Insurance

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  • No penalty on the amount withdrawn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  • 5% penalty on the amount withdrawn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.

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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.