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
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 email@example.com 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 is a Certified Financial Planner with more than 10 years experience in financial advisory services, helping many of her clients to achieve their financial dreams, while protecting their families.
With more than a decade of insurance claims experience, she has tangibly helped many clients receive their claims pay-outs successfully, relieving their financial burden.
As part of her community outreach program, she finds it very meaningful to conduct financial talks for companies where the staff can benefit from the talks. Some of the companies who have benefitted include National Kidney Foundation, Singapore National Eye Centre and Singtel.
Despite her busy schedule, she enjoys working out at the gym and playing the piano (currently pursuing Grade 6 ABRSM).
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