The Fifth C

SRS Tax Relief Calculator

See exactly how much tax you save by contributing to the Supplementary Retirement Scheme — and what happens when you withdraw, at retirement or early.

SRS Tax Relief Calculator

Supplementary Retirement Scheme — tax savings & withdrawal rules

CPF relief, earned income relief, etc. (excluding SRS)

Cap: $15,300/year

SRS Contribution

$15,300

within cap

Tax Without SRS

$3,000

Tax Saved

$1,071

this year

Contributing $15,300 to SRS reduces your chargeable income from $75,000 to $59,700, saving you $1,071 in tax this year.

Withdrawal Rules

At or After Retirement Age (63)

Only 50% of withdrawals are taxable. Withdrawing $15,300 → $7,650 taxable.

Before Retirement Age

100% taxable plus a 5% penalty. Withdrawing $15,300 → $15,300 taxable + $765 penalty.

SRS contribution caps: $15,300/year for Citizens & PRs, $35,700/year for foreigners. The statutory retirement age used for SRS withdrawal is fixed at the prevailing age when you made your first SRS contribution. Always verify with IRAS before making contribution or withdrawal decisions.

Source: IRAS

SRS at a Glance

SRS is one of the few ways to legally reduce your Singapore income tax while building a second retirement fund alongside CPF. Every dollar contributed (up to the annual cap) directly reduces your chargeable income for that Year of Assessment.

Unlike CPF, SRS funds can be invested in almost anything — unit trusts, ETFs, single stocks, bonds, or robo-advisor portfolios — and unlike CPF, you choose when to withdraw (subject to the tax treatment above).

Contribution caps and withdrawal rules per data/constants.json. Source: IRAS / MOF.

Related Calculators

Income Tax Calculator Full tax breakdown by bracket CPF Contribution Calculator Mandatory savings, separate from SRS FIRE Calculator Plan early retirement Salary Take-Home Monthly and annual breakdown

SRS — Frequently Asked Questions

What is the Supplementary Retirement Scheme (SRS)?
SRS is a voluntary scheme that complements CPF for retirement savings. Contributions are tax-deductible up to an annual cap, and the funds can be invested. Withdrawals after the statutory retirement age are only 50% taxable, making it a tax-efficient way to save for retirement on top of CPF.
How much can I contribute to SRS each year?
Singapore Citizens and Permanent Residents can contribute up to $15,300 per year. Foreigners can contribute up to $35,700 per year. Contributions beyond the cap do not qualify for tax relief.
How much tax can I save with SRS?
Your tax savings depend on your marginal tax rate. A $15,300 SRS contribution by someone in the 11.5% tax bracket saves roughly $1,760 in tax that year — use the calculator above for your exact figure. Personal income tax relief is capped overall at $80,000 across all relief types, including SRS.
What happens if I withdraw from SRS before retirement age?
Early withdrawals (before the statutory retirement age that applied when you made your first SRS contribution) are 100% taxable and incur a 5% penalty on the amount withdrawn. This makes early withdrawal expensive — SRS is designed to be held until retirement.
What happens if I withdraw from SRS at retirement age?
Withdrawals made at or after the statutory retirement age are only 50% taxable, and you can spread withdrawals over up to 10 years to manage your tax bracket. This is the main tax advantage of SRS over keeping savings in a regular bank or brokerage account.
Can I invest my SRS funds?
Yes. SRS funds sitting idle in your SRS bank account earn minimal interest, similar to a savings account. Most users invest their SRS funds in unit trusts, ETFs, bonds, robo-advisor portfolios, or Singapore Government Securities to grow the balance before retirement.