2020 has probably made you realise how quickly things can change and it has you re-evaluating what you want out of life, for you and your family.
We all have things we’re looking forward to doing, working towards and planning. If you and your family’s bucket list has been getting a little longer and your dreams and goals have been growing since March of this year, the question is how will you fund all of it?
Isn’t the key to saving all about developing a habit of putting money away? The key is to save towards goals which make you feel like you’re on top of your game. You have a greater chance of changing and sticking to new saving and spending habits if you’re working towards an attainable goal. The cherry on top is saving without worrying about the effect of tax and penalties. And Old Mutual Tax-Free Savings Account does just that and more.
How does tax-free savings work?
- You simply decide on how much you want to save. It can be regular contributions from as little as R250 per month* or invest as and when you have money up to a maximum of R36 000 per tax year. Then let your money make more money.
- The Tax-Free Savings Account (TFSA) lets you grow your money without paying tax on the growth of your investment (capital gains), the interest or dividends.
- You can contribute up to a limit of R500 000 over your lifetime. If you make withdrawals, you will not be able to top it up back to R500 000. The same principle applies to the R36 000 limit per tax year.
- If you invest in Old Mutual funds, you get a reduction in administration fees, giving you even more value.
- It is easy to access your money should you need it.
- The longer you leave it, the more it grows. Each month you will get one step closer to reaching your financial goals!
The time is now to start saving for what really matters to you.
If you are interested in an Old Mutual Tax-Free Savings Plan simply submit your details below.
Alternatively, you can chat to us on our WhatsApp Business line by clicking on the “Chat to us on WhatsApp” icon below.
Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider.
*Ts & Cs Apply
DISCLAIMER: This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals.