Singapore SRS Calculator
Estimate the income tax relief from a Supplementary Retirement Scheme contribution this Year of Assessment, project the account to your prescribed retirement age, and see the tax on withdrawals — computed with IRAS YA 2026 resident rates and the SGD 15,300 / SGD 35,700 contribution caps.
SG SRS Calculator
IRAS YA 2026 resident rates · SRS caps SGD 15,300 / 35,700
Tax Summary
THIS YASRS tax relief summary
A plain-English read of what the contribution above does to this year's tax bill, at IRAS resident rates for YA 2026 and within the SGD 80,000 cap on personal reliefs.
Where the saving comes from
Tax band breakdown
Each resident band the chargeable income touches, with and without the SRS contribution. The relief removes income from the highest band first, which is why the saving equals the contribution times the marginal rate until a band boundary is crossed.
| Band (chargeable income) | Rate | Taxed without SRS | Taxed with SRS | Tax with SRS |
|---|---|---|---|---|
| SGD 0 – SGD 20,000 | 0% | SGD 20,000 | SGD 20,000 | SGD 0 |
| SGD 20,000 – SGD 30,000 | 2% | SGD 10,000 | SGD 10,000 | SGD 200 |
| SGD 30,000 – SGD 40,000 | 3.5% | SGD 10,000 | SGD 10,000 | SGD 350 |
| SGD 40,000 – SGD 80,000 | 7% | SGD 31,000 | SGD 15,700 | SGD 1,099 |
Year-by-year projection
The same contribution each year until the prescribed retirement age, growing at the assumed return. The relief column holds today's tax rates and income constant; actual relief changes with income and with any future change to IRAS rates.
| Age | Contribution | Growth | Closing balance | Relief that year |
|---|---|---|---|---|
| 36 | SGD 15,300 | SGD 459 | SGD 15,759 | SGD 1,071 |
| 37 | SGD 15,300 | SGD 932 | SGD 31,991 | SGD 1,071 |
| 38 | SGD 15,300 | SGD 1,419 | SGD 48,709 | SGD 1,071 |
| 39 | SGD 15,300 | SGD 1,920 | SGD 65,930 | SGD 1,071 |
| 40 | SGD 15,300 | SGD 2,437 | SGD 83,667 | SGD 1,071 |
| 41 | SGD 15,300 | SGD 2,969 | SGD 101,936 | SGD 1,071 |
| 42 | SGD 15,300 | SGD 3,517 | SGD 120,753 | SGD 1,071 |
| 43 | SGD 15,300 | SGD 4,082 | SGD 140,134 | SGD 1,071 |
| 44 | SGD 15,300 | SGD 4,663 | SGD 160,097 | SGD 1,071 |
| 45 | SGD 15,300 | SGD 5,262 | SGD 180,659 | SGD 1,071 |
| 46 | SGD 15,300 | SGD 5,879 | SGD 201,838 | SGD 1,071 |
| 47 | SGD 15,300 | SGD 6,514 | SGD 223,652 | SGD 1,071 |
| 48 | SGD 15,300 | SGD 7,169 | SGD 246,121 | SGD 1,071 |
| 49 | SGD 15,300 | SGD 7,843 | SGD 269,263 | SGD 1,071 |
| 50 | SGD 15,300 | SGD 8,537 | SGD 293,100 | SGD 1,071 |
| 51 | SGD 15,300 | SGD 9,252 | SGD 317,652 | SGD 1,071 |
| 52 | SGD 15,300 | SGD 9,989 | SGD 342,941 | SGD 1,071 |
| 53 | SGD 15,300 | SGD 10,747 | SGD 368,988 | SGD 1,071 |
| 54 | SGD 15,300 | SGD 11,529 | SGD 395,817 | SGD 1,071 |
| 55 | SGD 15,300 | SGD 12,334 | SGD 423,450 | SGD 1,071 |
| 56 | SGD 15,300 | SGD 13,163 | SGD 451,913 | SGD 1,071 |
| 57 | SGD 15,300 | SGD 14,016 | SGD 481,229 | SGD 1,071 |
| 58 | SGD 15,300 | SGD 14,896 | SGD 511,425 | SGD 1,071 |
| 59 | SGD 15,300 | SGD 15,802 | SGD 542,527 | SGD 1,071 |
| 60 | SGD 15,300 | SGD 16,735 | SGD 574,562 | SGD 1,071 |
| 61 | SGD 15,300 | SGD 17,696 | SGD 607,557 | SGD 1,071 |
| 62 | SGD 15,300 | SGD 18,686 | SGD 641,543 | SGD 1,071 |
| 63 | SGD 15,300 | SGD 19,705 | SGD 676,548 | SGD 1,071 |
| 64 | SGD 15,300 | SGD 20,755 | SGD 712,604 | SGD 1,071 |
Tax on withdrawals
From the prescribed retirement age, 50% of each withdrawal is added to that year's taxable income and no penalty applies; the balance can be drawn over 10 years from the first penalty-free withdrawal. The projection stops growing the balance once withdrawals begin.
