The Ultimate Strategy for using SRS to Reduce your Taxes

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Lets discuss what is the Supplementary Retirement Scheme (SRS) and how you could optimize it fully!

What is SRS: Voluntary Retirement Account that is similar to CPF, but more flexible
Tax planning option for you to defer your taxes to be assessed at a future date.
Stashed money in the SRS can be used for investments

Details:
SG/PR $15,300, Foreigner $35,700
if withdraw earlier than statutory retirement age of 63 (as of Jul 2022), 100% Taxed on withdrawal + Penalty of 5%
Penalty-free withdrawals from age 63 (for now)
Once start withdrawal, you have 10 years to complete your withdrawal unless it is a life annuity
Taxed on 50% of SRS withdrawal for the year. E.g. Withdraw $80K this year, only $40K will be taxed ($550 based on current tax rate)

Why contribute to SRS:
Tax savings: Depending on income tax bracket. E.g. 7% bracket, contribute $15,300. Tax savings = 7*$15,300 = $1071 saved

DBS new SRS account offer $50 when you contribute minimum $10,000 via digibank

Uses of SRS:
SRS can be used to invest in Equities such as Singapore Exchange Stocks, REITs or even Global Unit trusts via Roboadvisors

Singapore Savings Bond
– If you are already contributing to SRS and interested in SSB as well, just use SRS for SSB first, then your cash can have more options for investing
– Previous issue 3.21% p.a., wait for next month issue

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– 0.08% one-time fees per order, no min commission, net fees around 0.2%
– Buy SGX listed equities e.g. Banks, REITS or even S27 S&P500 ETF

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