The Supplementary Retirement Scheme (SRS) is a voluntary program that allows Singaporeans and Permanent Residents to save money for their retirement. One of the key features of the SRS is the withdrawal age, which is an important consideration for those planning for their retirement.

The SRS withdrawal age is currently set at 62 years old. This means that individuals who have contributed to the SRS can only withdraw their savings from the age of 62 onwards. It is important to note that this withdrawal age is the same as the current retirement age in Singapore, which is 62 years old.

There are several reasons why the government has set the SRS withdrawal age at 62 years old. Firstly, it is meant to encourage individuals to save for their retirement over the long term. By having a withdrawal age that is linked to the retirement age, it encourages individuals to think about their long-term financial planning and to set aside money for their retirement.

Secondly, the SRS withdrawal age is designed to help individuals manage their tax liability. Contributions to the SRS are tax-deductible up to a certain limit, and withdrawals from the SRS are subject to tax. By deferring withdrawals until the age of 62, individuals can spread out their tax liability and potentially pay a lower tax rate in retirement.

Finally, the SRS withdrawal age is also designed to encourage individuals to continue working and contributing to society beyond the age of 62. By setting the withdrawal age at 62, it encourages individuals to continue working and contributing to society for as long as they are able to do so.

It is important to note that while the SRS withdrawal age is currently set at 62 years old, there have been proposals to change this in the future. For example, some have suggested that the withdrawal age should be raised to 65 years old, which would be in line with the expected increase in the retirement age in Singapore.

In conclusion, the SRS withdrawal age is an important consideration for those planning for their retirement in Singapore. By setting the withdrawal age at 62 years old, it encourages individuals to save for their retirement over the long term, manage their tax liability, and continue working and contributing to society. While there have been proposals to change the withdrawal age in the future, it remains an important feature of the SRS program.