| Year | Withdrawal | Taxable (50%) | Other income | Tax due to SRS |
|---|---|---|---|---|
| Year 1 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
| Year 2 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
| Year 3 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
| Year 4 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
| Year 5 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
| Year 6 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
| Year 7 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
| Year 8 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
| Year 9 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
| Year 10 | SGD 71,260 | SGD 35,630 | SGD 0 | SGD 397 |
SRS versus investing outside SRS
The same annual amount, the same assumed return, two wrappers. Inside SRS the relief is received each year and 50% of withdrawals are taxed later; outside SRS there is no relief and, for an individual in Singapore, no tax on the investment gains. The relief saved each year is treated as reinvested at the same return.
The comparison ignores the operator's rate on uninvested SRS cash, product fees and any change in income or tax rates over the years. Cash top-ups to CPF under RSTU carry a separate relief of up to SGD 8,000 and are not part of this comparison.
Singapore SRS Rules & Figures
Contribution caps, the personal relief cap, how withdrawals are taxed and the resident tax bands the relief is measured against — the figures the calculator above uses.
Opening and contributing
Who can hold an account and how contributions work.
Relief mechanics
How the deduction reaches the tax return.
Withdrawal treatment
The taxable share and penalty by type of withdrawal, per IRAS.
How SRS withdrawals are taxed
Withdrawals are added to the other taxable income of the year and taxed in the following Year of Assessment; the operator reports them to IRAS, so nothing is declared. The prescribed retirement age is the statutory retirement age in force at the first contribution — 64 for accounts first funded from 1 July 2026 — and it does not move when the statutory age rises later.
| Type of withdrawal | Amount subject to tax | 5% penalty | Notes |
|---|---|---|---|
| On or after the prescribed retirement age | 50% | No | Can be spread over 10 years from the first penalty-free withdrawal; spreading generally keeps each year in a lower band |
| Medical grounds (incapacity, partial on terminal illness) | 50% | No | Any time, with a medical practitioner's certification |
| Full withdrawal on terminal illness | 50% less up to SGD 400,000 exempt | No | Exempt amount mirrors 10 years of the SGD 40,000 tax-free withdrawal |
| Bankruptcy | 100% | No | |
| Foreigner: one lump sum after at least 10 years | 50% | No | Withholding tax applies to foreigners and PRs; it is not the final tax |
| Early withdrawal, any other case | 100% | Yes | Penalty on the amount withdrawn, on top of the tax |
| Balance left after the 10-year window | 50% | No | Deemed withdrawn; life annuities are exempt from the window and taxed on 50% of each payment instead |
Resident income tax bands the relief is measured against
IRAS resident rates, unchanged From YA 2024 onwards. The value of SRS relief is the contribution multiplied by the rate of the band the income would otherwise sit in, so the same contribution saves more tax the higher the band.
