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Anonymous

28 Dec 2023

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What will happen if I withdraw the $10,000 I put into SRS?

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Wang Teng Tian

Edited 24 Mar 2024

If you withdraw from your Supplementary Retirement Scheme (SRS) account before the statutory retirement age, you’ll have to pay a 5% penalty, and the withdrawn amount will be 100% taxable. However, if you withdraw after reaching the statutory retirement age, only 50% of the withdrawn amount will be taxed. There are some exceptions where pre-retirement withdrawals are penalty-free, such as in cases of illness, bankruptcy, or death.

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Francis

03 Feb 2024

Just pay the penalty if really need to use the money.

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Chin Guo Qiang (ITIL4 / CSPO / CSM)

Edited 05 Jan 2024

Assistant Vice President, IT Operations at Bank of China Limited

By then you will be age 62 and most likely no active income source (ie. employment income), unless o...

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