Maximising wealth, minimising tax

A comparative look at retirement annuities versus tax-free savings accounts. When it comes to personal finance, every individual has different needs, dreams and financial goals, as well as different pathways to achieving those objectives. One of the most common long-term ambitions shared by many South Africans is to retire comfortably—to live confidently, knowing that there […]

How to sidestep common retirement savings mistakes

Saving for retirement is a crucial aspect of financial planning, yet it is fraught with challenges and pitfalls, especially in a dynamic economic landscape like South Africa’s. With the right strategies, however, individuals can overcome these challenges effectively and secure their financial future. This article explores key strategies to avoid common pitfalls when saving for […]

Three innovative approaches to boost your retirement savings

Retirement planning is absolutely key to your financial well-being, but let’s face it, as those golden years inch closer, a lot of us start to worry if what we’ve saved up is really going to cut it. Sure, sticking to the tried-and-true savings plans is essential, but why not think outside the box a little? […]

Retirement planning – Distributing retirement fund death benefits

Allocating death benefits, and determining appropriate methods of payment Once the board of trustees has determined the beneficiaries and is satisfied that its proposed allocation is fair and equitable, the beneficiaries must elect how they would like to receive the death benefit. The final duty of the trustees is to determine the most appropriate manner […]

Distributing retirement fund death benefits

Step 1: Identifying and tracing dependents Section 37C of the Pension Funds Act places a clear and onerous duty on the board of trustees to determine the fair and equitable distribution of death benefits of fund members.  The first step is to find and identify dependants. This article provides an overview of the different types […]

The importance of saving for retirement

Preparing for retirement requires seeing the bigger picture years before it becomes necessary. It should be one of the most important concerns for working individuals, yet many people are not making the necessary provisions for their old age. When you start a new job or enter the workforce for the first time, the last thing […]

Retirement funds and divorce: The tax implications

This article will explore the tax consequences where a member of a retirement fund and his/her spouse gets divorced and the member spouse’s retirement benefits are to be divided between him-/herself and the non-member spouse. Where the non-member spouse will receive a portion of the member spouse’s retirement fund in terms of the divorce court […]

Are retirement annuities still useful?

When talking about financial planning and investments it is not uncommon that people say and hold opinions such as “I don’t like retirement annuities, they are terrible investments!” Usually it has to do with the performance and people can’t understand how after 10 years of contributing to a retirement annuity (RA), it is worth less […]