Lifestyle Financial Planning
Endowments also offer tax benefits to investors with a marginal tax rate of more than 30% as it will reduce the tax payable on investment growth. However, it is important to bear in mind that endowments have restricted investment terms
The other option for externalizing funds offshore is to utilise the indirect option through Rand-denominated funds. Indirect offshore investing means that no Rands are physically transferred by the investor, and their investments remain domiciled in South Africa.
If you have not yet received your IRP5 or IT3(a)s and other tax certificates, such as your medical aid certificate or retirement annuity certificate, you should contact your employer and/or service providers to obtain these as soon as possible.
Women have a unique set of financial planning requirements which need to be carefully planned and provided for. Besides for the gender pay gap (which is still very much in existence), women are more likely to have their retirement savings
If you choose to stop working, make sure that you fully understand the implications of doing so. If you do not generate an income of your own, you will find it very difficult to build wealth in your own name.
Where a person dies leaving no heirs, the assets in his estate will be forfeited to the State and placed in the Guardian’s Fund for safe-keeping for a period of 30 years. If no heirs come forward during this period,
Tracking your expenditure and knowing exactly where your money going is a surprisingly empowering exercise. Take time to go through your bank statement and make sure you can account for every cent you have spent.
If you have a special needs child, ensuring that those assets intended for him are protected and managed in his best interests even after your passing is a critical part of generational wealth planning. Special trusts, whether testamentary or inter
Another mechanism for ensuring effective succession planning is by nominating beneficiaries to your life policy or living annuity. If you wish to provide capital to your spouse and/or children in the event of your death, taking out life cover is
