Why I Stopped Investing my SRS

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- Current: Invest in S27 S&P500 ETF through POEMS Cash plus account, no min comms
- Not much options to invest SRS, mainly for tax relief
- Singapore Savings Bond already 3% p.a. risk free
- Allocate my SRS to SSB since I already intend to own it
- Keep cash for more liquid investments e.g. CSPX or VOO for S&P500
- CPF is still investing through Endowus and MoneyOwl

[@HoneyMoneySG]

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[@HumdrumSingaporeanREACTS]

😯

[@jalbertsum2990]

Great video as always! For someone age 32 with $15,300 to invest, would you recommend: 1) topping up $15,300 in SA (to enjoy 4% interest but no tax relief, as $8,000 tax relief already achieved earlier in the year) OR 2) topping up $15,300 in SRS + investing those funds in SSB (to enjoy 3% interest + $15,300 tax relief in 7% income tax bracket) OR 3) simply investing $15,300 in SSB (to enjoy 3% interest + added flexibility)? How would you rank these 3 options in this high interest rate environment, and why? Thanks!

[@kjessiexx7992]

hi Albert. i face the same questions myself as you too. I am not an expert but for myself i m thinking to go with option 2. becuz. compared option 1 and 2, 2 wins due to the tax relief. for that 1 % difference, after so many year when u can withdraw these money, it is already of minimal effect/difference. for option 3, i am thinking to do it after i completed option 2. reason being i like the flexibility and 3% is guaranteed unless you can do better with stock /other investment./Fixed D elsewhere. correct me if i am wrong look for sharing buddy!!

[@elbertpoh8378]

invest in SRS tax relief plus use SRS to buy SSB

[@HoneyMoneySG]

That's what I'm doing

[@elbertpoh8378]

@@HoneyMoneySG You are young can use SRS for stock as I am old hence conservative

[@Jerry.L]

Do you have a video on S&P500 etf? Why are etf some cheaper some more expensive when it is tracking the same index?

[@kunala8476]

Hi, Super video as usual. I know that SSB now offers 3% - is this for new purchase only or will this apply for SSB bought last year as well when the interest rate was lower? Is it prudent then to redeem 2021 low rate SSB and buy newer July - Aug 2022 SSB? Super thanks for guiding us in on this little Red Dot

[@HoneyMoneySG]

Appreciate it! Need to redeem previous SSB and repurchase new SSB to get the new rates

[@cryogenicheart2019]

LoL @2:40 AZ building opposite MacPherson mrt

[@fishphage2762]

Chris, nice video. SRS is actually still cash to me. I was prepared to invest into stocks before I deposit into SRS. So the extra benefit is of course the tax deduction. But the difference between using cash to invest into SSB vs SRS cash to invest into SSB is that you can't touch your SRS cash/SSB. So in that sense, if one happens to have extra SRS cash lying around and do not want to invest in stocks, then SSB is a great choice vs leaving it in SRS bank account earning meagre interest.

[@limcheehean]

0:38 fly crawling up your face 😹

[@juzajie]

I am also conservative. Have already subscribed $10k each in last 2 months with SRS, which were funds from a recently matured structured product. Contemplating if I should top up my SRS now coz I haven't topped up this year, to subscribe to another $10 to $20k (unlikely to be allocated higher than $20k for this tranche) OR use cash instead.

[@kjessiexx7992]

HI Chris, thanks for the video. I just activated my SRS account and plan to put in 15.3k into it for tax relief purpose and also use this pool of money to buy the next round of SSB (starting 1Dec 2022-4 Dec 2022), i am thinking the only drawback is SRS account/SSB earnings are not able to be withdrawn until old age (62 etc), so i just take it as a pure tax relief (for now) + doing good for my retirement fund (62 onwards). please let me know if this makes sense?

[@HoneyMoneySG]

Yes, makes sense

[@M43782]

Please don't use VOO if you are not an American citizen. Domicile is the USA, and there is estate tax for non-Americans.

[@srawan3631]

yeah, either VUSD (distributing) or VUAA (accumulating) are better options. From an estate taxes standpoint as well as Total Expense Ratio standpoint, Ireland domiciled ETFs are a better choice.

[@junkok2]

I missed the aug SSB.. ssb for sept is only 2.8.. sad.

[@cbllynn]

Thanks for this! May I know for the tax relief on srs, is this on top of the SGD80k cap?

[@HoneyMoneySG]

No, within $80k cap

[@Xamael666]

Hmm but the interest from SSB is only simple interest right?

[@HoneyMoneySG]

Yes

[@HumdrumSingaporeanREACTS]

😲

[@HumdrumSingaporeanREACTS]

😦

[@father88888]

tax relief u enjoy now is not worth later if u withdraw ur srs money b4 retirement age, 100% withdrawal money fully taxed + 5% penalty.....

[@nicholastan2250]

Thanks for the information video Chris. Got this from the Moneysmart Blog: If you withdraw before retirement age and not for medical/bankruptcy reasons, you will have to pay a 5% penalty, plus you’ll be made to pay taxes on 100% of the withdrawn amount. The withdrawn amount will be added to your taxable income when calculating your income tax liabilities for the year. Question: If we buy into the SSB and sell the SSB subsequently, before maturity, would we incur a 5% penalty? I am not sure the sales proceeds from pre-mature selling of the SSB will be channeled back into the SRS.

[@HoneyMoneySG]

Selling SSB has no penalty as the proceeds will just go to your SRS bank account. Only when you withdraw from SRS account then the penalty comes in.

[@wilbotgeek1999]

I am into srs for many years. So far, I have invested into unit trusts and some Singapore stocks. Now mostly in the red :(