When can i withdraw srs

Phone Banking Frequently asked questions Useful forms. Home Loan Frequently asked questions Useful forms. AutoWise Frequently asked questions Useful forms. Expand all Collapse all. Tap on the menu bar on the top left of the screen. Tap on "Invest". Follow mobile banking instructions. Cash Cash can only be deposited over the counter at branches. SRS contribution cannot be done via other banks' internet banking.

Taxable Amount. Closing Balance. Tax Payable. The assumption here is that you do not have any other source of income at the time of withdrawal. In this case, you could spread your withdrawals over 11 years. You can find the exact break-up in the table below. You could consider maximising your savings when you invest part of your SRS funds into life annuities. This is because the year withdrawal period does not apply to life annuities. These plans have the potential to grow your money and provide you a steady flow of income during your golden years.

John opts to start receiving pay-outs at age This ensures that, even after he has fully drawn down on his SRS account, he will still receive a guaranteed monthly income flow from his endowment policy. Consult a Prudential Financial Consultant today! Our consultants will help you to analyse your financial health and guide you on how you can optimise your SRS savings to achieve a secure retirement! This article is for your information only and does not consider your specific investment objectives, financial situation or needs.

We recommend that you seek advice from a Prudential Financial Consultant before making a commitment to purchase a policy. Help us understand your needs and one of our Prudential Financial Consultants will call you back!

Or, feel free to contact us at — 0 Hopefully that low 0. At the very least, you should try to keep up with inflation, but you probaly also want to earn more in the long term. And when you earn money with your SRS investments, those funds will go back into your SRS bank account before you liquidate them.

Now, you can see the power of investing your SRS funds. Just as with any investment, be sure to pay close attention to the different fee and pricing structures of the investments you choose. Timing your withdrawals properly is the key to maximising your tax advantage with your SRS contributions.

When you reach the statutory retirement age of 62, you can spread out your withdrawals over a period of up to 10 years, starting on the date of your first withdrawal. The best strategy, therefore, is to minimise any income tax during those 10 years by spreading the withdrawals out to withdraw more when you don't have other income streams that year.

But, SRS can be a great way to save more for retirement, especially when you take advantage of the long-term benefits. To apply the voucher:. You'll need to apply your voucher before scheduling your SRS deposit. Share this.