SRS monies/assets can only be taken out penalty free after the statutory retirement age.
This age is determined by the prevailing retirement age in the year that you open your SRS account.
So if you open your SRS account this year, you can withdraw when you are age 62, even if the statutory retirement age has risen to say, 65 then. In a way, this gives you options to retire earlier if you have sufficient assets.
If the statutory retirement age rises to age 63, say in 2022, and you only open your SRS account in 2022, then you can only withdraw your SRS holdings penalty free when you reach 63.
Thus it makes sense to open up your SRS account and lock in the withdrawal age. You may open your SRS account as long as you are age 18 and above.
It will help to lock in the age that you can withdraw your SRS. It will also give you $1 tax relief.