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Retirement Annuity
Long-term savings plan
What is a Retirement Annuity ?
A Retirement Annuity (RA) in South Africa is a long-term investment aimed at retirement savings, offering tax benefits and enforcing a disciplined approach to saving.
It involves regular contributions into a professionally managed portfolio of assets until retirement, aiming to grow the investment for a retirement nest egg. Contribution limits to RAs and similar funds are the lesser of R350,000 or 27.5% of the greater of one's remuneration or taxable income (excluding certain lump sums), before deductions like donations and foreign tax.
Retirement Annuities (RAs) work as follows
Contributions
An individual makes regular contributions to their Retirement Annuity over a fixed period of time, typically until they reach retirement age. The contributions are tax-deductible up to a certain limit, and can be adjusted annually based on changes in income or personal circumstances.
Investment
The funds contributed to the Retirement Annuity are invested in a diversified portfolio of assets, such as stocks, bonds, and cash, selected by a professional fund manager. The investment returns generated over time can help grow the value of the investment and provide a nest egg for retirement.
Tax Benefits
Contributions made to a Retirement Annuity are tax-deductible up to certain limits, and investment returns earned on the investment are tax-free. This can help individuals maximise their retirement savings and keep more of their money.
Vesting Age
The vesting age of a Retirement Annuity is the age at which an individual can access the funds in their investment without penalty. In South Africa, the vesting age is typically 55 years old.
Benefits of Having an
Mont Blanc Financial Services (MBFS) Financial Advisor:
01
Comprehensive Approach:
MBFS advisors go beyond basic financial products. They take a holistic view of your situation, considering short-term insurance, employee benefits, risk management, and even investment options. This comprehensive approach ensures your financial plan addresses all your needs.
02
Technology & Innovation:
MBFS prides itself on being a "Fresh-Tech" ™ company. Your advisor will leverage modern tools and resources to deliver efficient service and provide you with up-to-date financial information.
03
Client-Centric Focus:
Rooted in their core value "We Care" ™ , MBFS advisors prioritise building strong relationships with our clients. They act as partners, understanding your unique goals and tailoring solutions to achieve them.
04
Peace of Mind & Security:
With MBFS's focus on "Getting You Claims Ready" ™ , our advisors can ensure you have the right insurance coverage in place. This proactive approach can give you peace of mind knowing you're protected financially in case of unforeseen events.
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