Supplementary Retirement Scheme (SRS) Calculator

Singapore’s Supplementary Retirement Scheme (SRS) is a retirement scheme that  Singapore’s Ministry of Finance designed to encourage both Singaporeans and foreigners to save more for retirement by offering attractive tax incentives to those who participate.

Any Singaporean Citizen, Permanent Resident, or foreign employee who is a tax resident of Singapore can contribute to an SRS account.

Singaporeans and PRs can contribute a maximum of $15,300 SGD a year while foreigners have a higher cap of $35,700 SGD.

SRS contributions made by 31 December each year qualify for tax relief the next year.

Yes. You can make one-time or recurring contributions anytime throughout the year, up to your annual contribution limit.

The maximum SRS tax savings for Singaporeans is $3,366 SGD each year, depending on the tax bracket. Foreigners can save up to $8,000 SGD.

You can use StashAway’s SRS calculator to estimate your potential tax savings.

No. SRS contributions are separate and stack with other tax reliefs you are eligible for.

You can easily open an SRS account with:

• DBS
• OCBC
• UOB

You can open an SRS account with DBS, OCBC, or UOB, but you aren’t limited to those three banks to invest your SRS contributions.

There is a wide range of financial vehicles into which you can invest your SRS funds once you open an SRS account. These vehicles include stocks, bonds, fixed deposits, unit trusts, and annuity plans. StashAway is one of the many providers of SRS investment options .

What’s most important is that you are investing your SRS funds at all. If you leave your SRS funds sitting in the SRS bank account, they are earning a mere 0.05% per annum, so they’re getting eaten up by inflation if you don’t invest them.

Check out how much more money you can earn over the long term if you invest:

If you contribute the full $15,300 SGD per annum every year for 20 years, that would be worth $306,000 SGD after 20 years. But, if you invested it and earned 5% net returns per annum, you'd earn $504,850 SGD in 20 years. If you contributed the max amount for 30 years, you'd have $459,000 in savings, but again, if you invested those contributions each year and earned 5% net returns per annum, you’d have $1,003,436 SGD in 30 years.

Firstly, you will need to create an SRS account with either DBS, OCBC, or UOB.

• DBS
• OCBC
• UOB

You will need to enter your SRS account number and bank name, so do have it on hand!

If you are a foreigner, you will need to provide your FIN and upload proof of identification. We will get in touch with you for verification.

Next, you'll have to create a new portfolio (either General Investing or Plan for Retirement) in your StashAway account. There'll be an option "I want to fund this portfolio with my SRS account" at the start.

Once you have entered your SRS account number and bank name, you can proceed to set up a deposit request.

If you've set up a standing instruction, we will automatically request the SRS funds from your SRS account on your behalf each month, so there is no need to make a new deposit request.

After we've received your deposit request, it will take about 2 to 3 business days for the bank to process it. Thereafter, you can expect to receive a confirmation email from us, once we've received the funds successfully.

If you haven’t done so already, first open an SRS contribution account with DBS, OCBC, or UOB.

Then, to start investing your SRS funds with StashAway, create a new portfolio and indicate that you want to use SRS funds, and you'll be guided through the quick setup process.

On your behalf, we can automatically request the SRS funds from your SRS contribution account bank at the date and/or frequency you specify. That way, you don't have to worry about remembering to transfer! Your deposit plan into StashAway from your SRS account can be changed at any time right from our app.

SRS withdrawal can be done after the statutory age of 63 years old over a period of 10 years from the date of the first withdrawal. Only 50% of every withdrawal is taxed.

Foreigners can withdraw without penalty before the statutory age after 10 years.

To maximise the tax advantages, you should withdraw when your marginal tax rate is lowest.

Yes. However, you will incur a 5% penalty of the withdrawal amount. The full withdrawal amount is also subject to income tax.

Foreigners can withdraw without penalty before the statutory age after 10 years.

SRS withdrawals at retirement (or when conditions are met) are given a 50% tax concession and can be spread over 10 years to minimize taxes.

If withdrawn before retirement, the full amount is taxed at the regular tax rate.

There are three payout tiers in the CPF Life plan. The monthly payments are based on how much ​ you have in your Retirement Account Savings at 55. See below for the expected monthly payout ranges for the Standard plan:

1. $83,000 SGD — expected payout per month is $720 SGD - $770 SGD.
2. $166,000 SGD — expected payout per month is $1,320 SGD - $1,410 SGD.
3. $249,000 SGD (max amount allowed in retirement account) — Expected payout per month is $1,910 SGD - $2,060 SGD.

Please visit the CPF website for any updates  here .