John Smith

10 Oct 2019

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My son is 18yo, with the retirement age likely to revise to 67yo, is it wise for him to open the SRS account now to lock the 62yo withdrawal? Thanks?

Anyone has any CPF "hack" to get around this issue?

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Elijah Lee

15 Jun 2019

Senior Financial Services Manager at Phillip Securities (Jurong East)

Yes, definitely. You can open the account online too, I did that with mine (DBS). No need to walk in to any branch. That saves you time.

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Gabriel Tham

15 Jun 2019

Tag Team Member at Kenichi Tag Team

Yes that is a good idea. You just need to open and put in $1 to lock down the age. A simple process and costs you $1.

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Is there any fall-below fee for the SRS account if I decide to open it with $1 just to lock the age of penalty-free withdrawal at 62yo?

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Related Posts

Is there any fall-below fee for the SRS account if I decide to open it with $1 just to lock the age of penalty-free withdrawal at 62yo?

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 have missed the bank SRS account opening promos. Should I wait till next year? As the retirement age is still 62 even if I open SRS account in 2021?

Does Etiqa elastiq work like the singlife account that we can withdraw the whole amount inside after the lock-in period of 3 months?

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?