You can withdraw your SRS monies any time. As SRS is meant for retirement purpose, any early withdrawals may be penalized. If withdrawals made after statutory retirement age*

• Only 50% of the withdrawal amount for the year are taxable as income
• No penalty on the amount withdrawn

If withdrawals made after statutory retirement age*

• 100% of the withdrawal amount for the year are taxable as income
• 5% penalty on the amount withdrawn

However, if early withdrawals are due to these exceptional circumstances, the 5% penalty will not be imposed but the withdrawal amount may be tax as follows:

1. Death or Terminal Illness
   • 50% of net withdrawal amount (after deducting up to a limit of $400,000) are taxable
2. Medical grounds
   • 50% of withdrawal amount are taxable
3. Bankruptcy
   • 100% of withdrawal amount are taxable
4. Full withdrawal by a foreigner, provided he/she must have maintained the SRS account for at least ten years from the date of the first contribution and have been a non-Singaporean for a continuous period of ten years before the date of withdrawal.
   • 50% of withdrawal amount are taxable

*The statutory retirement age is the prevailing age when you made your first SRS contribution. Currently, it is 63.