SRS Investments

[highsulphur]

How ah. Broking house can ah.

yeah. you need to link your SRS account to your brokerage account.

 

[32103940]

Any idea which brokerage charges the lowest comm for buying shares on SGX for SRS account?

Vickers is charging 0.28% min $25? Seems like CIMB is the same too.

I would like to know too. Same as you I've only come across DBSV & CIMB having special rate for SRS accounts.

 

[32103940]

Anyone using Vickers? I created an online trading account because of the lower commissions for SRS transactions. Preview order still showed minimum $25 fee being charged. No idea what's going on. Is it because my SRS acct is from OCBC?

 

[winstonoyy]

When did Vickers have lower commission for SRS?

Anyone using Vickers? I created an online trading account because of the lower commissions for SRS transactions. Preview order still showed minimum $25 fee being charged. No idea what's going on. Is it because my SRS acct is from OCBC?

 

[lovemyself123]

how do I use DBS vickers to buy shares using SRS fund?

 

[tangent314]

Link your Vickers account to your SRS account. After which when you purchase shares you have the option of selecting SRS account instead of cash or cash upfront.

 

[Kopisi_xiudai]

If I have a Srs account with OCBC but want to buy etf with my Maybank KE account , what are the fees per transaction?

 

[assiak71]

If I have a Srs account with OCBC but want to buy etf with my Maybank KE account , what are the fees per transaction?

Maybank ke commission applies

 

[d9_lives]

Guys...does SRS make sense for those who plan to retire early and make early withdrawal?
For ex:
Tax bracket 15%.
Contribute max. 15k/year.
Stop working at 45, no taxable income.
Withdraw SRS 20k/year from age 46.

20k is 100% taxable + 5% penalty.
I will be paying 1k only from the withdrawal of 20k at age 46 since 1st 20k is 0% tax.

Is my undestanding correct?
Thanks!

 

[Oldnerd79]

Guys...does SRS make sense for those who plan to retire early and make early withdrawal?
For ex:
Tax bracket 15%.
Contribute max. 15k/year.
Stop working at 45, no taxable income.
Withdraw SRS 20k/year from age 46.

20k is 100% taxable + 5% penalty.
I will be paying 1k only from the withdrawal of 20k at age 46 since 1st 20k is 0% tax.

Is my undestanding correct?
Thanks!

You can only withdraw after the prevailing statutory retirement age at your first SRS contribution. Currently 62. Otherwise pay 5% penalty.

 

[maumu]

it's not meant for early retirement... hence the penalty for early withdrawal.

 

[Oldnerd79]

And are you sure you won't have any income at all, including rental income from properties? If you are in the 15% tax bracket, it's quite likely that you have invested in a second property? Correct me if I'm wrong

 

[maple96]

Guys...does SRS make sense for those who plan to retire early and make early withdrawal?
!

SRS makes sense to reduce your income tax liability, regardless of whether u plan to retire early or not. But it obviously does not make sense for early withdrawal, unless u have no choice. Unless your early retirement is a no choice?

If u plan to retire early, u should plan such that u do not need to touch SRS monies until 62. If u fail to plan, u plan to fail!

 

[d9_lives]

SRS makes sense to reduce your income tax liability, regardless of whether u plan to retire early or not. But it obviously does not make sense for early withdrawal, unless u have no choice. Unless your early retirement is a no choice?

If u plan to retire early, u should plan such that u do not need to touch SRS monies until 62. If u fail to plan, u plan to fail!

Assuming I don't mind to pay the 5% penalty as there's possibility to generate higher than 5%. It's a want, not a need.

Is my understanding correct that even if I plan to do early withdrawal (20k/y), pay the penalty and tax...it'll still be better.

 

[d9_lives]

And are you sure you won't have any income at all, including rental income from properties? If you are in the 15% tax bracket, it's quite likely that you have invested in a second property? Correct me if I'm wrong

Will be offloaded...

 

[maple96]

Assuming I don't mind to pay the 5% penalty as there's possibility to generate higher than 5%. It's a want, not a need.

Is my understanding correct that even if I plan to do early withdrawal (20k/y), pay the penalty and tax...it'll still be better.

Yes u have to pay tax on the full amt withdrawn plus 5 % penalty.

My SRS monies are earning 4%+ compounded. U have to factor your returns from there. If u can make much more than 5% (guaranteed?) from the monies withdrawn, your loss is one year's earnings from there if you pay 1k penalty plus any returns from SRS. Good luck!

 

[romeo88]

What are these 4%-yielding products ?

Yes u have to pay tax on the full amt withdrawn plus 5 % penalty.

My SRS monies are earning 4%+ compounded. U have to factor your returns from there. If u can make much more than 5% (guaranteed?) from the monies withdrawn, your loss is one year's earnings from there if you pay 1k penalty plus any returns from SRS. Good luck!

 

[BBCWatcher]

Guys...does SRS make sense for those who plan to retire early and make early withdrawal?

It doesn't really make sense, no, because you'd simply tap other, penalty free assets first to support your early retirement for the first 17 years, then wait until age 62 to start tapping your Supplementary Retirement Scheme account, avoiding the 5% penalty completely. If you cannot arrange your assets in that way, then there's a decent or better chance you cannot afford to retire early, at least not fully.

 

[Tartar Sauce]

Hello a quick question here,
I am using invest saver to DCA $500 into STI ETF monthly
will it be better if i transfer money into my SRS account then use the money in SRS to DCA instead?
This way $500 x 12 = $6000 tax relief yearly?

 

[fluxos]

It’s a good idea. Pros: save on taxes. Cons; just be aware that you’re locking in into srs until 62 (penalty payable if withdrawn early).

You weight pros and cons accordingly and make your call

Hello a quick question here,
I am using invest saver to DCA $500 into STI ETF monthly
will it be better if i transfer money into my SRS account then use the money in SRS to DCA instead?
This way $500 x 12 = $6000 tax relief yearly?