SRS Tax Savings Calculator Singapore 2026
Calculate your annual tax savings from SRS contributions — and model your optimal withdrawal strategy at retirement. Free, no sign-up required.
SRS Tax Savings Calculator
What Is the SRS (Supplementary Retirement Scheme)?
The Supplementary Retirement Scheme (SRS) is a voluntary savings scheme administered by the Singapore government under the Ministry of Finance. It was introduced in 2001 to encourage Singaporeans and Permanent Residents to save more for retirement, beyond their CPF savings.
The core benefit is simple: every dollar you contribute to your SRS account is deducted from your assessable income for that Year of Assessment, reducing the income tax you owe. Since Singapore operates a progressive tax system with rates from 0% to 22%, higher-income earners can save thousands of dollars annually.
SRS funds can be invested in a wide range of instruments — Singapore-listed stocks, unit trusts, ETFs, Singapore Savings Bonds, fixed deposits, and endowment plans. At statutory retirement age (currently 63, moving to 64 in 2028), only 50% of each SRS withdrawal is taxable, making it one of the most efficient retirement tax strategies available in Singapore.
SRS accounts can be opened at DBS, OCBC, or UOB — one account per person. Foreign nationals working in Singapore are also eligible, with a higher contribution cap of $35,700 per year (vs $15,300 for Singapore Citizens and PRs).
For a detailed overview, see our SRS Account Glossary.
How to Use This Calculator
Enter the following details to get your personalised SRS analysis:
- Annual Taxable Income — your income after CPF deductions and other approved reliefs, but before the SRS deduction
- Residency Status — Singapore Citizen/PR (cap: $15,300) or Foreigner (cap: $35,700)
- SRS Contribution This Year — how much you plan to contribute (up to the annual cap)
- Current Age — used to calculate the accumulation period
- Target Retirement Age — statutory retirement age is 63 (as at April 2026)
- Expected Annual Return — the average return on SRS investments (default: 4% p.a., a conservative estimate for a diversified portfolio)
The calculator will show you your tax saving this year, projected SRS balance at retirement, and estimated withdrawal tax using an optimal 10-year drawdown strategy.
SRS Contribution Limits 2026
SRS contribution limits are set by the government and subject to periodic review. As at April 2026:
| Residency Status | Annual SRS Cap | Max Tax Relief* |
|---|---|---|
| Singapore Citizen | $15,300 | Up to $3,366 |
| Permanent Resident (PR) | $15,300 | Up to $3,366 |
| Foreigner | $35,700 | Up to $7,854 |
* Maximum relief assumes the 22% top marginal rate applies across the full contribution. Actual savings depend on your marginal tax bracket. Source: IRAS SRS Guide, as at April 2026.
SRS contributions must be made by 31 December each year to qualify for that Year of Assessment. You cannot make retrospective SRS contributions for a prior year.
Singapore Personal Income Tax Brackets (YA 2025 / 2026)
Singapore’s personal income tax uses a progressive rate structure. The rates below apply to individual residents (Singapore Citizens and PRs). Non-residents are generally taxed at a flat 22% on employment income.
| Chargeable Income | Tax Rate | Tax on This Band |
|---|---|---|
| First $20,000 | 0% | Nil |
| Next $10,000 ($20,001–$30,000) | 2% | $200 |
| Next $10,000 ($30,001–$40,000) | 3.5% | $350 |
| Next $40,000 ($40,001–$80,000) | 7% | $2,800 |
| Next $40,000 ($80,001–$120,000) | 11.5% | $4,600 |
| Next $40,000 ($120,001–$160,000) | 15% | $6,000 |
| Next $40,000 ($160,001–$200,000) | 18% | $7,200 |
| Next $40,000 ($200,001–$240,000) | 19% | $7,600 |
| Next $40,000 ($240,001–$280,000) | 19.5% | $7,800 |
| Next $40,000 ($280,001–$320,000) | 20% | $8,000 |
| Above $320,000 | 22% | — |
Source: IRAS, Income Tax Act (Cap. 134). Rates effective from YA 2025 onwards. Your actual tax will differ based on personal reliefs and deductions.
SRS Withdrawal Strategy
Understanding how to withdraw from your SRS account tax-efficiently is just as important as the contribution strategy. Here is what you need to know:
When Can You Withdraw?
You can withdraw SRS funds penalty-free from the statutory retirement age (currently 63 as at April 2026; increasing to 64 by 2028). At this point, only 50% of each withdrawal is added to your taxable income for that year.
If you withdraw before reaching statutory retirement age, a 5% penalty applies on the amount withdrawn, and 100% of the withdrawal is treated as taxable income — making early withdrawal generally inadvisable.
