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Attractive tax benefits
SRS reduces your taxable income by the same amount that you contribute to your SRS account. Singaporeans and PRs can make a maximum yearly contribution of S$15,300, and foreigners can make a maximum yearly contribution of S$35,700. SRS contributions are subject to a cap on personal income tax relief of S$80,000 per Year of Assessment.
Opportunity to gain higher returns
Uninvested SRS funds only earn returns of 0.05% per annum, so make your money work harder and further grow your retirement savings by investing your SRS funds.
Non-taxable investment gains
We credit any of the gains you make from your investments directly to your SRS account, where they remain tax-free before withdrawal.
Flexibility to make withdrawals
Tax will be payable only when you withdraw your SRS savings (comprising both your SRS contributions and gains on investments). If you withdraw your SRS savings upon retirement, only 50% of the savings withdrawn will be subject to tax.
You may spread your withdrawals over a period of up to 10 years to meet your financial needs and enjoy greater tax savings. For example, after retirement, if you withdraw S$30,000 a year, you pay no taxes on the withdrawal, as half of that amount is S$15,000, which falls within the zero tax rate.
Read on about What is Wealth Management & why it is especially important now?
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