SRS Calculator (Singapore) — Tax Relief & Withdrawal

See how a Supplementary Retirement Scheme (SRS) contribution lowers your taxable income now, and how withdrawals are taxed in retirement.

What you'll need

• Residency status (citizen/PR or foreigner)
• Planned SRS contribution
• Chargeable income / marginal tax rate

How it works

SRS contributions are deductible from taxable income, up to $15,300/year (citizens & PRs) or $35,700 (foreigners), within the $80,000 personal income-tax relief cap. The tax saved equals your contribution × your marginal tax rate.

The Supplementary Retirement Scheme is a voluntary scheme alongside CPF. Anyone earning income in Singapore — employees or self-employed, citizens, PRs and foreigners — can open an SRS account with an operating bank and contribute cash up to the annual cap. Unlike CPF, contributions are optional and can vary or stop from year to year.

The scheme works in two halves. In the contribution years, every dollar you put in reduces that year's chargeable income, so the benefit scales with your marginal tax rate. Because the overall personal relief cap is $80,000, a contribution only produces savings to the extent your total reliefs stay within that cap.

In the withdrawal years, once you reach your prescribed retirement age, only 50% of each withdrawal counts as taxable income, and withdrawals can be spread over up to 10 years. Since many retirees have little other taxable income by then, the effective tax on that 50% can be low. Withdraw before the prescribed age, however, and the full amount is taxable that year, plus a 5% penalty.

One mechanic deserves attention: the prescribed retirement age is locked in by your first-ever SRS contribution — 62, 63 or 64 depending on when you first contributed, and 64 for first contributions from 1 July 2026. Later statutory retirement-age changes do not move it. Returns earned inside the account are not taxed while the money stays in SRS.

Current Singapore rules

Worked example

Contributing $15,300 at a 15% marginal rate saves about $2,295 in tax this year. In retirement you may withdraw over 10 years, with only 50% of each withdrawal taxable.

Step by step, for a citizen or PR contributing the full cap:

1. Contribution: $15,300 goes into the SRS account before the year-end deadline.
2. Relief check: confirm total personal reliefs (including this contribution) stay within the $80,000 cap — if so, the full $15,300 is deductible.
3. Tax saved this year: $15,300 × 15% marginal rate = $2,295. At a different marginal rate, the saving scales proportionally.
4. Repeat over 10 contribution years: $15,300 × 10 = $153,000 contributed, before counting any investment returns inside the account.
5. Withdrawal from the prescribed age: drawing that $153,000 evenly over the 10-year window means $15,300 per year, of which 50% — $7,650 — is added to taxable income each year. Whether any tax is actually payable then depends on your other income in those years.

The illustration ignores investment returns so the mechanics are easy to follow; in practice the ending balance would differ.

Withdrawal timing at a glance

The tax outcome hinges on when money leaves the account:

The 10-year window matters because income tax is progressive: the same total taken out in smaller yearly slices generally lands in lower brackets than one lump sum would.

Common mistakes and good to know

• Overlooking the $80,000 relief cap. Many people with substantial other reliefs contribute the full $15,300 only to find part of it earns no additional deduction — the cap applies to total reliefs, not SRS alone.
• Assuming the money is easily accessible. Withdrawing before the prescribed age makes the full amount taxable and adds a 5% penalty — SRS is designed as locked-up retirement money.
• Forgetting that a first contribution fixes the withdrawal age. Even a small early contribution locks in the prescribed retirement age applicable at that time (62, 63 or 64); first contributions from 1 July 2026 lock in 64.
• Leaving contributions in cash by default. The account can hold investments, and returns inside SRS are not taxed until withdrawal; the relief is the same either way, but the balance you eventually draw down differs.
• Ignoring the withdrawal-side tax. The relief is a deferral plus a 50% concession, not a full exemption — many people overlook that withdrawals are still assessable income.
• Missing the year-end deadline. Relief applies to the year the contribution is made; a contribution completed in January counts against the following year's tax.

How the calculator helps

The free PlanLiaoMah SRS calculator models exactly the mechanics on this page: it applies the correct annual cap for your residency status, works out the tax saved at your marginal rate, and shows the withdrawal side — 50% taxable, spread over up to 10 years — so both halves of the trade-off sit in one view. Adjust the contribution or your income and the figures update instantly, all in your browser with nothing stored.

Important assumptions

• Tax saved depends on your marginal rate
• Prescribed retirement age is set when you make your first SRS contribution
• Investment returns inside SRS are tax-free until withdrawal

Cases not fully modelled:

• Specific investment performance inside SRS
• Detailed bracket-by-bracket tax for every income
• Foreigner full-withdrawal rules in detail

Official sources and verification

• IRAS — SRS contributions and tax relief
• IRAS — Tax on SRS withdrawals
• IRAS — Individual income tax rates

Direct links to the relevant official pages. Rules and rates change; last checked 21 July 2026. Always confirm against the official source.

Frequently asked questions

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