Looking at the future

[WalkByFaith46]

Hi everyone,

I haven't gone through the forum to find anything similar or Checked if this is the correct subforum, so apologies in advance.

As a young south african I need some help with a retirement fund. There are a lot of them out there and I want to make the right decision for my future.

Beside having someone over pitch and under deliver something or have hidden BS, I thought I could ask advise from people who have nothing to gain from this and that would give me an honest answer.

I hope you can help.

Thank you.

 

[zerocool2009]

Just start a Sygnia RA, and select Skeleton 70! (as simple and easy as that).

Great to hear you are thinking about your old day!

 

[Cage Rattler]

Probably an unpopular opinion, but why use a RA at all and get locked in for many years? Who knows what the tax legislation will be in the future...

 

[zerocool2009]

Because you can get tax PERKS. That is the only reason actually. You will get taxed later when you start using it

 

[Scooby_Doo]

Hi everyone,

I haven't gone through the forum to find anything similar or Checked if this is the correct subforum, so apologies in advance.

As a young south african I need some help with a retirement fund. There are a lot of them out there and I want to make the right decision for my future.

Beside having someone over pitch and under deliver something or have hidden BS, I thought I could ask advise from people who have nothing to gain from this and that would give me an honest answer.

I hope you can help.

Thank you.

Without knowing anything about you. Go with a low cost provider like 10x, and keep the portfolio in an aggressive stance.

You have years ahead of you, ignore your portfolio value and consistently add to the account regardless of the economic state of the market.

It's easy and cheap so you can't go wrong.

 

[Scooby_Doo]

Probably an unpopular opinion, but why use a RA at all and get locked in for many years? Who knows what the tax legislation will be in the future...

It depends... but maybe.

 

[zerocool2009]

Best retirement annuity (RA) in South Africa?

Best retirement annuity in South Africa?

www.gofreedom.co.za

 

[SauRoNZA]

10X gets my vote.

Simple and straight forward while performing well and low cost.

Whatever you do go direct and avoid the middlemen selling “products” as investments.

Which means insurance companies and banks among others.

Go directly to the investment companies managing the funds.

 

[yogidabear]

OP said retirement fund so already a guess he wants RA, sure easy to go there. However the wording is not there. Young so all debt paid off, no CC debt, no car HP, no house HP? Already have a TFSA maxed?

Lots of good advice, but maybe making assumptions based on their own standing?

The tax perk is great if you qualify for it, but who knows what they earn. What if OP earns 20k month, 100k CC debt, rents a house, and owes 200k on the car, their wife if exists is the same? No TFSA. Same advice?