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Malvin Tan WP

Writer at t.me/pwpfpodcast

12 Aug 2020

∙

General Investing

I understand that there will be a penalty but i want to withdraw SRS funds before retirement age. How do i "pay" the penalty and accrued taxes?

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Wrong Sean

12 Aug 2020

https://www.iras.gov.sg/irashome/Individuals/Lo...

Through your income tax for the withdrawals.

https://www.ifaq.gov.sg/mof/apps/fcd_faqmain.as...

Penalty is deducted from the withdrawal sum, I guess?

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Understand that topping $1 to the SRS account effectively locks in our retirement age at 62. However what does this really mean? Is there any impact on our CPF withdrawal age?

I understand that you can withdraw above the minimum sum once you hit the retirement age. However what if the retirement age is increased to say 85 in 30 years time?

What if CPF RA exceed Enhanced Retirement Sum (ERS) at age 55? If choose not to withdraw, how much CPF life can pay? Using 1M65 as an example, how much CPF life pays based on 1million balance at 65?

Should we keep our SRS around 400k to minimize tax at withdrawal age? Is it possible to estimate how much I should put in SRS?

If parents are above age 55, should they withdraw money from CPF to pay for housing in order to avoid incurring accrued interest? Instead of using CPF to pay directly.?

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