Share

Retirement products: What you need to know

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
loading...
Loading, please wait...

SPONSORED

Cape Town - The concept of retirement has certainly evolved over the last few decades. Thanks to extended life expectancy and a changing idea of what being “old” entails, most people don’t see themselves quietly sitting on a park bench and feeding birds during retirement.

Instead, modern retirement is increasingly seen as an opportunity to explore, start new ventures, become actively involved in your passions and, quite possibly continue making good money while doing so.

But despite this, it is still necessary to save for an income when you’re not working full-time.

Warren Ingram, the director at Galileo Capital, sums up the intention of retirement saving in a modern world: “The goal is to obtain financial freedom as quickly as you possibly can. Nowadays, achieving this goal means being able to work on things you really love, doing the things you want to do…”

The easiest way of saving for retirement is through vehicles expressly designed for this purpose. The three most common investment vehicles are pension funds, provident funds and retirement annuities.

The most important aim of these savings vehicles is to encourage and enforce regular contributions towards a retirement income that will be accessed at retirement age. (It’s important to note that any lump sums paid out via pensions funds, provident funds and retirement annuities are taxable.)

Read this for free
South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism. Join our free subscription trial to unlock this story and a world of news aimed to inform, empower, and inspire.
Try our free 14-day trial
Already a subscriber? Sign in
heading
description
username
Show Comments ()
Rand - Dollar
18.88
+0.3%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.32
+0.2%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders