I started serious Investing Journey in Jan 2000 to create wealth through long-term investing and short-term trading; but as from April 2013 my Journey in Investing has changed to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

Since 2017 after retiring from full-time job as employee; I am moving towards Investing Nirvana - Freehold Investment Income for Life investing strategy where 100% of investment income from portfolio investment is cashed out to support household expenses i.e. not a single cent of re-investing!

It is 57% (2017 to Aug 2022) to the Land of Investing Nirvana - Freehold Income for Life!

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Tuesday, 18 September 2018

Unlocking SRS At 62 And Avoiding Being Taxed (2)


Read? Unlocking SRS At 62 And Avoiding Being Taxed
To transfer money from Saving to SRS is so easy by click of button using internet banking; but to transfer money from SRS to Saving after 62 has to fill up form and wait for official approval and backend processing. Let see how long it will take to transfer back from SRS to Saving account.
Posted by Createwealth8888 at 20:08
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6 comments:

  1. Sillyinvestor19 September 2018 at 05:54:00 GMT+8

    Yup, I wouod like to.know too.

    Cw, I thoughy the non penalty amount is 40k?

    ReplyDelete
    Replies
    1. Createwealth888819 September 2018 at 07:27:00 GMT+8

      You have to tick the row indicating Penalty "You are 62 and above. No penalty" or "Below 62. Penalty"
      and another row on 50% of amount withdrawal is tax applicable. You have to tick off that means you have read and understand! No fine print. LOL!

      Delete
    2. Spur19 September 2018 at 10:25:00 GMT+8

      Hi Sillyinvestor,

      To ensure no income tax, you need to ensure your total income is <= $20K.

      So if you got rental income or do some recorded (or declared) part-time / temp work, AND you withdraw $40K from SRS then still need to pay some income tax.

      But ok lah, unless your rental and/or pt work is damn tok kong har har!!

      Delete
  2. Createwealth888819 September 2018 at 07:30:00 GMT+8

    SRS withdrawal money is in Saving account. One working day. Credited last night. 18 Sep 18. Same date as application date.

    ReplyDelete
  3. CreateWealth888819 September 2018 at 09:58:00 GMT+8

    For high income tax payers

    ReplyDelete
  4. Spur19 September 2018 at 10:13:00 GMT+8

    Hi Temperament,

    Refer to IRAS income tax rates.

    SRS makes a lot of sense when chargeable income goes into 11.5% & higher brackets.

    In fact quite a number of people start using SRS when their CI goes above $50K (i.e. 7% bracket). Of course need to ensure liquidity & outlays are covered first.

    A CI of $50K indicates a yearly income of $62.5K, assuming no other tax deductibles other than the compulsory CPF contribution.

    ReplyDelete

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