retirement fund
Ensuring that you remain adequately protected in respect of death and disability throughout the transition period is equally important as any lapse in cover can leave you at financial risk. Before joining your new employer, ask for all details pertaining
From 1 March last year, provident funds are subject to the same rules at retirement as pension funds and retirement annuities, except whereas a provident fund member you were age 55 or older at that date and you remain a
Approved retirement funds include occupation funds offered as a result of one’s employment, being provident and pension funds, and retirement annuity funds which are taken out in one’s individual capacity. Simply speaking, contributions made to any of these funds are
Regulated by the Divorce Act, Pension Funds Act and Income Tax Act, the purpose of the pension interest calculation is to allow divorcing spouses, where applicable, to share in each other’s retirement benefits at the date of divorce without having
If there are specific assets in your estate that you intend bequeathing to your minor children, it is important that you provide for this carefully in your Will. Remember, in terms of our law, children under the age of 18
Remember, your severance benefit will be taxed as per your retirement benefit with the first R500 000 being tax-free. When calculating your tax-free portion, bear in mind that SARS will take into account all previous taxable withdrawals, retirement benefits and
If you are left in a vegetative medical condition from which there is no hope of recovery, the onus will fall on your loved ones to make difficult decisions regarding your medical care – including whether to remove you from
While contributions to TFSAs are not tax-deductible, the real benefits lie in the fact that all growth and income received on your investment are free from tax, meaning that you will not be liable for CGT, dividends withholding tax or
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
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
