WELCOME TO SRS
Enrich your retirement life with SRS Tax Savings Retirement Scheme in Singapore
How much tax savings can I enjoy?
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Welcome to SRS
- Are you worried about your retirement finances? Do you think that you will have enough money to cover your costs when you retire? If so, then it is time that you start thinking about ways to make sure that happens.
- If you are 18 years old or older, you may be eligible to join the Singapore Retirement Saver Scheme (SRS). This is a tax saving program that can also serve as future retirement need by investing in various instruments including government securities.
Who is eligible for SRS Tax saving retirement plan
You are a Singaporean, Permanent Resident (PR) or foreigner
At least 18 years old and not an undischarged bankrupt
Have no existing/ pending SRS Account with another bank
Singaporean Permanent Resident, PR or Foreigner:
A Singaporean Permanent Resident (PR), or a foreigner who has been granted PR status, is eligible for the Senior Citizens' Savings Scheme (SRS). If you are a foreigner who has been living and working in Singapore for at least one year (or works here as an employee of a company with at least 10 employees), then you are eligible to join the Retirement Savings Scheme (SRS). The SRS helps pay for your retirement, by investing your money into government-issued securities or approved instruments. This means that not only will you get generous interest rates on your investment, but any capital gains or losses on these investments will also be excluded from your taxable income.
At least 18 years old and undischarged Bankrupt:
Yes, you can apply for SRS in Singapore as an adult. At least 18 years old and undischarged bankrupt are eligible for tax saving program in Singapore. This means that you no longer have to worry about not having enough money to support yourself during your retirement years. With proper planning and guidance, you can make sure that your retirement is as comfortable and joyful as possible.
Benefits of SRS tax saving account in Singapore
There are many benefits to using a SRS tax saving account in Singapore. By investing the money in a SRS account, you can secure your future and reduce your tax burden.
Here are just a few of the key benefits:
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You can save for retirement without incurring taxes on the gains made.
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Your money is sheltered from inflation and market fluctuations, which means it will be worth more over time.
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You may qualify for special investment incentives offered by your bank or fund provider, such as bonus schemes or reduced fees.
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SRS accounts offer peace of mind when it comes to estate planning - you know that your investments will be preserved no matter what happens with the economy down the road only if done the right way.
Note: Withdrawals before applicable statutory retirement age is subject to 100% tax, plus 5% penalty. 50% tax concession only applies to withdrawals from the statutory retirement age.
Best SRS funds investment in Singapore
Maximize growth of your SRS by investing it. By doing so, you earn potentially higher interest, as your balance in the SRS account earns only 0.05% interest per annum. What’s more, you get to accumulate tax-free returns on your investments.
There are a number of different types of SRS funds that investors can choose from when it comes to investing in Singapore. However, before making any investments, it is important to do your research and decide which type of SRS fund will work best for you.
There are a number of ways of investing SRS in Singapore. Here are some of them:
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Singapore Savings Bonds
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Singapore Government Securities (SGS) or Singapore Savings Bonds
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Fixed Deposit
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Foreign Currency Fixed Deposit
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Shares
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Single Premium Insurance
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Unit Trusts
How Supplementary Retirement Scheme in Singapore Gets You Tax Savings
1.
Contributions to SRS are eligible for tax relief (capped at a maximum of $15,300 per year for Singaporeans and Permanent Residents, and S$35,700 for foreigners);
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Investment returns are accumulated tax-free.
3.
Only 50% of the withdrawals from SRS are taxable at retirement.
If you withdraw money out of your SRS account before you reach the statutory retirement age, the whole withdrawal sum will be deemed taxable and a 5% penalty will apply.
The more you contribute, the more you save on taxes, up to maximum yearly contribution applicable to you. Of course you don't have to contribute the maximum amount. Ideally, you should set aside enough to drop you to a lower tax bracket.
Contact with our Expert
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What would you like to do today ?
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Organise a SRS seminar for my company
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Enquire on SRS for personal retirement
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I already have SRS account, I want to optimise and get higher potential returns
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No idea what’s SRS, I would like to know more !
Facing any issues? call us now.
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FAQS
Get Your Answer
Who is eligible to open an SRS account?
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All Singaporeans, Singapore Permanent Residents (SPRs) and foreigners who :
- Are at least 18 years old
- Are not undischarged bankrupts
- Are not of unsound mind
What is Supplementary Retirement Scheme?
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How do I open a Supplementary Retirement Scheme Account (SRS)?
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How do I make payment for a SRS purchase?
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Do I get a cheque for the sales proceeds, after selling the units purchased through my SRS account?
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Our Address
Level 42, Suntec Tower Three, 8 Temasek Boulevard, Singapore 038988.
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