How much can I put into an SRS account?

Up to S$15,300 a year if you are a Singapore Citizen or Permanent Resident, and up to S$35,700 a year if you are a foreigner, as IRAS lists them. Foreigners declare their status to the SRS bank operator each year, which sets their cap.

How much tax does an SRS contribution save?

The contribution comes off your chargeable income in the year of assessment after you pay it in, so it saves tax at your top band. At the 11.5% band, S$15,300 saves S$1,760. It is claimed automatically from what the SRS operator reports. All your reliefs together are capped at S$80,000 a year, and a contribution you withdraw in the same year gets no relief.

When can I take money out without a penalty?

On or after the statutory retirement age that applied when you first paid into the SRS: IRAS gives age 64 from 1 July 2026, and your own age may be lower if you opened the account earlier. You can spread penalty-free withdrawals over 10 years from the first one, and only 50% of each is taxable.

What if I need the money before then?

An early withdrawal is 100% taxable and carries a 5% penalty on the sum withdrawn. IRAS lists exceptions without the penalty: death, medical grounds, bankruptcy, and a foreigner's full withdrawal under conditions. The calculator shows what taking it all out on the day you stop would cost.

That depends on your tax band, how long the money stays in, and the tax on the withdrawals. The calculator sets the tax saved against the tax on the withdrawals and against the lock-in, under the assumptions you set. A higher band now and a lower band in retirement favour the SRS; stopping work well before the withdrawal age, when you may need the money, weighs against it.

SRS calculator for Singapore, for retiring early

See the income tax an SRS contribution saves at your band, what the account holds when penalty-free withdrawals start, the tax on spreading it over ten years, and what taking it out early costs.

Figures in Singapore dollars (S$), from IRAS, the Inland Revenue Authority of Singapore.

The income, contribution, return and ages are an example: replace them with your own. Jump to the inputs.

Paying S$15,300 a year into the SRS, on S$100,000 of chargeable income, saves you about

S$1,759 a year

in income tax, at the 11.5% band, so a year's S$15,300 costs you about S$13,541 after tax. The relief arrives in the year of assessment after you pay in.

Paying in until 45, your SRS holds about

S$264,566

That is in today's dollars, at 4% above inflation. Penalty-free withdrawals start at 64, 19 years later, when it would hold about S$557,401. Spread over 10 years, that is S$66,079 a year, of which 50% (S$33,040) is taxable: about S$306 of tax a year.

Tax on the withdrawals, in all: S$2,584; Valued at 64.
Tax saved while paying in, grown: S$61,636; Put to work outside the SRS, valued at 64.
Cap on what you can pay in: S$15,300; A year, for a Citizen or Permanent Resident.

The SRS against saving the same money elsewhere

Same S$15,300 a year and the same return: by 64 the SRS path leaves you S$616,452 after the tax on the withdrawals, counting the tax you saved, against S$557,401 saving it elsewhere. The SRS is ahead by S$59,051: the tax saved, grown, less the tax on the withdrawals. The elsewhere money stays reachable at any age; the SRS money does not, without the penalty.

If you stop work at 45 and need it before 64

Taking all of it out at 45 is an early withdrawal: 100% of it is taxable, which would be about S$33,540 of tax, and a 5% penalty on the sum, S$13,228. That would leave S$217,798 of the S$264,566.

Your status

The yearly cap differs: S$15,300 for Citizens and Permanent Residents, S$35,700 for foreigners. The example is not a recommendation.

Singapore Citizen or Permanent ResidentForeigner

Your age nowWhole years. From 18 to 70.Age you stop paying inContributions go in at the start of each year until then. Nothing can be paid in once withdrawals start. From 18 to 75.Age penalty-free withdrawals startThe statutory retirement age when you first pay into the SRS: age 64 from 1 July 2026, as IRAS gives it. Yours may be lower if you opened the account earlier. From 55 to 75.Chargeable income a yearAfter your other reliefs, before SRS relief, in today's dollars. Held flat. From 0 to 5,000,000.S$Your other tax reliefs a yearCPF, parent, spouse and the rest, for the overall cap on reliefs. Leave at 0 if you are not sure.S$SRS contribution a yearPaid in each year until you stop, up to the cap.S$Return above inflation, %Your assumption, after any fees. It grows the SRS and the alternative alike. Not a forecast. From 0 to 10, up to 2 decimal places.Other taxable income a year while you withdrawRent, a job or anything else taxable once you start withdrawing. Leave at 0 if none.S$

Everything is in today's dollars, and the tax bands are read as if they rise with prices. Not modelled: withholding tax on a foreigner's or Permanent Resident's withdrawal, being a non-resident when you withdraw, employer contributions, SRS operator fees, the rebates, and withdrawals on medical grounds, bankruptcy or death. Your SRS statement and IRAS decide the figures. The link carries your figures after the #, so you can save or share it. Your figures are not sent to us.

What goes in, and what it saves

The Supplementary Retirement Scheme is a voluntary account run by three banks, on top of your CPF. Contributions are in cash, up to S$15,300 a year for a Citizen or Permanent Resident and S$35,700 for a foreigner. Returns inside the account are tax-free until you withdraw. The money you pay in comes off your chargeable income for the following year of assessment, subject to the overall cap of S$80,000 on all your reliefs.

The saving is the tax on the income the relief removes, so it grows with your band. An example, not your figure: on a chargeable income of S$150,000 the tax is S$12,450; a S$15,300 contribution takes that down by S$2,295. There is no refund of what you pay in, so check you would benefit before you contribute.

What is locked until 64, and why it matters if you stop early

The SRS rewards leaving the money alone. From the statutory retirement age that applied when you first contributed (IRAS gives age 64 from 1 July 2026), you can withdraw penalty-free over 10 years, and only 50% of each withdrawal is taxable, added to your other income. Before that age, a withdrawal is 100% taxable and carries a 5% penalty on the sum.

For someone planning to stop work at 40 or 45, that is the bridge problem: the SRS is not what pays for the years before it opens, unless you accept the tax and the penalty. The calculator shows the cost of taking it all out the day you stop, beside the cost of waiting. Spreading withdrawals over the ten years generally keeps each year in lower bands.

You can have only one SRS account, with DBS, OCBC or UOB. Foreigners and Permanent Residents who withdraw are subject to withholding tax, and a non-Singaporean who no longer works and lives in Singapore is taxed as a non-resident on withdrawal; neither is modelled here.

Questions people ask

How much can I put into an SRS account?: Up to S$15,300 a year if you are a Singapore Citizen or Permanent Resident, and up to S$35,700 a year if you are a foreigner, as IRAS lists them. Foreigners declare their status to the SRS bank operator each year, which sets their cap.
How much tax does an SRS contribution save?: The contribution comes off your chargeable income in the year of assessment after you pay it in, so it saves tax at your top band. At the 11.5% band, S$15,300 saves S$1,760. It is claimed automatically from what the SRS operator reports. All your reliefs together are capped at S$80,000 a year, and a contribution you withdraw in the same year gets no relief.
When can I take money out without a penalty?: On or after the statutory retirement age that applied when you first paid into the SRS: IRAS gives age 64 from 1 July 2026, and your own age may be lower if you opened the account earlier. You can spread penalty-free withdrawals over 10 years from the first one, and only 50% of each is taxable.
What if I need the money before then?: An early withdrawal is 100% taxable and carries a 5% penalty on the sum withdrawn. IRAS lists exceptions without the penalty: death, medical grounds, bankruptcy, and a foreigner's full withdrawal under conditions. The calculator shows what taking it all out on the day you stop would cost.
Is the SRS worth it?: That depends on your tax band, how long the money stays in, and the tax on the withdrawals. The calculator sets the tax saved against the tax on the withdrawals and against the lock-in, under the assumptions you set. A higher band now and a lower band in retirement favour the SRS; stopping work well before the withdrawal age, when you may need the money, weighs against it.

Sources: IRAS's SRS contributions and tax relief, tax on SRS withdrawals and individual income tax rates pages. This is general information, not financial or tax advice; IRAS and your SRS operator decide what applies to you.