retirement annuity
If you applied and were granted life cover as a smoker and have subsequently quit smoking for a period of 12 months or more, it is definitely worthwhile approaching your insurer to have your premiums reviewed.
Legislation permits you to switch your living annuity to a life annuity, but not vice versa. This is because a life annuity is an insurance policy which is purchased with the capital in your investments, and therefore cannot be moved
As your adult children become financially independent and your net wealth grows, you may find that you can reduce your life cover to a certain extent.
According to an ancient Chinese proverb, ‘The best time to plant a tree was twenty years ago; the second-best time is now’.
Whether or not you can draw from your investments depends on the type of investment you have in place. Legislation prohibits you from accessing funds held in provident and pension funds until the official retirement age of the fund.
Despite the fact that you may have nominated a beneficiary (or beneficiaries) to your retirement fund, it remains the function of the trustees to allocate and apportion these funds.
The risk of one’s annuity income not keeping pace with inflation is another major risk that retirees need to contemplate, especially as medical inflation continues to outstrip consumer inflation by around 4% year-on-year.
A ‘severance benefit’ is essentially the cash payment that your employer pays you as a result of your loss of employment. Our law provides that you are entitled to at least one week’s pay for each year of completed service,
By all accounts, we will be confronted with Covid-19 in South Africa for some time still. Time is of the essence when it comes to budgeting and financial management, and the cost of doing nothing can be great.
If you have not previously withdrawn from your preservation fund, you can then exercise your right to make a full or partial withdrawal before the minimum retirement age.
