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Putting away money for your retirement is essential for a financially-responsible future. Sometimes, however, the tax laws around retirement funds can seem very technical and complicated.
Our tax expert, Johan Swart, guides you through the current state of the law in this area.
How will you get paid out on retirement?
Here is an example to better understand this process. Please note this is just a general example and the figures are therefore not exact amounts:
Therefore it is clear, that although making contributions towards a retirement fund costs you money in the short term; in the long term, the tax savings and growth certainly makes it worthwhile to provide for your old age.
Retirement should be a time of relaxation; make sure you make the right kind of pension plans to ensure this.
Planning for a pension but unsure exactly what steps to take? At Legal&Tax, we are your companion in understanding tax for retirement and all other stages of life.