In short, I have recently created a new SRS account and made my first contribution.

The Supplementary Retirement Scheme (SRS) is for individuals to voluntarily save for their retirement and it complements the existing mandatory Central Provident Fund (CPF) scheme. Although SRS is mainly for retirement planning, the main attraction of SRS is that contributions are eligible for tax relief. There is a limit one can contribute every year though. For Singapore Citizens, the maximum you can contribute is $15,300 every year.

You can make penalty-free withdrawals from your SRS account over ten years after the statutory retirement age that was prevailing at the time of your first SRS contribution. Only 50% of the withdrawals from SRS are taxable at retirement. If you make a withdrawal before the statutory retirement age, a 5% penalty for premature withdrawal will be imposed and 100% of the sum withdrawn will be

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