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The Supplementary Retirement Scheme, or SRS, is a voluntary scheme that helps you save more for retirement on top of CPF. One of its biggest attractions is tax relief. When you contribute to SRS, your contribution can reduce your taxable income, subject to the annual contribution limit and overall personal income tax relief cap. But SRS is more than a way to save tax. You can invest the money in your SRS account, and investment returns are not taxed before withdrawal. When you eventually make qualifying withdrawals in retirement, only 50% of the amount withdrawn is taxable. The trade-off is that SRS is designed for retirement. If you withdraw your money from SRS early, the withdrawal is generally fully taxable and a 5% penalty applies. So, is an SRS account worth opening? In this guide, I look at how SRS works, how much you can contribute, the tax...