The 10-Year Optimal Drawdown Strategy
The most tax-efficient SRS withdrawal strategy is to spread withdrawals over 10 years after retirement. Since only 50% of each withdrawal is taxable, if you withdraw $30,000/year for 10 years, only $15,000/year is added to your taxable income. If your main income in retirement is CPF LIFE payouts, your total taxable income in retirement may fall within the 0% band — meaning zero tax on SRS withdrawals.
For example, with a $400,000 SRS balance at age 63 and minimal other taxable income:
- Annual withdrawal: $40,000 (over 10 years)
- Taxable portion: 50% × $40,000 = $20,000
- Tax on $20,000: $0 (within the 0% band)
- Net withdrawal tax across 10 years: Nil
SRS Withdrawal Deadline
SRS funds must be fully withdrawn within 10 years of your first withdrawal after statutory retirement age. Any remaining balance after this window is deemed withdrawn. Plan your drawdown to avoid bunching withdrawals in a single year, which would push you into higher tax brackets.
Where to Open an SRS Account & Invest Your Funds
SRS accounts can be opened at DBS, OCBC, or UOB — one account per person. Once funded, you can invest via an SRS-linked brokerage or robo-advisor. Platforms that support SRS investing include:
| Platform | SRS Supported | Notes |
|---|---|---|
| Endowus | ✓ Yes | SRS investing via unit trusts and CPF-approved funds. Low advisory fees. |
| Syfe | ✓ Yes | SRS-eligible portfolios including REIT+ and Select portfolios. |
| FSMOne | ✓ Yes | Wide range of unit trusts and ETFs via SRS. Regular savings plan available. |
Related Tools & Calculators
- 🎯 Retirement Planning Calculator Singapore — Full retirement income projection with CPF, SRS, and investments
- 🏦 CPF LIFE Payout Calculator — Estimate monthly CPF LIFE payouts at retirement
- 💰 CPF Retirement Sum Calculator — Project your BRS, FRS, and ERS requirements
- 📊 CPF OA/SA Allocation Calculator — See how your CPF contributions split across accounts
- 🔥 CPF FIRE Number Calculator — Calculate your FIRE number with CPF integration
What is the SRS contribution limit for Singapore citizens in 2026?
Singapore citizens and permanent residents can contribute up to S$15,300 per calendar year to their SRS account. Foreigners have a higher limit of S$35,700 per year. Contributions must be made by 31 December each year to qualify for tax relief in that Year of Assessment.
How much tax can I save with SRS contributions?
Your tax savings depend on your marginal tax rate. For example, at a 15% marginal rate, a full S$15,300 SRS contribution saves you S$2,295 in taxes. At 11.5% it saves S$1,760, and at 7% it saves S$1,071. The higher your income bracket, the more you save per dollar contributed.
When can I withdraw from my SRS account without penalty?
Penalty-free withdrawals begin at the statutory retirement age (currently 63, rising to 64 in 2026). You can spread withdrawals over 10 years from the date of your first penalty-free withdrawal. Only 50% of each withdrawal is taxable as income, and with proper planning most retirees pay zero tax on SRS withdrawals.
What is the penalty for early SRS withdrawal in Singapore?
Withdrawals before the statutory retirement age incur a 5% penalty on the amount withdrawn, and 100% of the withdrawal (not 50%) is added to your taxable income for that year. This double hit makes early withdrawal generally unadvisable except in financial emergencies.
Which bank should I open my SRS account with?
Only three banks operate SRS accounts in Singapore: DBS/POSB, OCBC, and UOB. All three offer essentially the same SRS product since the scheme is government-regulated. Choose based on your existing banking relationship, as this makes fund transfers convenient. Most investment platforms like Endowus and FSMOne accept SRS funds from all three banks.
Can I invest my SRS funds or must they sit in cash?
How does SRS compare to CPF top-ups for tax savings?
Both provide tax relief, but they serve different purposes. CPF cash top-ups to SA/RA (up to S$8,000 for self, S$8,000 for family) offer higher guaranteed returns (4.08% for SA) but funds are locked until 55+. SRS offers more investment flexibility and earlier access (from statutory retirement age). Many Singapore investors maximise both for optimal tax efficiency. See our CPF OA/SA Calculator for CPF optimisation.
Disclaimer: This calculator is for educational and informational purposes only. It does not constitute financial, tax, or legal advice. Tax calculations use published IRAS rates for YA 2025/2026 and assume standard progressive tax brackets with no other reliefs or rebates applied. Actual tax liabilities will vary based on your personal circumstances, eligible reliefs (e.g. earned income relief, NSman relief, parent relief), and changes to tax legislation. Please consult a qualified financial adviser or tax professional before making SRS contribution or withdrawal decisions. TheKopiNotes.com is not liable for any decisions made based on this tool. As at April 2026.