How Young Adults Can Make The Most Of Their Supplementary Retirement Scheme (SRS) Funds | Money Mind

How young adults can make the most of their Supplementary Retirement Scheme (SRS) funds.

=========================
==========================
#CNA #MoneyMindCNA #Retirement #RetirementPlanning #PersonalFinance

For more, SUBSCRIBE to CNA INSIDER

Follow CNA INSIDER on:

[LawrenceWank]

In short, do not contribute to SRS unless you're near retirement. There are better investment opportunities than putting into SRS. If you're a high income earner, there are better ways to manage your tax bills too through appropriate legal structures. In summary, SRS is obsolete. Forget about this scheme entirely.

[lilaclaicc]

4:44 If one is retrenched (and then resulted in long term unemployment), actually SRS withdrawals and giving that 5% penalty might make sense because one's tax would be much lower for that year and choosing to be taxed (based on the withdrawal amount) is a good idea. (This idea is also addressed in 7:12)

[bryanotieno]

Invest in Global Securities and continue to explore other alternatives pursuing different courses

[chenghonggoh]

Does anyone know whether the profits you made in your SRS account is subjected to taxation upon withdrawal? It's not stated in the video. If the gains are taxable, then it is a form of capital gains tax upon withdrawal. Lastly the video did not mention the possibility of our government hiking our personal income tax rate in the future. In view of our greying population, this is a good possibility. So given the above, one should consider carefully before carefully committing to SRS.

[Mike-en]

Only place in the SRS after earning $160k with excess money … fully paid down home loan is better of

[believe]

it doesnt earn interest(0.05). Not good to go srs