Save on taxes with SRS! Invest it to maximize returns for your retirement.

The SRS is a voluntary savings scheme that gives you tax relief for every dollar saved into the account. For every dollar you put in, that amount will then be taken off your total taxable income as a tax relief in the next year of assessment. 

You may withdraw your SRS at age 62 onwards– up to $40,000 per year tax-free, if you have no other taxable income at that time.

As the SRS account is similar to a savings account, your money inside will be growing at the savings bank rate. To make your SRS money grow you may invest in the following:

• Bonds
• Singapore Government Securities (SGS)/ Singapore Savings Bonds (SSB)
• Fixed Deposit
• Foreign Currency Fixed Deposit
• Shares
• Single Premium Insurance
• Unit Trusts
• Discretionary managed portfolios

 

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Readers should seek independent, unbiased financial advice that is customised to their specific financial objectives, situation, and needs. This publication has not been reviewed by the Monetary Authority of Singapore.

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