SRS Portfolio

[Kojo0403]

i placed a SRS oder on POEMS cash plus. any one knows how long does it take for SRS to be "settled" and the cash to be returned?

i think max 3 days.. my experience with ifast

https://www.sgx.com/campaign/etf-investing-srs

seems that PSPL charges no minimum comms for SRS too.. can check our under the participating broker links.

 

[donnygg]

Is POEMS the cheapest broker for buying unit trust with SRS? They don't seem to charge any fees. Did I miss anything?

 

[spearhawk]

my SRS is all CLR so far
doing monthly RSP with OCBC BCIP

 

[Kojo0403]

Brokers started giving promotion on SRS.
https://www.sgx.com/campaign/etf-investing-srs

 

[doratch]

Hi guys, i am looking to open my first SRS account.
Which custodians (Endowus, OCBC, UOB and DBS) are you guys keeping your SRS account?
What do you do with the cash in such account in the current environment? All in STI ETF? I am in my mid 30s and still have quite a long way to go before retirement.

I am using the srs money to buy endowment, ssb and t bills. All are low risk products.

 

[andyhtc]

I am using the srs money to buy endowment, ssb and t bills. All are low risk products.

I'm looking at SSB this month using my SRS.

How do endowment plans work using SRS?

 

[doratch]

I'm looking at SSB this month using my SRS.

How do endowment plans work using SRS?

My srs account is opened with dbs bank. Sometimes, dbs bank offers endowment plans (from manulife) that can be purchased with srs.

 

[andyhtc]

My srs account is opened with dbs bank. Sometimes, dbs bank offers endowment plans (from manulife) that can be purchased with srs.

I don't mind endowment plans using SRS if the returns are 3%. It is just idle cash to me. Mine is with DBS also and I will check out its offerings

 

[Lucky_Farmer]

My srs account is opened with dbs bank. Sometimes, dbs bank offers endowment plans (from manulife) that can be purchased with srs.

What’s your experience parking SRS with DBS? All good and normal. There have been a few complaints from earlier pages that DBS’s services are not so good.

 

[reddevil0728]

What’s your experience parking SRS with DBS? All good and normal. There have been a few complaints from earlier pages that DBS’s services are not so good.

What complaints?

 

[glarerder]

I don't mind endowment plans using SRS if the returns are 3%. It is just idle cash to me. Mine is with DBS also and I will check out its offerings

SRS doesn't give interest. Why would you want to put money in SRS instead of CPF?

 

[andyhtc]

SRS doesn't give interest. Why would you want to put money in SRS instead of CPF?

SRS is to help me reduce my next year's income tax...

 

[andyhtc]

I don't mind endowment plans using SRS if the returns are 3%. It is just idle cash to me. Mine is with DBS also and I will check out its offerings

The insurance plans inside don't seem to be that attractive. My plan is now SRS -> SSB.

 

[glarerder]

SRS is to help me reduce my next year's income tax...

I see.. Is the income tax reduction automatic or you have to submit the srs deposit amount to iras when comes to tax filing?

 

[andyhtc]

I see.. Is the income tax reduction automatic or you have to submit the srs deposit amount to iras when comes to tax filing?

It is automatic. However, there is a cut-off date near the end of Dec. So it will be good to transfer cash into SRS at least 1 week before 31 Dec each year.

 

[glarerder]

It is automatic. However, there is a cut-off date near the end of Dec. So it will be good to transfer cash into SRS at least 1 week before 31 Dec each year.

Ok thanks for advice

 

[reddevil0728]

SRS is to help me reduce my next year's income tax...

only make sense to save tax if one find ways to invest in the SRS. if not it might actually be inferior to save tax for the sake of saving.

 

[doratch]

What’s your experience parking SRS with DBS? All good and normal. There have been a few complaints from earlier pages that DBS’s services are not so good.

So far so good.

Everything is done via online.

Until now, there is no need for me to call them to enquire/report any issues.

 

[andyhtc]

only make sense to save tax if one find ways to invest in the SRS. if not it might actually be inferior to save tax for the sake of saving.

It does not feel good to pay an income tax.

I hardly get any subsidy or direct help from the government.

 

[reddevil0728]

It does not feel good to pay an income tax.

I hardly get any subsidy or direct help from the government.

doesn't really matter whether feel good or not. it is a math qns.

Qns should be... at the end of the day when you withdraw the money will the net number be bigger than not putting in at all.

there are more options to grow the money with cash than with what's inside SRS. so the point is, if you actively seek to maximise the returns from SRS, then is ok.

not forgetting that SRS is a delaying and partial reduction of taxes, not a total removal. and tax rates and brackets can change in future to be higher than current hence negating the current benefit.

Not saying SRS is not good or bad. am just saying to people it is not simple as just putting in to reduce payment of taxes for the sake of it. need to take personal responsibility to plan how to use the system.

also you don't realise you are getting more subsidy and direct help from the government than you thought.

in fact everyone just did with the Assurance Package