retirement fund
The capital in your living annuity may not be attached by means of a court order should you be declared insolvent. However, any income drawn from your living annuity does not enjoy the same protection and may be attached by
To buffer against the risk of an early death, a guaranteed period life annuity provides for a pre-determined period (e.g. ten years) during which the insurer is obliged to continue paying the pensioner’s annuity income even if the pensioner dies
As a single parent, if you are unable to generate an income, you will not have a spouse or partner whose income you can fall back on. An income protection benefit is an excellent way of ensuring that you will
Operating on a single income, give careful thought as to whether you will be able to afford domestic help after the baby arrives. If not, are you comfortable to do the cleaning, laundry and general housework? Will you be able
Once you and employer have come to agreement on your severance benefit, keep in mind that the Income Tax Act allows more favourable tax treatment of these benefits. The first R500 000 of your severance pay, being a combination of
Interests rates are currently very low which could give you a false sense of security when it comes to repaying your home loan, car or credit card. However, interest rates are not likely to stay low this way indefinitely so
As much as your financial plan should focus on building wealth, it also needs to include an estate plan that makes provision for the distribution of your wealth should you die, keeping in mind that tragedy can strike at any
Estate planning is an important exercise for coupled married with the accrual system to undertake to ensure that each spouse is adequately provided for in the event of tragedy. The accrual comes into effect when one spouse passes away which
Because each spouse is able to bind the joint estate through their actions, our law affords some protection by requiring spousal consent for certain transactions. For instance, your spouse’s consent would be needed if you want to sell a joint
You are able to transfer your policy RA to a unit trust-linked RA, although this should be done with the considered advice of a financial adviser. Such a transfer will need to take place via Section 14 of the Pension
