Do you contribute to your SRS? Why or why not? I understand that there are tax benefits, but does having more money in your CPF (which is far from liquid) actually help?

I personally contribute to SRS every year

Pros of SRS:

• If you’re already saving for retirement, why not gain tax relief on it?
• Putting a small amount in today (even $1) locks in the retirement age you can withdraw
• SRS is more liquid than CPF
• The fact that the money is locked up actually sometimes helps you made better investment decisions in the long term (less behavioral biases like selling due to fear, impulse buys, etc.)

Cons of SRS:

• Penalties when withdrawing before stipulated age
• Limitations on types of investment products you can buy
• At entry levels, your salary may not be that high so tax relief might be low

I contribute to SRS.
Mainly for investing for the long term and for tax relief.

I think you are confusing SRS and CPF, although they are for the same goal.

SRS monies can be withdrawn early subject to tax and penalty. CPF is only withdrawn upon retirement age or 55.

Remember both are for retirement.
The compound interest over a long time for the CPF amount can be a lot. That amount will help for your retirement needs.