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Who needs a retirement annuity?

Retirement annuities represent people’s personal retirement savings. As with reserve and pension funds, annuities are registered under the Pension Funds Act and are tax-efficient investment instruments for individual investors, writes Moneyweb.
Who needs a retirement annuity?

South Africans are allowed to invest up to 27.5% of taxable income in a retirement annuity on a tax-free basis. Future retirees can choose flexible savings plans. Since invested funds are not available until the age of 55, investors can avoid the temptation to spend money prematurely. Next generation retirement annuities are usually posted on the LISP platform, which provides complete investment flexibility and transparency at very competitive rates.

Retirement annuity is a perfect investment solution for small business owners, the self-employed, or those with an irregular income. It can also be used by those who are formally employed and contribute to their employer's pension fund to increase their savings for old age.

Source: https://www.moneyweb.co.za/financial-advisor-views/these-seven-financial-solutions-should-be-used-strategically/

Photos are from open sources.

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