SRS is for retirement and was a scheme set up to encourage Singaporeans to save for retirement.
Why then are foreigner given a higher limit and can save more income tax than Singaporeans.
SRS maximum of $15,300 for Singaporean citizens/PRs, and $35,700 for foreigners.
The govt of a country should be helping its citizens retire or helping non citizens to retire?
SRS you need to wait until age 65 onwards each year slowly take out. If you short life how (my father side most gone around age 60+ thereabout for e.g? Hence SRS is not for me and lucky it is optional not mandatory.
(28-12-2023, 03:20 PM)sgh Wrote: [ -> ]SRS you need to wait until age 65 onwards each year slowly take out. If you short life how (my father side most gone around age 60+ thereabout for e.g? Hence SRS is not for me and lucky it is optional not mandatory.
That's really short life! Die of what?
(28-12-2023, 03:20 PM)sgh Wrote: [ -> ]SRS you need to wait until age 65 onwards each year slowly take out. If you short life how (my father side most gone around age 60+ thereabout for e.g? Hence SRS is not for me and lucky it is optional not mandatory.
Just a correction. Its age 62. You should be able yo live above that since the short life is only on your father side.byou mom side will help you live longer.
Foreigners (non-PR) have a higher SRS limit because they don't have CPF and hence don't get a tax deduction. $35,700 minus $15,300 is equal to an employee's CPF contribution. Don't stir shit just for the sake of stirring shit.
(28-12-2023, 03:32 PM)sgbuffett Wrote: [ -> ]Just a correction. Its age 62. You should be able yo live above that since the short life is only on your father side.byou mom side will help you live longer.
My blood type follow father side. My mother side just a while longer but also dying before age 70.
(28-12-2023, 03:27 PM)Blasterlord2 Wrote: [ -> ]That's really short life! Die of what?
My late father pneumonia. Then his siblings is heart related failure. His younger bro now has a pace maker in his heart? It is all family genes. My mother side one is cancer. Now she got weak bones cannot walk well after hip surgery. So you see my two sides many medical issues so I inherit I die young so SRS not for me.
(28-12-2023, 03:35 PM)starbugs Wrote: [ -> ]Foreigners (non-PR) have a higher SRS limit because they don't have CPF and hence don't get a tax deduction. $35,700 minus $15,300 is equal to an employee's CPF contribution. Don't stir shit just for the sake of stirring shit.
Let's be very clear SRS is Supplementary
RETIREMENT Scheme ...it is to help Singaporeans save for retirement.
What you are saying is SRS is used to level foreigners up in terms of tax benefits. Why should govt even allow that!
...and why do it through SRS which is for Sjngaporean's retirement.
If the govt feels it wants to give tax benefits to foreigners it should do so through other mechanisms.
(28-12-2023, 03:46 PM)sgbuffett Wrote: [ -> ]Let's be very clear SRS is Supplementary RETIREMENT Scheme ...it is to help Singaporeans save for retirement.
Don't be hoodwinked by the English words please. Ppl use SRS to siam pay taxes plain and simple. Then later at say age 62? You slowly withdraw those monies put in during your working years slowly to avoid pay tax. So the monies put inside SRS are only limited to certain investment instruments else the banks give pathetic 0.05% interest. But the attraction and lure factor is still siam pay tax it is that simple. The good name retirement etc are all "traps" laid by the govt to tie ppl monies more and more.