According to the current SRS (Supplementary Retirement Scheme) rules, the withdrawal age is fixed according to the prevailing retirement age, which is 62 currently.
Thus, I urge people who have NOT opened SRS account to open one ASAP. Why? In the event govt announced that statutory retirement age is to be extended to say, age 65, then those who have opened SRS account already can still withdraw at age 62 and not age 65.
In fact, you can just fill up an account opening form and open a SRS account WITHOUT putting money in. Thus, it is a no-brainer why you have everything to gain and nothing to lose to open a SRS account sooner than later.
For everyone's information, currently there are NO account maintenance charges on SRS account (unlike CPFIS account). Of course, banks might change the rules in future though.
In summary, opening of SRS account is FREE and there is no charges to maintaining a SRS account currently.
When I conduct informal polls during my Financial Planning talks, in general, only about 5% of talk participants have opened a SRS account. Many of them are even ignorant of what a SRS account is and said that NONE of their Financial Planners, Insurance Agents, Remisers have ever informed or educate them on SRS account and its benefits.
Is this shocking? It is shocking if we realised that SRS account has been in place since 1 April 2001 (almost 7 years already).
It is better to Open SRS account sooner than later
Moderators: alvin, learner, Dennis Ng
It is better to Open SRS account sooner than later
Cheers!
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.
Dennis Ng - When You Master Your Finances, You Master Your Destiny
Note: I'm just sharing my personal comments, not giving you investment advice nor stock investment tips.