SRS Portfolio

[elvintay07]

1) Annual income doesn't really matter. Should aim for total 80k deductible. Personally, I have not been contributing 15.3k for the past few years already, as other deductible such as CPF, Parents, Children, etc already close to 80k and if were to contribute 15.3k, it will go beyond 80k and the excess will have no tax benefit.

2) no idea

3) Tbills is still zero cost as of now, be it using cash or SRS. If I am not mistaken.

Sibei song! No matter what I do, still pay more than 5 figure income tax each year. Really knn!

 

[WHLN17]

Sibei song! No matter what I do, still pay more than 5 figure income tax each year. Really knn!

Good what. Can afford to pay more than 10k income tax each year. Take it as doing a good deed. You are helping the underprivileged ones as well as pioneer generations in term of the monetary benefits that they received, among other things.

 

[elvintay07]

Good what. Can afford to pay more than 10k income tax each year. Take it as doing a good deed. You are helping the underprivileged ones as well as pioneer generations in term of the monetary benefits that they received, among other things.

You can give six digit also if u want

 

[Okenba]

Good what. Can afford to pay more than 10k income tax each year. Take it as doing a good deed. You are helping the underprivileged ones as well as pioneer generations in term of the monetary benefits that they received, among other things.

It's called humble brag. Pretending to be upset but secretly trying to tell ppl that he is a high income earner.

You need about 135k gross to hit 5 figure income tax. But there is also a maximum of 80k tax relief. So he's secretly trying to tell everyone that his income is more than 215k per year.

 

[iceblendedchoc]

I am aiming for 400k. That way, if spread over 10 years, each year take out 40k still can escape tax. I have started in my early 40s so 400k is achievable for me. I have since scaled back contributions due to 80k cap on tax deductible. My first full year of invest using SRS only generated 1.1k dividends. However, last year, my SRS portfolio generated 10.687k dividends. This year it is on course to generate about 12k. My total contribution so far is 128k and it has grow to slightly above 200k now. I still have slightly more than 10 years to go before hitting 62. So the accumulated dividends and fresh contribution should hit 400k by age 62. If God willing.

it is a happy problem if your investment hit more than 400k on SRS.

 

[RedsYWNA]

It's called humble brag. Pretending to be upset but secretly trying to tell ppl that he is a high income earner.

You need about 135k gross to hit 5 figure income tax. But there is also a maximum of 80k tax relief. So he's secretly trying to tell everyone that his income is more than 215k per year.

215k yearly income is honestly just middle income low ses in the eyes of the elites.

 

[WHLN17]

215k yearly income is honestly just middle income low ses in the eyes of the elites.

This level of income is good enough for almost all the people. 215k should qualify easily as top 10% income. You are better off than 90% of the income earners salary wise. Still, we won't be happy if we compare to the elite 1% whom income tax alone is more than our salary.

 

[Mephist0pheLes]

215k yearly income is honestly just middle income low ses in the eyes of the elites.

Top 10% still middle? Who tot u math?

 

[RedsYWNA]

Top 10% still middle? Who tot u math?

In the eyes of the SG elite, 215k is just a middle class peasant lah

 

[starlight318]

My projected SRS at 62 is only 200k, plan to withdraw over 7-8 years to bridge to 70 when I start receiving CPF life payouts. Will probably rent out 1 bedroom so will have taxable rental income. From 55-62 will draw down my portfolio/savings and likely won't need to touch CPF at all.

 

[gregory_choo]

Sibei song! No matter what I do, still pay more than 5 figure income tax each year. Really knn!

thank you for the contributions.

you should be happy to pay tax, earn more , give more.

think about those who don't need to pay tax but have not enough money to spend.

you can stop receiving the income if you want to pay less tax.

 

[elvintay07]

It's called humble brag. Pretending to be upset but secretly trying to tell ppl that he is a high income earner.

You need about 135k gross to hit 5 figure income tax. But there is also a maximum of 80k tax relief. So he's secretly trying to tell everyone that his income is more than 215k per year.

