living annuity
Through the retirement fund harmonisation process, the options at retirement have been streamlined across pension, provident and retirement annuity funds, although there remain certain technicalities when dealing with the vested benefits in respect of provident fund contributions made prior to
If you are self-employed, you may want to consider implementing mechanisms to ensure that your personal assets are protected from business creditors; whereas if you have interests in a business, business assurance mechanisms can be employed to ensure that these
The type of policy you have in place, together with the applicable regulations, will impact both your beneficiary nomination and the policy's payout, so it is important to understand the nature of each policy you have in place.
Understanding the potential expenses you may be faced with at various stages during your retirement is key to developing realistic scenarios. For example, one could reasonably expect to spend more on travel during the first decade of your retirement with
In the process of determining your retirement income, don’t neglect to consider the capital outlays you might face during your retirement. If you have adult children living abroad, budgeting for overseas travel – specifically during the early part of your
A typical life annuity policy terminates on the death of the policyholder which means that it is not necessary for any beneficiaries to be appointed. Conversely, all capital housed in a living annuity when the policyholder dies can be distributed
In terms of the Income Tax Act, death is considered a capital gains event and the deceased person is deemed to have disposed of his assets for an amount equal to the market value of the assets at the date
Appropriately timing the sale of your primary residence is imperative, not least of all because the decision can be a hugely emotional one which can become more overwhelming with age. Further, if your retirement plan is dependent on some or
Generally speaking, you may not make additional contributions to your preservation fund except if the money originates from another retirement fund. Also, if you have been awarded a share of your ex-spouse’s pension interest in terms of Section 7(8) of
Living annuities make excellent estate planning tools because the policyholder is free to nominate his beneficiaries with the surety that, upon his death, the proceeds will devolve on them. In the event of the policyholder’s death, the proceeds of the
