a clarification:

As the retirement age is going up to 63 with effect from 1 July 2022, if somebody opens his/her SRS account on 30 June 2022 or before, would the statutory retirement age applicable still be 62?

"Withdrawals are penalty-free only if they take place on or after the statutory retirement age (currently at 62) that was prevailing at the time of your first SRS contribution."

https://www.iras.gov.sg/irashome/In...etirement-Scheme--SRS-/Tax-on-SRS-withdrawal/
Of course, a good reason to open the account in 2021 and not next year is to enjoy tax relief for YA2021.
 
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lzydata

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cassowary18 said:
If you change bank for SRS, are you still locked into the original withdrawal age or the new withdrawal age?
Click to expand...

Going by the language "at the time of your first SRS contribution", it should be the original withdrawal age. When you switch banks should not matter.
 
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chiokcc

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I personally has been with the same bank since I started my SRS....

Wonder what are the reasons that make anyone change bank?

Service standard, bank relationship, etc?....
 
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chiokcc said:
I personally has been with the same bank since I started my SRS....

Wonder what are the reasons that make anyone change bank?

Service standard, bank relationship, etc?....
Click to expand...
For me, I have been with OCBC.

Previously, I tempted to switch because:
i) transactions and holdings take quite a while to be seen in their online banking website.
ii) no e-statement. They are still using paper monthly statement.
iii) slow corporate action. E.g. Dividend election, Rights issue.

However, I eventually didn't switch because:
i) they have improved. Now they send an SMS, email and also physical letter on corporate actions. So far very timely.
ii) I heard from my friend that other SRS operators (i.e. DBS and UOB) also have their set of "problems". So after some comparison, I felt that there is no point going through the hassle and then realise its about the same.
 
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soneat said:
For me, I have been with OCBC.

Previously, I tempted to switch because:
i) transactions and holdings take quite a while to be seen in their online banking website.
ii) no e-statement. They are still using paper monthly statement.
iii) slow corporate action. E.g. Dividend election, Rights issue.

However, I eventually didn't switch because:
i) they have improved. Now they send an SMS, email and also physical letter on corporate actions. So far very timely.
ii) I heard from my friend that other SRS operators (i.e. DBS and UOB) also have their set of "problems". So after some comparison, I felt that there is no point going through the hassle and then realise its about the same.
Click to expand...
I have been with UOB and it is pretty much the same.

In fact, for a long time, there were only paper statements and we could not check SRS transactions online. Even the paper statement was not printed like the normal bank letter but with a dot matrix printer, you know, the old school way. Although corporate actions were not that slow, it was okay for me.

I think the banks do not really give a high priority to their SRS and CPFIS accounts, or the IT systems supporting them.
 
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soneat

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lzydata said:
I have been with UOB and it is pretty much the same.

In fact, for a long time, there were only paper statements and we could not check SRS transactions online. Even the paper statement was not printed like the normal bank letter but with a dot matrix printer, you know, the old school way. Although corporate actions were not that slow, it was okay for me.

I think the banks do not really give a high priority to their SRS and CPFIS accounts, or the IT systems supporting them.
Click to expand...
Yup I heard about UOB's "problems" from my friends as well. OCBC has actually improved in this regard and it meets my basic expectations.

Corporate actions are pretty fast and they inform timely - SMS, Email are typically sent out the following day after the announcements are out on SGX. For simple corporate action like dividend election, I can do it online as well.
 
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Thanks for the correction. June 30, 2022, appears to be the first SRS contribution deadline to lock in age 62. Since we’re now less than one year away from that deadline, just chuck one dollar into a new SRS account now. Including for anyone who turns 18 on or before June 30, 2022.
 
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