SRS
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rosemummy:
SRS contribution will only be beneficial if one's tax chargeable income is > $80k. This will probably applicable to mid-career people (e.g age 40). Unlikely suitable for younger people where typically their annual income is < $60k
My view is that, from a tax perspective, SRS makes sense if you're older and close to retirement, not for someone younger who have many years for the fund to grow many fold. For younger people, it's better to invest it as cash and not have to pay tax on the capital gains. -
daddy2007:
Agree with you that SRS is only beneficial for people with assessable income above $80K. But quite common for fresh grads to be getting around that if you include bonus, and they have less deductions and reliefs. After 5 years (ie at late 20s to around 30), most professionals or graduates working in finance should be getting around $100k pa, which translates to assessable income of around $80k if they have no children.
SRS contribution will only be beneficial if one's tax chargeable income is > $80k. This will probably applicable to mid-career people (e.g age 40). Unlikely suitable for younger people where typically their annual income is < $60krosemummy:
My view is that, from a tax perspective, SRS makes sense if you're older and close to retirement, not for someone younger who have many years for the fund to grow many fold. For younger people, it's better to invest it as cash and not have to pay tax on the capital gains. -
I don’t think fresh grads would be earning >$80k pa even with bonuses, that income bracket is more for professionals who have been working for >4 years. And I agree that SRC is more suited for people who are much older and close to retiring. For younger people, they have lesser financial committments (i.e. raising a family, mortage, etc.) so they have more liquidity and can take higher risks to get better returns. For investment in singapore, banks like POSB offer a wide variety of unit trust options, with different risk levels and assets class. So I think for younger professionals, SRC is not a viable option.
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Time to contribute to SRS again !
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Belle2011:
Time to contribute to SRS again !
$12,750 to go....l -
Have been reading up on SRS of late. Many interesting and differing views and as expected, some said SRS is good and some said no.
If i contribute around 10k, i can save close to 1k per year on tax and I will save more than 10k by the time I retire. My SRS saving will also have more than 100k by then. I am risk averse and I think 1k return for every 10k is a cool 10% and it’s a good deal.
Finally decided to go for it. Just opened the account last month and deposited the cheque last week! -
can get $30 robinson voucher (while stock last) if open Ocbc srs at least 8k deposit before 28th dec
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Any recommendations for single premium policies using money from SRS a/c ?
Thank you. -
NTUC SAIL …
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What are the products you buy using SRS?
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