SRS tax savings calculator
By MoneyBees
See how much an SRS top-up cuts your income tax this year, what the account could grow to by the age you can withdraw without penalty, and the tax when you take it out. The penalty-free age follows the date of your first contribution.
Calculator
Your situation
Foreigners get a higher cap (S$35,700) because they don't receive CPF.
Gross income from employment, trade, or rent.
CPF, earned income, parent, NSman, life insurance, etc. Capped at S$80,000 total under IRAS rules.
Annual cap: $15,300 for Singapore Citizen or PR. Excess gets no tax relief.
Long-run projection
Penalty-free from 64. Earlier withdrawals are taxed in full and pay a 5% penalty.
Existing SRS account balance, if any.
Your own assumption. Investments can lose money.
Check the rate your SRS bank pays on uninvested cash.
Top up the same amount annually until withdrawal age
Adjust the projection for inflation (real return)
Withdrawal scenario
Up to 10 years from the first withdrawal. Spreading it out keeps each year's taxable slice smaller.
Pension, rental, part-time work. If $0, your SRS slice may be entirely tax-free.
Tax saved this year
$1,759
at 11.5% marginal rate
New tax payable
$3,891
was $5,650
Effective rate
4.59%
down from 5.65%
Cash vs invested, to age 64
Invested balance
$810,384
at 4.0% nominal p.a.
If left idle
$443,700
at 0.00% p.a.
Investing advantage
$366,684
83% more
Money you put into SRS stays as cash until you invest it. The tax relief is the same either way; the gap between the lines is the return you assumed above.
Tax cost when you withdraw
At age 64: 50% taxable
$81,038
per year for 10 years
- Taxable slice (50%)
- $40,519/yr
- Estimated tax
- $586/yr
- Total tax over withdrawal
- $5,863
Early lump sum: 100% taxable plus 5% penalty
$810,384
one-shot withdrawal
- Taxable amount
- $810,384
- Estimated tax
- $155,538
- 5% penalty
- $40,519
- Total tax + penalty
- $196,058
Net to you (retirement path): $804,521, against early withdrawal $614,327. That's a $190,194 swing for waiting until 64.
Year-by-year projection
| Year | Age | Contributions | Cumulative tax saved | If idle | If invested |
|---|---|---|---|---|---|
| 0 | 35 | $0 | $0 | $0 | $0 |
| 1 | 36 | $15,300 | $1,759 | $15,300 | $15,300 |
| 2 | 37 | $30,600 | $3,519 | $30,600 | $31,212 |
| 3 | 38 | $45,900 | $5,278 | $45,900 | $47,760 |
| 4 | 39 | $61,200 | $7,038 | $61,200 | $64,971 |
| 5 | 40 | $76,500 | $8,797 | $76,500 | $82,870 |
| 6 | 41 | $91,800 | $10,557 | $91,800 | $101,485 |
| 7 | 42 | $107,100 | $12,316 | $107,100 | $120,844 |
| 8 | 43 | $122,400 | $14,076 | $122,400 | $140,978 |
| 9 | 44 | $137,700 | $15,835 | $137,700 | $161,917 |
| 10 | 45 | $153,000 | $17,595 | $153,000 | $183,693 |
| 11 | 46 | $168,300 | $19,354 | $168,300 | $206,341 |
| 12 | 47 | $183,600 | $21,114 | $183,600 | $229,895 |
| 13 | 48 | $198,900 | $22,873 | $198,900 | $254,391 |
| 14 | 49 | $214,200 | $24,633 | $214,200 | $279,866 |
| 15 | 50 | $229,500 | $26,392 | $229,500 | $306,361 |
| 16 | 51 | $244,800 | $28,152 | $244,800 | $333,915 |
| 17 | 52 | $260,100 | $29,911 | $260,100 | $362,572 |
| 18 | 53 | $275,400 | $31,671 | $275,400 | $392,375 |
| 19 | 54 | $290,700 | $33,430 | $290,700 | $423,370 |
| 20 | 55 | $306,000 | $35,190 | $306,000 | $455,605 |
| 21 | 56 | $321,300 | $36,949 | $321,300 | $489,129 |
| 22 | 57 | $336,600 | $38,709 | $336,600 | $523,994 |
| 23 | 58 | $351,900 | $40,468 | $351,900 | $560,254 |
| 24 | 59 | $367,200 | $42,228 | $367,200 | $597,964 |
| 25 | 60 | $382,500 | $43,987 | $382,500 | $637,182 |
| 26 | 61 | $397,800 | $45,747 | $397,800 | $677,970 |
| 27 | 62 | $413,100 | $47,506 | $413,100 | $720,388 |
| 28 | 63 | $428,400 | $49,266 | $428,400 | $764,504 |
| 29 | 64 | $443,700 | $51,025 | $443,700 | $810,384 |
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- Looking for whether to top up SRS or CPF? Use the SRS vs CPF top-up calculator.