| Chargeable income | Rate | Tax on the band | Cumulative tax at top of band |
|---|---|---|---|
| First SGD 20,000 | 0% | SGD 0 | SGD 0 |
| Next SGD 10,000 | 2% | SGD 200 | SGD 200 |
| Next SGD 10,000 | 3.5% | SGD 350 | SGD 550 |
| Next SGD 40,000 | 7% | SGD 2,800 | SGD 3,350 |
| Next SGD 40,000 | 11.5% | SGD 4,600 | SGD 7,950 |
| Next SGD 40,000 | 15% | SGD 6,000 | SGD 13,950 |
| Next SGD 40,000 | 18% | SGD 7,200 | SGD 21,150 |
| Next SGD 40,000 | 19% | SGD 7,600 | SGD 28,750 |
| Next SGD 40,000 | 19.5% | SGD 7,800 | SGD 36,550 |
| Next SGD 40,000 | 20% | SGD 8,000 | SGD 44,550 |
| Next SGD 180,000 | 22% | SGD 39,600 | SGD 84,150 |
| Next SGD 500,000 | 23% | SGD 115,000 | SGD 199,150 |
| Above SGD 1,000,000 | 24% | — | — |
Relief per SGD 15,300 contribution, by band
| Marginal band | Tax saved (Citizens / PRs, SGD 15,300) | Tax saved (foreigners, SGD 35,700) |
|---|---|---|
| 7% | SGD 1,071 | SGD 2,499 |
| 11.5% | SGD 1,760 | SGD 4,106 |
| 15% | SGD 2,295 | SGD 5,355 |
| 18% | SGD 2,754 | SGD 6,426 |
| 22% | SGD 3,366 | SGD 7,854 |
| 24% | SGD 3,672 | SGD 8,568 |
Assumes the whole contribution falls inside one band and total reliefs stay under SGD 80,000. Where the contribution crosses a band boundary the saving is lower, as the calculator's Tax Bands tab shows.
SRS relief and the SGD 80,000 cap
Since YA 2018 all personal reliefs together are capped at SGD 80,000 per Year of Assessment. SRS relief shares the cap with CPF Relief, Earned Income Relief, child and parent reliefs, NSman relief, and CPF cash top-up relief. Once the cap is reached, further SRS contributions earn no relief in that year but are still locked in until the prescribed retirement age.
| Relief | Typical amount | Interaction with SRS |
|---|---|---|
| CPF Relief (employees) | Employee CPF on wages up to the ceilings — up to SGD 20,400 at the SGD 8,000 OW ceiling | Counts towards the same cap |
| CPF Cash Top-up Relief (RSTU / MediSave) | Up to SGD 8,000 self + SGD 8,000 loved ones | Separate relief, same cap |
| Earned Income Relief | SGD 1,000 / 6,000 / 8,000 by age | Counts towards the same cap |
| SRS relief | Contribution up to SGD 15,300 / 35,700 | Deducted in full until the cap binds |
Singapore SRS News & Rule Changes
What has changed for the Supplementary Retirement Scheme — the retirement-age step that fixes the withdrawal age for new accounts, the standing contribution caps, and how withdrawals are taxed.
Statutory retirement age rises to 64 — new SRS accounts lock in 64 as the withdrawal age
From 1 July 2026 the statutory retirement age is 64, up from 63. For SRS the age that matters is the one in force at the first contribution: accounts first funded from 1 July 2026 become penalty-free at 64, while accounts funded before that date keep 63 and are not affected by the change.
What it means
- First contribution before 1 Jul 2026: prescribed retirement age stays 63
- First contribution on or after 1 Jul 2026: prescribed retirement age is 64
- Future rises (MOM has signalled 65) do not move an existing account's prescribed age
Where it is set
The Retirement and Re-employment Act sets the statutory age; IRAS applies the age prevailing at the first contribution to every later withdrawal.
Contribution caps unchanged: SGD 15,300 for Citizens and PRs, SGD 35,700 for foreigners
The annual SRS contribution caps remain SGD 15,300 for Singapore Citizens and Permanent Residents and SGD 35,700 for foreigners, the levels in force since the caps were last raised. Contributions must reach the operator by 31 December to be deducted in the following Year of Assessment, and are counted within the SGD 80,000 cap on personal reliefs.
Citizens and PRs
SGD 15,300 a year. At the 11.5% band that is SGD 1,760 of tax; at 15%, SGD 2,295; at 22%, SGD 3,366.
Foreigners
SGD 35,700 a year, reflecting the absence of CPF. Status is declared to the operator annually; a PR grant mid-year re-computes the cap pro rata.
