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No matter what stage you are in life, saving for retirement can seem like a daunting task. Sure, you have your Central Provident Fund (CPF) savings. But if you imagine the lifestyle you picture yourself having post-retirement, you might start to wonder if itâ??s enough.

While your compulsory CPF savings can help you save for retirement, you can take a more proactive approach to saving more for your retirement with the voluntary Supplementary Retirement Scheme (SRS) which was introduced by the Singapore government in 2001.

On top of helping you save more for retirement, the SRS comes with a whole host of benefits that include tax reliefs. (Find out how much you can save with the SRS tax relief calculator). You can also use your SRS funds to invest and give your savings a boost through a wide range of instruments, ranging from the typical investment instruments to single premium insurance products.

You are eligible to sign up for an SRS account if you are a Singaporean, Permanent Resident (PR) or foreigner; at least 18 years old and not an undischarged bankrupt; have no existing or pending SRS account or account application with any bank; and can contribute varying amounts, subjected to a cap.

You can make a SRS contribution to top up your SRS account as many times a year as you like, up to a maximum of S$15,300 for Singaporean citizens/PRs, and S$35,700 for foreigners.

The SRS account can help you grow your retirement savings, it is worth considering making a SRS contribution if youâ??ve reached the contribution limit on your CPF account. As mentioned earlier, it can also help you save on taxes - hereâ??s how it works:

Need a play-by-play on the SRS tax relief? Hereâ??s an example showing how SRS can help you reduce your chargeable income so that you can achieve significant tax savings:

* Income tax savings based on the assumption that a married male Singapore Citizen has an annual income of S$102,000 in 2023 and enjoys total personal tax relief of S$31,500 (Earned Income Relief of S$1,000, CPF Relief of S$17,000, NSman Self Relief of S$5,000, Qualifying Child Relief of S$4,000 and Parent Relief of S$4,500) and SRS relief of S$15,300 for the Year of Assessment 2023.

How your SRS contributions can work even harder: Investing

Your SRS account is not just for retirement savings and tax savings, you can also use the money in your account to invest in a wide range of SRS-approved instruments like:

Whatâ??s more, whatever returns you make from your investments are credited directly to your SRS account where it can grow steadily, tax-free.

Unsure how to grow your SRS funds? Try the Invest your SRS Savings feature in DBS Plan & Invest tab in digibank to get personalised recommendations for your needs.

Hereâ??s an example of how investment returns can help you to grow your SRS money. John, Peter and Shaun contribute S$15,300 annually to their SRS accounts, giving them S$459,000 in their respective accounts after 30 years of annual contribution.

But if you place investments in, as illustrated below, Peter and Shaun â?? who both invested a portion of their SRS accounts in SRS-approved instruments â?? will each accumulate more for their retirement than John who left his funds un-invested.

When can you withdraw from your SRS Account

Unlike CPF which has a strict minimum age for withdrawal of funds, you can withdraw your SRS monies anytime. Just note that if you withdraw before the current statutory retirement age of 63 years old, there will be a 5% penalty.

Itâ??s not uncommon for SRS members to spread their withdrawals out over a longer period, and the government allows us 10 years to>