Can I withdraw my SRS money before the age of 62?
SRS members may withdraw their SRS savings anytime, albeit early withdrawals are fully subject to tax and attract a 5% penalty. To encourage individuals to withdraw their SRS savings at age 62 (the statutory retirement age) or later, the Government grants a 50% tax concession for such withdrawals (i.e. only 50% of the withdrawal is subject to tax). Such withdrawals also do not attract a 5% penalty. We appreciate that some individuals may wish to retire before the age of 62, but we would still like to encourage them to keep their savings for their old age. Individuals who are physically or mentally handicapped (for example, bedridden) may withdraw their SRS savings at any time, without penalty and with the 50% tax concession, regardless of their age. From YA 2016, up to $400,000 of an amount of a full withdrawal made by an SRS member on the grounds of terminal illness would be exempt from tax. 50% of any remaining amount of full withdrawal would then be subject to tax.
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