Up to SGD 40,000 a year can be withdrawn tax-free by a member with no other income
IRAS states that a member with no other taxable income and no reliefs can withdraw up to SGD 40,000 a year from the prescribed retirement age without paying tax — SGD 400,000 over the 10-year window — because only 50% of each withdrawal is taxable and SGD 20,000 sits inside the 0% band.
The arithmetic
- Withdraw SGD 40,000 → taxable share SGD 20,000
- First SGD 20,000 of chargeable income is taxed at 0%
- Ten such years → SGD 400,000 drawn, no tax, provided there is no other taxable income
With other income
Rental, part-time work or other taxable income uses up the 0% band first; the calculator's Withdrawal tab shows the tax at any level of other income.
Singapore SRS — Frequently Asked Questions
Contribution caps, how the relief is calculated, what happens at withdrawal, and how the SRS sits beside CPF — answered with the IRAS and MOM rules in force for YA 2026.
The SRS is a voluntary savings scheme that complements CPF. Contributions are made in cash to an SRS account held with one of three operators (DBS, OCBC, UOB), earn income tax relief in the following Year of Assessment, grow untaxed inside the account, and are taxed on only 50% of the amount when withdrawn from the prescribed retirement age. IRAS administers the tax treatment; the operators hold the accounts.
IRAS — SRS contributions and tax reliefAnyone aged 18 or over who is not an undischarged bankrupt can open one SRS account — Singapore Citizens, Permanent Residents and foreigners alike. A person may hold only one SRS account at a time.
IRASThe annual cap is SGD 15,300 for Singapore Citizens and Permanent Residents and SGD 35,700 for foreigners. Contributions must be in cash and must reach the operator by 31 December to count for that year; operators may set an earlier cut-off. Contributions are not refundable.
IRASIt is the statutory retirement age in force when the first SRS contribution was made: 63 for accounts first funded before 1 July 2026 and 64 for accounts first funded on or after that date. Withdrawals from that age are penalty-free and 50% taxable. A later rise in the statutory retirement age does not move the prescribed age of an existing account.
IRAS — Tax on SRS withdrawalsSRS funds can be invested through the operator in a range of instruments — including Singapore Savings Bonds and Treasury bills applied for with SRS funds — and returns are not taxed while they stay in the account. Uninvested cash earns whatever interest the operator bank pays, which is a commercial rate rather than an official figure, so the calculator does not assume one; the return slider is your own assumption.
IRASThe contribution is deducted from assessable income as a relief, so the saving is the tax on the income that is no longer taxed — the contribution times the marginal rate, until a band boundary is crossed.
The projection contributes the same amount every year to the prescribed retirement age, then spreads the balance over 10 equal withdrawals (or one lump sum) with no further growth. Income, reliefs and tax rates are held constant.
IRAS — Individual income tax ratesYes. Since YA 2018 all personal reliefs — CPF Relief, Earned Income Relief, child and parent reliefs, cash top-up relief, SRS relief and the rest — are capped together at SGD 80,000 per Year of Assessment. Once other reliefs reach the cap, an SRS contribution earns no further relief that year but remains locked in the account.
IRASIn the Year of Assessment following the contribution year: cash reaching the account by 31 December 2026 is deducted in YA 2027. IRAS receives the contribution record from the operator, so the relief appears in the tax return automatically.
IRASNo. Relief only has value where there is tax to reduce. Chargeable income up to SGD 20,000 is taxed at 0%, so a contribution that leaves income inside that band saves nothing this year while still being taxed on 50% at withdrawal. The calculator shows a zero saving in that case.
IRASAn employer's SRS contribution on an employee's behalf is treated as remuneration — it is taxable as employment income — and the same amount is then given as SRS relief, subject to the cap and the SGD 80,000 relief cap.
IRASFrom the prescribed retirement age, 50% of each withdrawal is added to that year's taxable income and taxed at the normal resident rates; there is no penalty. Withdrawals can be spread over 10 years from the first penalty-free withdrawal, and any balance left at the end of the window is deemed withdrawn and taxed on 50%. Withdrawals are taxed in the YA following the year they are made; nothing has to be declared.
