If you’re planning your retirement in Singapore, the Supplementary Retirement Scheme (SRS) deserves a closer look. Many Singaporeans use SRS to reduce income tax, grow long-term savings, and enjoy flexibility that CPF doesn’t provide. Yet, because SRS comes with rules, tax concessions, and yearly deadlines, many people feel unsure about how to start. This guide breaks everything down simply and accurately so you can use SRS confidently. What is the Supplementary Retirement Scheme (SRS)? The SRS is a voluntary retirement savings programme introduced by the Singapore government to encourage individuals to save beyond their mandatory CPF contributions. Unlike CPF, SRS gives you tax benefits upfront and provides more investment flexibility. According to Inland Revenue Authority of Singapore (IRAS):

• The SRS is open to Singapore Citizens, Permanent Residents (PRs), and foreigners.
• You must be at least 18, not an undischarged bankrupt, and must be able to manage your own affairs.
• You may open only one SRS account in your lifetime.

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