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Why should I contribute to SRS?



Besides the obvious benefit of having more savings to draw on when you retire, you will enjoy the following tax benefits on contributions to SRS:

  • You can claim tax relief for contributions made to SRS. Each dollar of SRS contribution will reduce your income chargeable to tax by a dollar.

  • Investment gains will accumulate tax-free in SRS, with the exception of Singapore dividends paid before 1 January 2008 from which tax is deducted or deductible by the payer company under section 44 of the Income Tax Act, which are taxable at your individual tax rate.

  • Tax will be payable only when you withdraw your savings from SRS. If you withdraw your savings upon retirement, only 50% of the savings withdrawn will be subject to tax. You may also spread your withdrawals over a period of up to 10 years to meet your financial needs. Spreading out your withdrawals will generally result in greater tax savings.

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