IRAS — Tax on SRS withdrawalsIRAS states that a member with no other taxable income and no reliefs can withdraw up to SGD 40,000 a year tax-free from the prescribed retirement age — SGD 400,000 over the 10-year window — because 50% of SGD 40,000 is SGD 20,000, the top of the 0% band. Other taxable income in the same year uses up that band first.
IRASA 5% penalty is charged on the amount withdrawn and 100% of it is added to taxable income. The exceptions IRAS lists are death, medical grounds (incapacity, or partial withdrawal on terminal illness), bankruptcy, and a foreigner withdrawing the full balance in one lump sum after holding the account for at least 10 years — each taxed on 50% (100% for bankruptcy) with no penalty.
IRASWithholding tax applies when a foreigner or Permanent Resident withdraws; it is not the final tax, and a refund can be applied for once the year's assessment is settled. A foreigner who no longer lives and works in Singapore is taxed as a non-resident on the withdrawal.
IRASNo. Life annuities are exempt from the 10-year withdrawal window; as long as annuity payments continue for life, 50% of each payment is taxed in the year it is received. Other insurance policies in the account are valued at surrender value and deemed withdrawn at the end of the window.
IRASNo. CPF contributions are compulsory and go to the CPF Board; SRS contributions are voluntary cash paid to a bank operator, with IRAS setting the tax rules. Foreigners, who do not contribute to CPF, can use the SRS with a higher cap.
IRASThey are separate reliefs under the same SGD 80,000 cap. A cash top-up to the Special or Retirement Account under RSTU earns relief of up to SGD 8,000 for the member's own account and up to SGD 8,000 for loved ones, and the money then earns the CPF rate (4% floor on SMRA balances) until the retirement sums are met. SRS relief is up to SGD 15,300 (35,700 for foreigners), with the balance invested at the member's choice and taxed on 50% at withdrawal. The CPF calculator models the RSTU side.
CPF Board — Top-upsCPF LIFE payouts are not taxable, so they do not use up the 0% band. Only taxable income — rental, employment, other pensions that are taxable — counts as "other income" when the 50% of an SRS withdrawal is added for the year.
IRAS — What is taxable, what is notImportant disclaimer
For educational and informational purposes only. This page produces estimates based on the inputs provided and the rules published by IRAS for the Supplementary Retirement Scheme: annual contribution caps of SGD 15,300 (Singapore Citizens and Permanent Residents) and SGD 35,700 (foreigners), the SGD 80,000 cap on personal income tax reliefs, resident tax rates From YA 2024 onwards, 50% of withdrawals taxable from the prescribed retirement age with a 10-year withdrawal window, and a 5% penalty plus full taxation on early withdrawals. The prescribed retirement age follows the statutory retirement age at the first contribution — 64 from 1 July 2026 per the Ministry of Manpower. The expected annual return is a user assumption; Money Snap publishes no figure for the interest an SRS operator pays on uninvested cash.
No warranty of accuracy. While Money Snap takes reasonable care to source figures from official authorities (IRAS, MOM, CPF Board), this page is provided "as is" without any express or implied warranty as to accuracy, completeness, timeliness, or fitness for any particular purpose. Contribution caps, relief caps, tax rates and retirement ages change from time to time — figures shown may be out of date — and circumstances not captured by the inputs, including changes in income, other reliefs, residency status, withholding tax on withdrawals by foreigners and Permanent Residents, product fees, and future changes to IRAS rules, may materially affect actual tax payable.
Not financial advice. Nothing on this page is a recommendation to open, contribute to or withdraw from an SRS account, or to buy any investment product. Results are estimates for illustrative purposes only and do not reflect any individual's circumstances. Refer to IRAS and the SRS operator's terms, and seek independent professional advice before making any financial decision.
Limitation of liability. Money Snap shall not be liable for any loss or damage arising from reliance on this page. Use of this calculator is subject to our Terms of Use.
Official data sources
SRS caps SGD 15,300 / 35,700 · Relief cap SGD 80,000 · 50% taxable over 10 years · Retirement age 64 from 1 Jul 2026 · Verified September 2026