Estimate your SRS tax savings and withdrawal tax. This model uses the statutory retirement age that applied when you first contributed to SRS.
The Supplementary Retirement Scheme (SRS) is a voluntary scheme that lets you set aside money for retirement in exchange for an upfront income tax deduction. Every dollar you contribute reduces your chargeable income for that Year of Assessment, which is taxed under Singapore's progressive personal income tax brackets (0% up to $20,000, rising in steps to 24% above $1,000,000).
This calculator computes your income tax twice — once on your full annual income, and once on your income after subtracting your SRS contribution — and the difference is your annual tax savings. It then projects your SRS account balance year by year to your chosen withdrawal age, compounding your contributions at your expected investment return.
Singapore Citizens and Permanent Residents can contribute up to $15,300 a year. Foreigners have a higher cap of $35,700a year, since they don't have CPF. Contributions above your cap earn no additional tax relief.
Only 50%of any SRS withdrawal is taxable, whether you withdraw at the statutory retirement age that applied when you first contributed, or earlier (in which case a 5% penalty also applies on top of full taxation). This calculator assumes withdrawals are spread evenly over 10 years from your chosen withdrawal age, which is a common strategy to keep each year's taxable withdrawal — and therefore the tax rate applied to it — low.
This tool provides educational estimates only, not licensed financial or tax advice. Actual outcomes depend on your full tax position, future rate changes, and investment performance.
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Singapore Citizens and Permanent Residents can contribute up to $15,300 a year. Foreigners have a higher cap of $35,700 a year, reflecting their exclusion from CPF.
Only 50% of any SRS withdrawal is treated as taxable income, whether withdrawn at the statutory retirement age or earlier. Withdrawals before that age also attract a 5% penalty on top of full taxation of the withdrawn amount.
SRS tax relief is most valuable at higher marginal tax rates, since the deduction saves tax at your marginal rate. If your income is within the tax-free bracket, SRS contributions won’t generate an immediate tax saving.
SRS cap: $15,300/year
After CPF deductions & reliefs
Use the statutory retirement age when you made your first SRS contribution
Max: $15,300/year
SRS funds can be invested in stocks, bonds, ETFs
Used to estimate the marginal tax on SRS withdrawals
Annual Tax Savings
S$1,759
At your marginal rate of 11.5%
28 years of contributions at $15,300/year with 4% annual returns
Total Contributions
$428,400
Investment Gains
$366,684
Total Tax Savings
$49,266
Total SRS at Retirement
$795,084
Annual Withdrawal
$79,508
Taxable (50%)
$39,754
Annual Tax
$541
Total Tax (10 yrs)
-$5,414
Tax savings minus withdrawal tax over 10-year period
Projected withdrawals from age 63 to 72
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