The Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement. Contributions to SRS are eligible for tax relief. Investment returns are tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement.
• SRS contributions are voluntary
• SRS contributions reduce your taxable income. For example if you earn $100,000/yr and contribute $15,000, you will only be taxed based on $85,000
• SRS monies can be used for selected insurance and investment plans
Read more on Supplementary Retirement Scheme here
If you set aside $15,300/yr over 20yrs at 5%pa, you would have accumulated $505,000!
Similarly if you set aside $35,700/yr over 10yrs at 5%pa, you would have accumulated $450,000!
While reducing your taxes, your SRS contribution can also be put to more efficient use through investing in a wide range of retirement solutions including Institutional Funds.
If you would like to find out which are the best tax savings & investing solutions for you, do drop me an email at winniechan@fapl.sg or chat with me here
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
Winnie Chan is a distinguished Certified Financial Planner (CFP) with over a decade of expertise in financial advisory services. Her commitment to her clients has led many to achieve their financial aspirations while ensuring their families’ protection. Winnie‘s extensive experience in insurance claims has been instrumental in securing successful payouts, providing crucial financial relief during challenging times.
Her passion for community engagement is evident through her financial education initiatives. She has conducted insightful financial talks for esteemed organizations such as Carousell Group, Singapore National Eye Centre and Singtel, empowering their employees with valuable financial knowledge.
Outside of her professional commitments, Winnie balances her life with a passion for fitness and music. She enjoys rigorous workouts at the gym and is a pianist, currently pursuing Grade 6 ABRSM.
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By submitting this form, I confirm that
提交此表格,即表示
In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.
根据《个人数据保护法》,鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料(例如姓名,证件号码,联系电话,邮寄地址,电邮地址和照片)。 该政策可在本公司网站上查寻,网址为 https://fa.com.sg/data-protection-policy/.
By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.
提交此表格,即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策