Personal Finance
Everything You Need to Know about the Supplement Retirement Scheme (SRS)
By Dr Wealth  •  June 14, 2016
Supplement Retirement Scheme (SRS) is a voluntary saving scheme that complements your CPF savings for retirement. The Scheme is open to everyone living in Singapore and Citizens, Permanent Residents and Foreigners are all allowed to open an SRS account. Other than to increase one’s retirement nest egg, contributing to the SRS account also allows you to reduce your income tax bill. The SRS provides two key tax saving benefits.
  1. Tax saving benefit on contribution
  2. Tax saving benefit on withdrawal
Tax saving benefit on contribution When you contribute to your SRS account, your chargeable income will be reduced by the amount of your contribution. For example, if you have racked up $120,000 in chargeable income, your income tax bill will be $7,950 based on the progressive income tax rate by IRAS. If you choose to contribute $12,750 to your SRS account, your chargeable income will be reduced to $107,250 ($120,000 – $12,750) ......
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By Dr Wealth
Dr Wealth provides trusted financial education to individuals. We teach researched and actionable investment methods so that our graduates are successful in their investment journey and achieve market-beating returns.
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