Are Your SRS Savings Sitting Idle and Losing Value against Inflation?
Optimise your SRS savings through long term investments to maximize returns for your retirement needs.
Optimise your SRS savings through long term investments to maximize returns for your retirement needs.
SRS is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings.
SRS contributions are made over and above CPF contributions, and enjoy tax relief as well.
You can grow your SRS funds exponentially through long term investments, which could better increase your investment value to give you a more comfortable retirement.
But are Your SRS Savings Sitting Idle?
Are you losing out on opportunity cost?
By saving your hard-earned money in SRS without investing, you may potentially lose out $365,091 over the long run. Talk to your consultant to customize an SRS plan for you.
Depending on your objectives, there are multiple financial solutions to invest your SRS savings
20 approved products from 6 insurers
We have more than 1400 solutions, to suit your every needs
With over hundreds of financial solutions from 70 asset management companies and 6 insurance companies, we can help you to narrow down the options and optimise your SRS savings to suit your needs best.
(All information on investment and insurance products are correct as of 1 October 2023.)
I believe it is never too early to start planning for retirement. This has been my belief since I started working in the financial services industry more than 6 years ago.
Being in the sandwich generation has compelled me to take charge of my finances and plan for my retirement early. A good 95% of people I’ve met are sandwiched between supporting their parents and supporting their own families.
Our parents and the generation before them didn’t have the privilege or additional resources to plan for their retirement. Growing up amidst the rapid urbanisation of Singapore, our parents poured whatever remaining resources into their children. Sandwiched between our grandparents and us, our parents grew up struggling to support their parents, the ever-increasing utility bills and the preposterous $5 steamed chicken rice— You get my drift, the cost of living is rising faster than our pay raise.
Here’s the issue, Singapore’s extraordinary economic performance is proving harder and harder to sustain. It’s no doubt our next generation might be forking out $1M for a HDB property sooner than we expect. Our kids would be under immense pressure to keep up with rising property, healthcare and living costs. Supporting us might prove to be a challenge for them.
My point is—the strain on our next generation and the strain on ourselves can be managed if we plan our retirement early. The biggest upside to planning early is a longer time horizon, which leads to higher compound interest for our money, which ultimately leads to a larger retirement pool. Let’s all start planning for our retirement as early as 21 years old and put an end to the sandwich generation.
With 6 years of experience in this industry, I know very well there is no 1 size fits all solution for everybody. this is especially why I take pride in tailoring bespoke financial plans for all my clients based on their needs. I believe in being with my client at every step of the way.
It all begins with the first step. Financial planning is a dynamic process that demands timely attention and review. Click 'Contact Me' at the top right-hand corner for a chat about your favourite Netflix series, most hated Kardashian member or simply talk about my favourite subject—finances.
Hoping to hear from you!
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Learn MoreThe Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings. Contributions to SRS are eligible for tax relief. Investment returns are tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement.
Any Singapore Citizens, Singapore Permanent Residents (SPRs) and foreigners who is a Singapore Tax Resident may make SRS contributions in the current year.
The annual contribution limit for SRS is $15,300 for Singapore Citizens/Permanent Residents and $35,700 for foreigners.
You will be allowed SRS tax relief in the Year of Assessment following the year of contribution, provided you are a tax resident for that Year of Assessment. However, a personal income tax relief cap of $80,000 applies to the total amount of all tax reliefs claimed (including relief on SRS contributions).
You will not be allowed SRS tax relief if:
Your SRS account is suspended as at 31 Dec of the year of contribution; or
The amount of such contribution is withdrawn from your SRS account in the same year of contribution.
You are able to make a wide variety of investments, including shares, insurance, bonds, unit trusts and fixed deposits. Let us help you find the best investment vehicle that suit your needs.