Insurance

No. To help lower your tax liabilities, you are allowed to spread your withdrawals over a period of 10 years upon the first withdrawal at or after the statutory retirement age*.

The withdrawals are subjected to the 50% tax concession. After the 10-year withdrawal period, any remaining balance in your SRS account would be subject to tax at 50% of the remaining balance.

However, if you have a life annuity as SRS, 50% of the annual annuity payout will still be taxable even after the 10-year withdrawal period.

*The statutory retirement age is the prevailing age when you made your first SRS contribution. Currently, it is 62.

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