As from April 2013 my Journey in Investing is to create Retirement Income for Life till 85 years old in 2041 for two persons over market cycles of Bull and Bear.

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This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

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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.


  1. Yup, I wouod like to.know too.

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

    1. 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!

    2. 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!!

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

  3. Er..... blur block..

    What is SRS?

    For whom it is designed to be beneficially attractive?

    i think it is never attractive enough for people in my category.

    So don't really know much about it.

    Is it still good enough for the people?

    1. 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.

  4. My wife qualified especially in mid-later years of her career.

    But i did not take advantage of it because it was too much of a hazzle for me then.

    i preferED to stay as liquid as possible for her CPF fund as reserve in CPFIS.

    Even now, no difference in my thinking.

    No regret.


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