Calculate your tax savings from contributing to Singapore's Supplementary Retirement Scheme (SRS). Reduce your income tax bill and build retirement savings simultaneously.
ℹ️ At retirement, only 50% of SRS withdrawal is taxable. For foreigners, 50% of SRS is taxed on withdrawal. Statutory retirement age = 63 (2024). Always verify with IRAS.
FAQ
What is SRS?
The Supplementary Retirement Scheme (SRS) is a voluntary Singapore government program allowing you to save for retirement while reducing current tax. Contributions are fully deductible from chargeable income in the contribution year.
What are the SRS contribution limits?
Singapore Citizens and PRs: S$15,300/year. Foreigners: S$35,700/year. You can contribute any amount up to the cap. The contribution limit for Citizens/PRs was set at S$15,300 (i.e., 15% of S$102,000 wage ceiling).
When can I withdraw without penalty?
SRS withdrawals before the statutory retirement age (63 in 2024) incur a 5% penalty on the withdrawn amount, plus the full amount is taxable. After retirement age, only 50% of withdrawals are taxable, and the 5% penalty is waived.
What can I invest my SRS in?
SRS funds can be invested in: SGX-listed stocks, unit trusts, Singapore government bonds, annuities, and endowment plans through your SRS account provider (DBS, OCBC, UOB). SRS funds left uninvested earn only 0.05% interest.