SRS is nothing but a Supplementary Retirement Scheme used by employees of Singapore. It is a state-of-the-art system by the government. It is a dominant strategy to encourage earning individuals to save up for retirement. It is a highly beneficial way to boost up the saving and use it wisely. But after you have set up an SRS account and the funds have flowed in, mostly it can confuse to divert the fund to a place where it can be helpful. So, investing and buying appropriate insurance policies seems to be a workable and the most effective option. Here are a few insurance and investment options for your SRS funds.
- Retirements funds are an immense relief when you are ready to rest and live a peaceful retirement life. But only if you manage the retirement funds wisely, can you make it work.
- Investing the retirement funds in one place or another might seem risky. But if you weigh out your options and see through the pros and cons, you can choose an investment option that works well for you.
- Fixed deposits are an excellent way to get a return for your funds. It is a safe and beneficial option for retirement funds. If you are not sure about where to invest, try fixed deposits and see the outcomes for yourself.
- However, the fixed deposit returns are comparatively lower than any other investment option. But the funds will be secured, and the returns are decent.
- If you are an employee in Singapore, you have the option of investing in Singapore savings bonds. It is easy to purchase bonds with the SRS funds, and it is also one of the safest options for investing.
- There are poor and wise choices for insurance and investment options for your SRS funds. One amongst the poor options would be the endowment plans as it has long periods and an enormous investment.
- There is a single premium plan for you to invest in the SRS funds. There is an option of yearly pay-out and also elongated pay-out for a lifetime. The yearly pay-out can be guaranteed, and they can be non-guaranteed as well. But investing in insurance is also a wise option for the better usage of SRS funds.
Apart from the above ways of investment options, you can also put your SRS funds in foreign currency fixed deposits, shares, and even unit trusts. It all depends on how much risk you will take and what is your goal from the SRS funds after multiplication. You know your needs better, so compare and decide what is best for you.
If you are new to investing, then get the help of experienced people in finance. By investing in the SRS funds, you can easily maximize the growth and get excellent returns. Like a cherry on top, you can get tax-free returns on your SRS funds after investing in one of the above investment options. There are multiple ways that you can get your funds to grow. It is your choice to choose an investment option. Research and get to know the outcomes of various investment options before you trust the opinions of a professional.