Not sure how ppl manage to get $80k relief. I didn’t managed to do it in my whole life. My salary low but my relief also buay kan la.

 

[WHLN17]

My projected SRS at 62 is only 200k, plan to withdraw over 7-8 years to bridge to 70 when I start receiving CPF life payouts. Will probably rent out 1 bedroom so will have taxable rental income. From 55-62 will draw down my portfolio/savings and likely won't need to touch CPF at all.

I think I can model after your approach. It is nice to have option to withdraw some money at age 55 [above BRS with pledged eligible property or even above FRS without any pledge] but it may be wise to defer as long as possible, CPF withdrawal wise, as the interest rate for retirement account is unmatched consider that it is almost risk free. From 55 to 62 can depends on saving, surrender insurance policies, liquidate some equities etc. Then 62 to 70 depends on SRS and 70 onward CPF life.

 

[elvintay07]

I think I can model after your approach. It is nice to have option to withdraw some money at age 55 [above BRS with pledged eligible property or even above FRS without any pledge] but it may be wise to defer as long as possible, CPF withdrawal wise, as the interest rate for retirement account is unmatched consider that it is almost risk free. From 55 to 62 can depends on saving, surrender insurance policies, liquidate some equities etc. Then 62 to 70 depends on SRS and 70 onward CPF life.

Why need to defer?

 

[Okenba]

Not sure how ppl manage to get $80k relief. I didn’t managed to do it in my whole life. My salary low but my relief also buay kan la.

CPF self top up: 8k
CPF loved one top up: 8k
SRS: 15.3k
Stay w parent: 9k/parent (max of 2)
Child relief: 4k/kid (assume 2)
Course: 5.5k

Total so far: 62.8k
So if you don't want to donate (for 250% relief of your donation), then maybe have more than 2 kids. About 6-7 kids should do it.

Edit: I forgot about tax relief for compulsory cpf contributions. That should be roughly another 20k. So you don't need 6-7 kids. 2 will do you fine.

 

[elvintay07]

CPF self top up: 8k
CPF loved one top up: 8k
SRS: 15.3k
Stay w parent: 9k/parent (max of 2)
Child relief: 4k/kid (assume 2)
Course: 5.5k

Total so far: 62.8k
So if you don't want to donate (for 250% relief of your donation), then maybe have more than 2 kids. About 6-7 kids should do it.

So u donate $$10k to get another $18k rebate?

 

[demoforce1]

CPF self top up: 8k
CPF loved one top up: 8k
SRS: 15.3k
Stay w parent: 9k/parent (max of 2)
Child relief: 4k/kid (assume 2)
Course: 5.5k

Total so far: 62.8k
So if you don't want to donate (for 250% relief of your donation), then maybe have more than 2 kids. About 6-7 kids should do it.

Edit: I forgot about tax relief for compulsory cpf contributions. That should be roughly another 20k. So you don't need 6-7 kids. 2 will do you fine.

if course using skillfuture can count?

 

[WHLN17]

Why need to defer?

I am not afraid of dying with leaving money behind, rather, I am afraid of living without money.

 

[dry_county]

I am aiming for 400k. That way, if spread over 10 years, each year take out 40k still can escape tax. I have started in my early 40s so 400k is achievable for me. I have since scaled back contributions due to 80k cap on tax deductible. My first full year of invest using SRS only generated 1.1k dividends. However, last year, my SRS portfolio generated 10.687k dividends. This year it is on course to generate about 12k. My total contribution so far is 128k and it has grow to slightly above 200k now. I still have slightly more than 10 years to go before hitting 62. So the accumulated dividends and fresh contribution should hit 400k by age 62. If God willing.

Why you start SRS so late?

 

[proton_cannon]

Not sure how ppl manage to get $80k relief. I didn’t managed to do it in my whole life. My salary low but my relief also buay kan la.

other than child relief, cpf top up and others, can donate without limits to IPC charities