SRS, or the Supplementary Retirement Scheme is a voluntary scheme to encourage saving for retirement, over and above your CPF savings. Your contributions to SRS are eligible for tax relief, subject to a yearly cap. The cap is $15,300 for Singapore Citizens and PR, and $35,700 for foreigners. Investment returns in SRS are tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement. Why contribute to SRS? The main benefit for SRS contributions is tax savings, and so this applies to individuals who are paying a lot in taxes, and looking for ways to reduce tax liability by investing for their retirement. You can look to save about $1500 to $2000 in taxes every year if you make the maximum contribution. Illustration of tax savings by contributing into SRS. Source: DBS In addition to tax savings, contributing to SRS allows you to receive a higher tax relief compared to CPF SA top up (capped at $7000)....