- Looking for the tax on your SRS withdrawals? Use the SRS withdrawal tax calculator.
- Looking for the date your SRS withdrawals become penalty-free? Use the SRS retirement age countdown.
Tax saved by a S$15,300 SRS top-up
Chargeable income before the top-up, at IRAS resident rates for YA2026.
| Chargeable income | Top rate | Tax saved |
|---|---|---|
| $50,000 | 7% | $886 |
| $80,000 | 7% | $1,071 |
| $100,000 | 11.5% | $1,760 |
| $150,000 | 15% | $2,295 |
| $200,000 | 18% | $2,754 |
| $300,000 | 20% | $3,060 |
| $500,000 | 22% | $3,366 |
| $1,200,000 | 24% | $3,672 |
The saving is the tax on the slice of income the top-up removes, so it can span two bands. It stops once your reliefs reach the S$80,000 cap.
When you can withdraw without the 5% penalty
The statutory retirement age when you first contributed stays fixed for you.
| First SRS contribution | Penalty-free from age |
|---|---|
| Before 1 Jul 2022 | 62 |
| 1 Jul 2022 to 30 Jun 2026 | 63 |
| From 1 Jul 2026 | 64 |
From that age, 50% of each withdrawal is taxed, spread over up to 10 years from the first penalty-free withdrawal. Earlier withdrawals are taxed in full and pay a 5% penalty.
Worked example
Chargeable income of S$100,000 sits in the 11.5% band. A S$15,300 top-up brings it to S$84,700 and cuts the tax from S$5,650 to S$3,890.50, a saving of S$1,759.50. If the money then stays in SRS until 64 and you withdraw S$15,300 a year for 10 years with no other income, only S$7,650 of each year's withdrawal is taxable, which falls in the 0% band.
How SRS works
- The cap is S$15,300 a year for citizens and PRs and S$35,700 for foreigners. Contributions made by 31 December count for the next year's tax.
- SRS accounts are opened with DBS, OCBC or UOB. You can leave the money as cash or invest it, and it stays inside SRS until you withdraw.
- Check the interest rate your bank pays on uninvested SRS cash before you enter it above.
Frequently asked questions
How much can I put into SRS each year?
S$15,300 a year for Singapore Citizens and PRs, and S$35,700 for foreigners. Contributions made by 31 December count for the following year's tax. Check your bank's cut-off, which can be earlier.
How much tax does an SRS top-up save?
The tax on the slice of income the top-up removes. With S$100,000 of chargeable income, a S$15,300 top-up cuts tax from S$5,650 to S$3,890.50, a saving of S$1,759.50. The table on this page shows the saving at other incomes.
When can I withdraw SRS without a penalty?
From the statutory retirement age that applied when you made your first contribution. That is 62 if you first contributed before 1 July 2022, 63 from then until 30 June 2026, and 64 from 1 July 2026. Your age is fixed once you have contributed, even if the retirement age rises later.
How are SRS withdrawals taxed?
From your penalty-free age, only 50% of each withdrawal is taxed, and you can spread withdrawals over up to 10 years from the first one. Taking S$15,300 a year with no other income means S$7,650 of taxable income, which falls in the 0% band.
What happens if I withdraw early?
The whole withdrawal is added to your taxable income for that year and a 5% penalty applies. Exceptions include withdrawals on medical grounds, on death and lump sums by foreigners who have held the account for at least 10 years.
Does SRS count towards the S$80,000 relief cap?
Yes. SRS relief is added to your other personal reliefs, such as CPF relief and parent relief, and the total is capped at S$80,000 a year. Close to the cap, a top-up saves less or nothing.
Which banks offer SRS accounts?
DBS, OCBC and UOB are the SRS operators listed by IRAS. You hold one SRS account at a time. Money in it stays as cash until you invest it, so check the interest your bank pays on uninvested cash.
Is SRS or a CPF cash top-up better for tax relief?
Both cut chargeable income dollar for dollar, within the same S$80,000 cap. A CPF cash top-up to yourself gives up to S$8,000 of relief and earns CPF interest, but stays in CPF under its retirement rules. SRS gives up to S$15,300 of relief and can be invested, with tax due on half of each withdrawal later.
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These calculators provide general estimates for educational purposes only and are not personalised financial advice. Results may rely on rates and rules that change over time, so verify against official sources (IRAS, CPF Board, HDB, MAS) or consult a licensed financial adviser before making decisions.
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