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What Are SRS and The Different Options to Invest in The SRS Funds?

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.

insurance and investment options for your 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.

Importance of financial planning

Either it is a business career of personal life, proper financial planning is more important than they sound to be. The people who are good in financial planning can live a standardized lifestyle without any constraint. But unfortunately, many people are not aware of this fact. And these are not great subjects or topics even in schools. Hence apart from books, each and every one who is coming forward to lead an independent lifestyle should be aware of financial planning. Even though it sounds to be complicated, financial planning can be made effective through proper learning. Some of the importance of proper financial planning is mentioned as follows.

Increase saving

In both business space and in personal life, saving is more important in all the ways. But in current trend, the saving is not an easy deal. This is because the financial market is getting up and down and the entire world is also trapped by the Corona break out. Hence each and every one must put forth more effort in order to increase their saving. Proper financial planning is the only way to increase one’s personal savings. One can make use of the online platforms to learn about proper financial planning.

To handle emergency

Today many people are unable to handle the financial emergencies as they are poor in financial planning. For example, during the corona burst out many people lost their work, many were in need of financial support to run their family; many were in need of money for their medical expenses. During this kind of circumstances only the people who followed the right financial planning managed it in the right way. This is also the reason why the financial expert’s advices even the common people to have a proper financial planning according to their income.

Standardized lifestyle

Real time financial planning is more important to lead a standardized lifestyle in spite of the ups and downs in the financial market. This kind of strategy will be the right choice for the people who want to live a non compromised lifestyle in any kind of situation. Financial planning is advisable even for the people with very low income. The only thing is each and every must get engaged in financial planning according to their monthly income and expenses.

Peace of mind

Today almost all the people are in need of peace of mind in any kind of circumstances in their life. In order to lead such a lifestyle, properly financial planning is more important. It can help a person to remain calm and relaxed even during the financial issues. When sufficient funds are allotted for savings, one can remain stress free about their future. One can also remain stress free about the financial security aspects of their family.

Apart from these, several other importance reasons can be stated for why proper financial planning is more important. In order to help people to make a perfect financial planning, there are many reputed sources in online market. These sources will have best review of Great Eastern’s Great Wealth Advantage. Thus, the investors can make a better financial planning according to the trend.