SRS retirement plans

[sylves]

can do t-bill right

yea was thinking of that. Miss the latest one.

 

[SGuy1976]

May or may not be informative, but MOF publishes some basic statistics and trends including this:

Composition of SRS Investment Portfolio (Dec 2021)

Cash Balance - 24%
Unit Trusts - 11%
Insurance - 26%
Singapore Dollar Fixed Deposits - 0%
Shares, REITs, ETFs - 28%
Others - 10%

SRS statistics
https://www.mof.gov.sg/schemes/individuals/supplementary-retirement-scheme
It's not clear what "others" is and where SGS bonds/T-bills would fit. UOB also offers gold products.

Something happened last year.

100k more people opened SRS accounts last year, almost half were below 35.

2 billion more invested in last year, about half went into the others category.

Is there some new exotic investment schemes being marketed by financial advisors again?

This can turn out to be a public relations nightmare like the mini-bonds.

 

[royalmix]

Something happened last year.

100k more people opened SRS accounts last year, almost half were below 35.

2 billion more invested in last year, about half went into the others category.

Is there some new exotic investment schemes being marketed by financial advisors again?

This can turn out to be a public relations nightmare like the mini-bonds.

They are all savvy people, lock in retirement age, invest in safe vehicles like Tbills!

 

[iceblendedchoc]

Something happened last year.

100k more people opened SRS accounts last year, almost half were below 35.

2 billion more invested in last year, about half went into the others category.

Is there some new exotic investment schemes being marketed by financial advisors again?

This can turn out to be a public relations nightmare like the mini-bonds.

SRS limited investing options dun worry

 

[lzydata]

Something happened last year.

100k more people opened SRS accounts last year, almost half were below 35.

2 billion more invested in last year, about half went into the others category.

Is there some new exotic investment schemes being marketed by financial advisors again?

This can turn out to be a public relations nightmare like the mini-bonds.

Good observation that the stats have been updated for 2022. Could also be to lock in the retirement age before it rises, as royalmix above says. I think there is also more awareness of the SRS and new options to invest for the long term through SRS, such as by Endowus.

https://www.mof.gov.sg/schemes/individuals/supplementary-retirement-scheme

 

[BBCWatcher]

100k more people opened SRS accounts last year, almost half were below 35.

They are all savvy people, lock in retirement age, invest in safe vehicles like Tbills!

Yes, if you opened a SRS account by June 30, 2022, then you locked in age 62 as the minimum tax qualified withdrawal age — before the government started raising the minimum withdrawal age. You can open a SRS account with $1.

 

[SGuy1976]

They are all savvy people, lock in retirement age, invest in safe vehicles like Tbills!

SRS limited investing options dun worry

Yes, if you opened a SRS account by June 30, 2022, then you locked in age 62 as the minimum tax qualified withdrawal age — before the government started raising the minimum withdrawal age. You can open a SRS account with $1.

Such a large increase in others category is definitely interesting.

The $1 trick is indeed very useful.

Most people incomes rise and using it to shave 1-2k off the tax bill annually at age 50+ with a short defined horizon is a good hack.

 

[Careful Investor]

SRS limited investing options dun worry

Limited products to place SRS fund. Where do you usually place your SRS fund? Run out of options.

 

[reddevil0728]

Limited products to place SRS fund. Where do you usually place your SRS fund? Run out of options.

T-bills now quite decent and safe?

 

[iceblendedchoc]

Limited products to place SRS fund. Where do you usually place your SRS fund? Run out of options.

I just use endowus

 

[GrandJedi]

Any suggestion on which annuity to buy with SRS funds at age 63?

 

[Mephist0pheLes]

Limited products to place SRS fund. Where do you usually place your SRS fund? Run out of options.

index fund thru endowus

 

[GrandJedi]

Hello, anyone explored what is the best annuity plan to buy using SRS at 63 to withdraw the funds in the most tax efficient manner?

 

[BBCWatcher]

Hello, anyone explored what is the best annuity plan to buy using SRS at 63 to withdraw the funds in the most tax efficient manner?

There seems to be only one fully SRS qualified life annuity on the market: Manulife RetireReady Plus (III) with the single premium and life payout options.

 

[belgarathc]

There seems to be only one fully SRS qualified life annuity on the market: Manulife RetireReady Plus (III) with the single premium and life payout options.

how about aviva mylifeincome?
https://www.moneyowl.com.sg/articles/best-srs-approved-single-premium-plans/ Or is this article outdated?

 

[BBCWatcher]

That Singlife product doesn’t seem to exist any more for new policyholders.

 

[petromax]

index fund thru endowus

What is the difference between investing SRS using endows to buy index fund and investing directly to index fund using the bank's brokerage option (dbs vickers, etc)? The more party you liaise with, the more the fees, isn't it ?

Also, I have a question, can I open SRS account under OCBC, but I use DBS Vickers to buy/sell the stock?

 

[BBCWatcher]

What is the difference between investing SRS using endows to buy index fund and investing directly to index fund using the bank's brokerage option (dbs vickers, etc)? The more party you liaise with, the more the fees, isn't it ?

Maybe. DBS Vickers isn’t likely to be cost competitive, but you just look at the numbers and determine who is.

Also, I have a question, can I open SRS account under OCBC, but I use DBS Vickers to buy/sell the stock?

Yes, that’s possible.

 

[petromax]

Maybe. DBS Vickers isn’t likely to be cost competitive, but you just look at the numbers and determine who is.

Yes, that’s possible.

DBS Vickers has higher commission when buying stock, but isn't endowus also has 0.40% annual fees either?

Also thinking in terms of investing S&P 500, if going through OCBC 360 "Invest" category, there is also bonus interest (EIR 1.50% pa) - but it will be S&P 500 unit trust instead of stock, so it's a bit confusing which to choose for the best option

 

[BBCWatcher]

DBS Vickers has higher commission when buying stock, but isn't endowus also has 0.40% annual fees either?

Yes, but Endowus usually offers some fund expense rebates that DBS Vickers doesn't offer. YMMV.

Also thinking in terms of investing S&P 500, if going through OCBC 360 "Invest" category, there is also bonus interest (EIR 1.50% pa) - but it will be S&P 500 unit trust instead of stock, so it's a bit confusing which to choose for the best option

But tax inefficient (higher cost) and apparently U.S. estate taxable if it's the SGX-listed S&P 500 fund.