Singapore SRS Calculator: Supplementary Retirement Scheme Growth
Estimate what a Singapore SRS (Supplementary Retirement Scheme) grows to from regular contributions invested at a steady return — the voluntary scheme that gives a dollar-for-dollar tax deduction on contributions.
Adjust the inputs and select Calculate for a full breakdown.
Year-by-year growth schedule
Compare Common Scenarios
How the numbers shift across typical situations for this calculator:
| Scenario | Future value | Total contributions | Total interest earned |
|---|---|---|---|
| $1,000/mo · 5% · 20yr | $411,033.67 | $240,000.00 | $171,033.67 |
| $1,275/mo · 5% · 15yr (~citizen cap) | $340,793.40 | $229,500.00 | $111,293.40 |
| $50k + $2k/mo · 6% · 10yr | $418,728.53 | $290,000.00 | $128,728.53 |
| $500/mo · 4% · 25yr | $257,064.77 | $150,000.00 | $107,064.77 |
How This Calculator Works
Enter your current SRS balance, monthly contribution, the return you expect, and the years contributing. The calculator compounds the balance monthly and shows the projected value and the growth. SRS contributions are deductible from your taxable income (up to the annual cap), the invested gains accumulate tax-free, and only 50% of withdrawals at retirement are taxable.
The Formula
Future Value with Regular Contributions
P = starting amount, PMT = monthly contribution, r = monthly rate (annual ÷ 12), n = number of months
Worked Example
$1,000 a month for 20 years at 5% grows to about $411,034, with roughly $171,034 of that being growth. The SRS (Supplementary Retirement Scheme) complements Singapore's mandatory CPF. It's voluntary: every dollar you contribute (up to an annual cap) reduces your taxable income that year, the funds can be invested in approved instruments where gains grow tax-free, and at the statutory retirement age only 50% of each withdrawal is taxed — and that taxable half can often be spread over up to 10 years to minimise tax.
Key Insight
The SRS is Singapore's main voluntary tax-relief retirement vehicle, sitting on top of compulsory CPF, and its tax mechanics drive the benefit. Three advantages: (1) contributions are deductible from assessable income up to an annual cap (notably higher for foreigners, who don't contribute to CPF, than for Singapore Citizens and PRs), giving immediate income-tax savings at your marginal rate — most valuable for higher earners; (2) you can invest the SRS balance in approved instruments (unit trusts, shares, bonds, fixed deposits, single-premium insurance), and investment gains inside the SRS accumulate tax-free — crucial, because uninvested SRS cash earns only a token interest rate, so leaving it idle wastes the opportunity; and (3) at withdrawal the tax treatment is favourable — only 50% of the amount withdrawn is taxable, and withdrawals at or after the statutory retirement age (the age prevailing when you made your first contribution) can be spread over up to 10 years, so by staggering you can keep each year's taxable half within low brackets, potentially paying little or no tax. The catch is liquidity and timing: withdrawing before the retirement age generally triggers tax on 100% of the sum plus a 5% penalty, so SRS money should be treated as locked for retirement. There's also a total cap on overall personal income-tax relief in Singapore that can limit the benefit for those already claiming large reliefs. This calculator gives a gross, constant-return projection and omits the contribution cap, fees and withdrawal tax; in practice contribute within the cap to capture the deduction, invest the balance (don't leave it as cash), and plan staggered withdrawals from retirement age to minimise the tax on the taxable half.
Annual cap by status: SGD 15,300 vs 35,700 and why
The 2026 SRS annual contribution cap is S$15,300 for Singapore Citizens and Permanent Residents, and S$35,700 for foreigners. The 2.33x premium for foreigners reflects the fact that they don't contribute to CPF, which is itself a major tax-favoured retirement vehicle for locals.
Practical implication: a foreigner on a high salary in Singapore can shelter up to S$35,700 from current-year income tax via SRS each year. At a top marginal rate of 24% (income above S$1M), that's S$8,568 of immediate tax saving per year — the single largest tax-deduction lever available to expatriates.
All SRS contributions must be made by 31 December of the year to count for that Year of Assessment's tax relief. The deadline is strict — contributions on 1 January count for the following year. Operator banks may have earlier internal cut-offs (e.g. 28 December) to ensure processing, so don't wait until the last day.
The S$80,000 combined relief cap: what eats into your SRS deduction
Singapore caps total personal income tax reliefs at S$80,000 per Year of Assessment. SRS relief is one of many reliefs that count toward this cap: CPF Ordinary contributions, parent relief (up to S$9,000), course-fees relief (up to S$5,500), NSman relief (up to S$5,000), CPF Cash Top-Up Scheme (RSTU, up to S$8,000 to your own + S$8,000 to a family member's account), foreign maid levy relief, and others.
Practical impact: a Singapore Citizen earning S$200,000 with existing reliefs of, say, S$25,000 (CPF + parent + NSman) has S$55,000 of headroom left under the cap. They can claim the full S$15,300 SRS relief and still have S$39,700 of headroom for other reliefs. A high earner with significant other reliefs may find SRS partially capped out.
Strategy: compute your existing reliefs first to see how much headroom you have. If you're already near the S$80,000 cap, SRS gives no additional benefit — better to put that cash elsewhere. If you have headroom, maximise SRS while you have it (and consider RSTU to top up CPF Special Account, also tax-deductible).
Withdrawing at retirement: the 50% taxable + 10-year spread
From the statutory retirement age (currently 63, rising to 65 in stages by 2030), SRS withdrawals are eligible for the favoured tax treatment: only 50% of each withdrawal is added to taxable income; the other 50% is exempt. Withdrawals can be spread over up to 10 years, so you can sequence them to keep the taxable portion in low brackets.
Example: a S$300,000 SRS balance withdrawn in 10 annual instalments of S$30,000 each. Taxable portion per year = S$15,000. For someone with no other income at retirement, that's well below the first S$20,000 tax-free threshold — effectively zero tax on the entire withdrawal over 10 years.
Withdrawing before the statutory retirement age (early withdrawal) loses both benefits: 100% of the withdrawal is taxable AND a 5% penalty applies. Treat SRS funds as locked until retirement age. Exceptions exist for terminal illness, death (to beneficiaries — different treatment), and full departure from Singapore (also penalty applies but 100% taxable in the year).
SRS tax saving by income bracket and contribution amount
The immediate income tax saving for the year, assuming the contribution fits within the S$80,000 combined relief cap. Singapore's progressive resident tax rates apply.
| Chargeable income (after reliefs) | Marginal rate | Saving on S$15,300 contribution | Saving on S$35,700 contribution |
|---|---|---|---|
| S$40,000 | 3.5% | S$536 | S$1,250 |
| S$80,000 | 11.5% | S$1,760 | S$4,106 |
| S$120,000 | 15% | S$2,295 | S$5,355 |
| S$160,000 | 18% | S$2,754 | S$6,426 |
| S$320,000 | 22% | S$3,366 | S$7,854 |
| S$500,000+ | 24% | S$3,672 | S$8,568 |
Saving is contribution × marginal rate at the income bracket. Contributing pushes some income into lower brackets so the actual saving may be slightly less for incomes near a bracket boundary.
Frequently Asked Questions
How is SRS growth calculated?
Your balance and monthly contributions compound at the expected return (annual rate ÷ 12 per month). $1,000/month for 20 years at 5% grows to about $411,034, with roughly $171,034 of growth — assuming you invest the balance, since uninvested SRS cash earns only a token rate.
What is the SRS?
The Supplementary Retirement Scheme — a voluntary scheme complementing Singapore's mandatory CPF. Contributions are tax-deductible up to an annual cap, the balance can be invested with gains accumulating tax-free, and only 50% of withdrawals at retirement age are taxable. It's a key tax-relief tool, especially for higher earners and foreigners.
What's the tax benefit of the SRS?
Contributions reduce your assessable income (up to the annual cap), saving tax at your marginal rate now. Invested gains grow tax-free, and at retirement only 50% of each withdrawal is taxed — and that half can be spread over up to 10 years to keep it in low brackets, potentially paying little tax.
Should I invest my SRS or leave it as cash?
Invest it. Uninvested SRS cash earns only a token interest rate, so leaving it idle wastes the tax-free growth opportunity. You can invest in approved instruments — unit trusts, shares, bonds, fixed deposits, single-premium insurance — and the gains accumulate tax-free inside the SRS account.
What if I withdraw before retirement age?
Early withdrawal generally means 100% of the amount is taxable (not 50%) plus a 5% penalty, so SRS funds should be treated as locked for retirement. Penalty-free, 50%-taxable withdrawals begin at the statutory retirement age that applied when you made your first SRS contribution.
References & Authoritative Sources
- IRAS — Inland Revenue Authority of Singapore — SRS contributions and tax relief · consulted May 31, 2026 · Tax authority — contribution caps, withdrawal taxation, 10-year spreading
- Ministry of Finance Singapore — Supplementary Retirement Scheme — policy framework · consulted May 31, 2026 · Policy basis for SRS — annual cap updates and the $80,000 combined relief cap
- Income Tax Act 1947 — Statutory basis for SRS — Section 10L · consulted May 31, 2026 · Singapore Statutes Online — full statutory text
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Methodology & Review
The future value compounds a starting balance plus a fixed monthly contribution at the annual return, compounded monthly. It assumes a constant return and end-of-month deposits, and does not enforce the SRS annual contribution cap, model investment fees, or compute the tax due (on 50% of withdrawals) at retirement.
Updated