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Retirement Annuity


A retirement annuity is a long-term savings policy.  Retirement indicates that this is for your retirement.  Annuity means income.  So the purpose of this policy is to provide you with an income at retirement.

There are a few essential things you need to consider when taking out a retirement annuity.  Let’s take a closer look at some common questions:


When should I start a retirement annuity?

You want to start this as early as possible.  Let me explain…

… If you are 30 and want to retire at 55, you have 25 years to save.  However, if you wait and start saving at 40, you will only have 15 years to retirement.   This means you would have to pay a higher premium or opt to retire at a later age.


This being said, it is never too late to start.  Contact us to begin saving now from R250 pm.


What is the term of the retirement annuity?

The great thing about this policy is that it provides you with a disciplined way of saving.  You are only entitled to access funds in your retirement annuity from age 55.  This means that the term of the policy should run from your age now until you reach age 55.


How can I save on tax with a retirement annuity?

If you are looking at ways to save on tax, the retirement annuity is a perfect vehicle.  To help reduce the chances of you being a state grant, the government has a tax incentive for you if you contribute towards a retirement annuity.  You will benefit from this every year that you save.  If you are not taking advantage of this, you are paying more tax than you should.


I have a retirement fund at work, do I really need a retirement annuity?

Your company pension fund is a huge advantage for your retirement.  Often people feel that this will be enough.  This is not the case though.  To see proof of this, look around you.  There are family members, friends, work colleagues that are 55 or older.  They are forced to continue working to maintain their lifestyle.

In your company pension fund, you contribute a portion (generally 7.5% of your salary) and your company contributes a portion (generally 7.5% of your salary).  This equates to 15% of your salary.  However, at retirement, you would need 100% of your salary.

The only disciplined way to get there outside of your company pension fund is a retirement annuity.

** If you intend moving to another company, you can avoid paying tax on your pension fund by transferring your money to your retirement annuity.


Please contact us to begin your retirement annuity.

We also have a tool that will help give you an idea of your retirement progress.  It considers your current retirement provisions and looks at what income you would like at retirement.  This will help give you an idea of what you need to save to meet your retirement goal.  Click here to begin.


Secrets to making your money grow.


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