Save for retirement and pay less tax with an SRS account

The SRS was started in 2001 to help Singaporeans save more for retirement and to complement the compulsory CPF scheme.
The SRS was started in 2001 to help Singaporeans save more for retirement and to complement the compulsory CPF scheme.PHOTO: ST FILE

A Supplementary Retirement Scheme account can be a useful component of retirement adequacy in your old age

As the year winds down, it's a good time to see if you have any spare cash to put aside in the Supplementary Retirement Scheme (SRS).

You can save hundreds, if not thousands, of dollars in income tax next year by contributing to this retirement savings scheme before Dec 31.

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A version of this article appeared in the print edition of The Sunday Times on November 24, 2019, with the headline 'Save for retirement and pay less tax with an SRS account'. Print Edition | Subscribe