# Minimum $30,000 premiums
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The SRS is part of the Singapore government’s multi-pronged strategy to address the financial needs of a greying population by helping Singaporeans to save more for their old age. It began in 2001 and is operated by the private sector.
The SRS complements the Central Provident Fund (CPF). CPF savings are meant to provide for housing and medical needs and for basic living needs after retirement. Unlike the CPF scheme, participation in SRS is voluntary. SRS members can contribute a varying amount to SRS (subject to a cap) at their own discretion. The contributions may be used to purchase various investment instruments.
The SRS offers attractive tax benefits. Contribution to SRS are eligible for tax relief. SRS contributions made on or after 2017 are subject to a cap on personal Income Tax relief of $80,000 per Year of Assessment. Investment returns are accumulated tax-free and only 50% of the withdrawals from SRS are taxable at retirement.
Benefits of SRS
Make your SRS work harder.
Plan your SRS withdrawal at 63
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Reduce your taxable income by $15,300 every year for Singaporeans and $35,700 a year for foreigners
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Enjoy tax savings!
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Leaving your SRS monies in the SRS account only give you 0.05%pa interest
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Invest your SRS monies into SRS eligible funds will make your SRS monies work harder
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Use your SRS monies to access Accredited Investor's funds with returns upto 15% since inception.
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Use your SRS monies to access Monthly Dividend funds with 100% monthly declared dividends since inception.
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Currently, personal income taxes is payable if you earn more than S$20,000 per year.
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When you retire and do not any any person taxable income, you can withdraw up to S$40,000 per year from your SRS account tax free at 63.
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SRS withdrawal is subjected to 50% tax which will be S$20,000. for a S$40,000 withdrawal.