I received a nasty bill in my mailbox last week ! My tax bill crossed 10K SGD mark this year !!! I’ve always read about how Supplementary Retirement Scheme can help reduce Tax but I have never seriously looked at it. Curious, I googled and found the OCBC SRS website OCBC - Supplementary Retirement Scheme. The website comes with a really neat tax savings calculator that claimed that I would be able to save approximately 1.9 K  i.e. 18% if I were to contribute a maximum value of 12,750 SGD.  Source : OCBC Initially, 18% sounded like a really good bargain. However, there are a set of conditions that I need to comply to. If I decide to withdraw this money earlier, the amount withdrawn is subjected to tax and 5% penalty. If I were to withdraw this amount at or after 62 years old, only 50% of the withdrawn amount ......