Worry not, because I (unfortunately) fall in the same camp. But as insurance ads often remind us, it’s never too late to start. 

Enter: the Supplementary Retirement Scheme (SRS), which was introduced in 2001 to supplement your CPF retirement savings.

While it works on a voluntary basis, topping up your SRS essentially means you’re guaranteed your withdrawal amount at the current statutory retirement age of 62 – no matter if this is adjusted to, say, 65 years old several years down the road.

On that, here’s everything to know about SRS, and where it stands against the CPF Special Account (SA).

We’ve so far laid out the pros and cons of SRS, but how does it fare against planting your money in CPF SA – or a savings account?