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What Is Supplementary Retirement Scheme (SRS): How Can We Maximise It?

Are you aware of the Supplementary Retirement Scheme (SRS), one of Singapore’s most effective ways to plan for retirement while reducing your annual tax bill? It’s often overlooked but is a strategic tool for anyone looking to enhance their financial health. In this edition, let’s break down what SRS is, how to use it, and how to maximise your SRS funds for a comfortable retirement.

 

What is the Supplementary Retirement Scheme (SRS)?

The SRS is a voluntary savings scheme introduced by the Singapore Government to encourage individuals to save for retirement. Unlike CPF, which is mandatory, SRS is flexible and comes with generous tax incentives:

 

1. Tax Relief:

Contributions to SRS are eligible for tax relief up to S$15,300 per annum for Singaporeans and Permanent Residents, and up to S$35,700 for foreigners. This effectively reduces your taxable income, allowing you to pay less tax.

 

2. Tax-Deferred Growth:

Investments made with SRS funds grow tax-deferred. You don’t pay tax on the gains until you start withdrawing during retirement, at which point you might be in a lower tax bracket.

 

3. Flexible Investment Options:

SRS allows you to invest in a wide range of financial instruments, such as unit trusts, stocks, fixed deposits, and insurance products.

 

4. Partial Taxation on Withdrawals:

Only 50% of SRS withdrawals are subject to tax at retirement, with a 10-year withdrawal window starting from the statutory retirement age.

 

How to Use the SRS?

The SRS account is not just for accumulating savings—it’s an investment tool. Here’s how to get started:

 

1. Open an SRS Account:

You can open an SRS account with any of the three local banks: DBS, OCBC, or UOB.

 

2. Make Contributions:

You can make voluntary contributions to your SRS account at any time, subject to the annual cap.

 

3. Invest the Funds:

Once you’ve contributed, it’s crucial to invest your SRS funds. Leaving them idle will only earn nominal interest. You can use SRS funds to invest in:

• Stocks and ETFs for potential capital growth

• Unit Trusts for diversified portfolios

• Insurance-linked products that provide both protection and investment benefits

• Fixed Deposits for those seeking capital preservation

 

4. Withdraw When Ready:

You can start withdrawing from your SRS account at the statutory retirement age (currently 63), but withdrawals are allowed before then, albeit with a 5% penalty and full taxation. Plan to withdraw strategically over 10 years to minimize the tax impact.

 

How to Maximise Your SRS Funds?

 

1. Adopt a Long-Term Investment Strategy:

With the SRS withdrawal period set at 10 years, your investment horizon is long-term. This gives you the advantage of compounding returns. Consider growth-oriented investments such as equities, diversified funds, or even property investment funds to potentially achieve higher returns.

 

2. Regular Fund Review and Rebalancing:

Just like any other investment portfolio, your SRS portfolio requires regular review and rebalancing to ensure it aligns with your retirement goals. Rebalancing also helps to mitigate risks and capitalize on emerging opportunities.

 

3. Use Dividend-Paying Investments:

One effective way to grow your SRS balance is to invest in dividend-yielding assets like REITs or dividend mutual funds. The dividends can be reinvested, allowing for compounding growth over time.

 

4. DCA (Dollar-Cost Averaging):

To manage market volatility, consider a Dollar-Cost Averaging (DCA) approach, where you invest a fixed amount regularly. This reduces the risk of making a large investment at a market peak and helps average out the cost of investments over time.

 

5. Explore Annuities or Regular Payout Plans:

Before starting withdrawals, consider converting a portion of your SRS funds into annuities or regular payout plans. This provides a steady income stream in retirement while managing longevity risks.

 

6. Optimise Withdrawal Strategies:

Plan your withdrawals over 10 years to reduce your taxable income, especially if you expect other retirement income sources. Effective tax planning ensures you make the most out of your retirement funds.

The SRS is a flexible and effective retirement planning tool in Singapore, offering significant tax advantages and a range of investment options. Whether you’re already contributing or just starting to explore the SRS, maximising its potential requires a strategic approach tailored to your financial goals and retirement needs.

If you need guidance on optimising your SRS investments or want to explore how it fits into your overall retirement plan, feel free to reach out. Planning early and wisely is the key to a financially secure retirement.

 

Cheers.

𝗟𝗲𝘁’𝘀 𝗖𝗼𝗻𝗻𝗲𝗰𝘁:

I am Zechariah See

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𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘦 𝘢𝘣𝘰𝘷𝘦 𝘤𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘢𝘯𝘥 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘷𝘪𝘦𝘸𝘴 𝘰𝘯𝘭𝘺, 𝘢𝘯𝘥 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘣𝘦 𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘥 𝘶𝘱𝘰𝘯 𝘢𝘴 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦 𝘺𝘦𝘵. 𝘙𝘦𝘢𝘥𝘦𝘳𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘴𝘦𝘦𝘬 𝘪𝘯𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦 𝘵𝘩𝘢𝘵 𝘪𝘴 𝘵𝘢𝘪𝘭𝘰𝘳𝘦𝘥 𝘵𝘰 𝘵𝘩𝘦𝘪𝘳 𝘪𝘯𝘥𝘪𝘷𝘪𝘥𝘶𝘢𝘭 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘰𝘣𝘫𝘦𝘤𝘵𝘪𝘷𝘦𝘴, 𝘤𝘪𝘳𝘤𝘶𝘮𝘴𝘵𝘢𝘯𝘤𝘦𝘴, 𝘢𝘯𝘥 𝘯𝘦𝘦𝘥𝘴. 𝘊𝘰𝘯𝘵𝘦𝘯𝘵 𝘪𝘴 𝘯𝘰𝘵 𝘳𝘦𝘷𝘪𝘦𝘸𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘔𝘰𝘯𝘦𝘵𝘢𝘳𝘺 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 𝘰𝘧 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦.

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.

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This allows me to connect deeply with families and business owners—not just as their advisor, but as someone who has stood in their shoes in managing complex risks and needs from big families and evolving businesses.

Today, I channel this breadth of experience into helping entrepreneurs, corporate leaders, and families design resilient financial strategies—from investment planning and cash flow management to business protection and legacy planning. Whether you’re looking to scale, optimise your holdings, or plan your exit, I can offer insights that are both strategic and actionable.

My key deliverables will be to protect your assets from downside business/family risks and give you a lift for your upside potentials.

If you are a business owner who values working with someone who understands your world, or if you know someone who would benefit from such a partnership—I’d love to connect.

Let’s build something meaningful together.

I can be reached via the communication channels mentioned below. Chat with you soon. Cheers.

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
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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