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SA's No 1 Insurance Blog

Allan Gray | Retirement Annuities

Saving for your retirement is an important decision. These are various retirement policies you can choose from.

All retirement annuity contributions are tax deductible.

  • A retirement annuity gives you tax savings and a measure of protection but comes with some restrictions.
  • Your contributions to a retirement annuity are tax deductible and the returns you earn while invested are tax-free.
  • You decide how much to invest – at least R500 a month or a single lump sum of R20 000 if you don’t want to make a monthly investment. You can make changes whenever you need to, no transaction fees and no penalties.
  • The restrictions in a retirement annuity aim to ensure your money is kept for your retirement and that it is protected from potential creditors.
  • You can only access your money after the age of 55, except in certain circumstances.
  • When you retire you can only withdraw up to one-third of your investment as cash. The rest must be transferred to a product that can provide you with retirement income.
Ts & Cs apply

 

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