Should I go for special account top or SRS if I were to plan for my retirement in a more “efficient way” to reduce tax?

I think there is no right choice, as it depends on the purpose of this contribution, the liquidity and the individual perspective and knowhow. Some of us even do both SRS and SA top-up if we are super high in-come earners now. But below are some of the basis comparison for reference.

SRS

• WIthdrawal age is statutory retirement age at time of application (current 62)

• To effectively earn the tax relief, annual withdrawal post-retirement should not be more than 40k per year.

• Early withdrawal allowed with penalty 5% and subjected to income tax

• Good for invest-savy participants who can achieve more than 4% offered by SA

SA account

• Withdrawal age is 55 (on balance after forming RA account)

• Not subjected to further tax during withdrawal

• One way contribution and non-reversal

• Good for risk adverse participants who is satisfied with 4% offered by SA​​​