Merlio
Free SRS Calculator

See how much income tax your SRS contribution saves

Enter your income and how much you plan to put into your Supplementary Retirement Scheme (SRS) account. This shows the tax you would save this year, worked out from your own numbers using published tax rates. It runs entirely in your browser and nothing is saved.

Calculate my saving Track SRS in Merlio

The calculator

You would save this year

S$0

 
Tax without SRS

S$0

Tax with SRS

S$0

This is a calculator, not advice. It uses published IRAS resident income tax rates (YA2024 onwards) and applies simple arithmetic to the figures you enter. Your actual tax assessment may differ, for example if you are near the S$80,000 total relief cap or claim other reliefs. This is not tax or financial advice. Speak to a MAS-licensed financial adviser or a tax professional for personalised recommendations.

How SRS tax relief works

An SRS contribution is deducted from your chargeable income for the year. Because Singapore uses progressive tax rates, the tax you save is the contribution multiplied by your marginal rate, the rate on your top dollar of income. Someone in the 7% band saves S$7 for every S$100 contributed. Someone in the 15% band saves S$15 for the same S$100. The higher your income, the more each dollar of SRS relief is worth.

The yearly contribution cap is S$15,300 for Singapore Citizens and PRs, and S$35,700 for foreigners. Contributions must reach your SRS account by 31 December to count for that year, which is why many people top up in the last weeks of December.

For the full picture, read our guide on how the December SRS top-up tax break actually works, including the caps, the deadline, and the trade-off at withdrawal.

What happens when you withdraw

SRS defers tax, it does not erase it. When you withdraw on or after the statutory retirement age that applied when you made your first contribution, only 50% of each withdrawal is taxable, and there is no penalty. You can spread withdrawals over up to 10 years, which keeps each year's taxable slice small and can mean little or no tax if you have no other income then.

Withdraw early, before that retirement age, and the rules are stricter: 100% of the amount is taxable and a 5% penalty applies. The scheme rewards leaving the money until retirement.

What this calculator doesn't model

  • The S$80,000 total personal income tax relief cap. If your other reliefs already bring you near it, your usable SRS relief may be lower than your contribution.
  • Investment returns inside your SRS account. This page is about the upfront tax saving only.
  • Future changes to tax rates or caps. Rates shown are current as of YA2024 onwards.
  • Tax on eventual withdrawals, covered above as context only.

See your SRS next to everything else you own

Merlio tracks your SRS balance alongside CPF, investments, cash, and property, so your full net worth sits in one place. Set your own targets and watch the arithmetic, no advice, just your numbers.

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Frequently asked questions

How much can I contribute to SRS each year?

S$15,300 if you are a Singapore Citizen or PR, and S$35,700 if you are a foreigner. The higher foreigner cap reflects that foreigners do not receive CPF tax relief. Contributions must reach your SRS account by 31 December to count for that year.

How is my tax saving calculated?

Your SRS contribution is subtracted from your chargeable income, and we compute the income tax before and after using the IRAS resident tax brackets. The difference is your saving. In practice it equals your contribution multiplied by your marginal tax rate.

Is the S$80,000 relief cap included?

Not in this simple version. The S$80,000 cap applies to all your personal reliefs combined, including SRS. If your other reliefs already use most of the cap, your actual SRS relief may be lower than what this page shows. We note this so you can check your own position.

When can I withdraw without penalty?

On or after the statutory retirement age that applied when you made your first SRS contribution. At that point only 50% of each withdrawal is taxable and there is no penalty, and you can spread withdrawals over up to 10 years.

What if I withdraw early?

Early withdrawals before the retirement age are fully taxable and carry a 5% penalty. SRS is designed to be left until retirement.

Is my data saved?

No. This calculator runs entirely in your browser. Nothing is sent to a server, and refreshing the page resets your inputs.

Does Merlio give tax or financial advice?

No. Merlio is a tracker and calculator. For personalised tax or financial advice, speak to a MAS-licensed financial adviser or a tax professional.

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