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Jovan Lee

Edited 04 Nov 2021

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Should I Open An SRS Account Now?

The government just announced that they are going to raise the retirement age from 62 to 63 starting from 1 July 2022, and continue to raise it to 65 progressively in the coming years.

I'm currently a 19 y.o. student without a stable income, should I just open an SRS account now and put in $1 to lock in my retirement withdrawal age first even if I don't plan to put any money in for at least another year?

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Discussion (23)

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tinycents

18 Nov 2021

Yes you should, why not.

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Felix Lim

11 Nov 2021

You should lock it by deposit small potion of your cash into the srs account if annual income 30k and above

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pkcrun

10 Nov 2021

With the retirement age raised, will they changr the penalty-free withdrawal age ?? similarly for cpf life (from 65 )??

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Zac

09 Nov 2021

Noob at Idiots Invest

Short answer is yes.

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Bang Hong

09 Nov 2021

Sustainable Spender Specialist at Spender Bang

Yes just open to lock in withdraw age...

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Related Posts

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?

I pay about 100 in income taxes each year. Is it worth it for me to open an SRS account? Can I instead of paying taxes use the tax to pay my SRS account?

Just opened an SRS account. Can I only invest my funds in DBS by opening a DBS vickers account?

Hi, I just opened SRS account and transferred money into it. Does that mean it is considered to be filed under SRS if it is sitting inside?

I have just opened a SRS account with DBS. Please share tips to invest SRS money while avoiding high fees/ expenses via DBS?

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?

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