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 63.
Can't find what you are looking for?
Leave a message with your question and we’ll get back to you!
Get the best of MoneyOwl delivered straight to your inbox.
MoneyOwl to Wind Down Financial Advisory Business by End-2023
MoneyOwl announced on August 31, 2023, that it is winding down its financial advisory business and that all commercial activities will cease by December 31, 2023.
For more information, please visit our microsite here.
