Hi AK: I just like to share one of my view on SRS account. When I first decided to contribute to SRS, it was mainly to reduce my income tax. However, I realize that a lot of people between 55 to 65 years old have to work because their CPF is not enough for them to stop work before the CPF life pay out at age 65. This is assuming that CPF is their only retirement fund. By contributing to SRS, we will have a sum of money which we can withdraw at age 62 penalty free. I do realize that you can withdraw up to $40k to avoid paying income tax on them. Hence, SRS form a safety net for us between the age of 55 to 65. Knowing that we have something to withdraw for our old age at 62 instead of 65......