Needing some non-commission related financial advise

[munchies]

Hi All,

I recently moved companies and my new company doesn't offer a provident fund, so I am investing my existing provident fund into a preservation fund. I think this is the right move based on my research and chatting to a few financial advisors.

I want to continue to contribute to an investment each month to save for retirement. My immediate thought is to setup an RA, but I am a little concerned of becoming a financial hostage to the country! I'm looking at putting away around R10k per month but am considering just pushing it all offshore. There are obvious tax disadvantages with this but long term I feel it could be a better option should things go belly up here.

My personal financials are in a good state and I have very little debt.

Any people with a similar thought process?

 

[Napalm2880]

An RSA retirement annuity is literally the worst investment I've ever made. I started one when I was young and I've seen 2% total growth over the duration of my policy ~10yrs thanks to complex fee structures and and the Zuma years. Prescribed Assets and other zany ANC policies will almost certainly make things worse in the short, medium and long term.

Unfortunately most "financial advisors" will not actually give you good financial advice as they take a lekker cut of your fees when you invest with the likes of Liberty, Sanlam, OM, etc. They're essentially incentivised to tell you to invest locally.

Best advice is to offshore your money and make use of your R1 million annual discretionary allowance. Other forumites can give you the finer details on how exactly you can go about doing this.

 

[munchies]

An RSA retirement annuity is literally the worst investment I've ever made. I started one when I was young and I've seen 2% total growth over the duration of my policy ~10yrs thanks to complex fee structures and and the Zuma years. Prescribed Assets and other zany ANC policies will almost certainly make things worse in the short, medium and long term.

Offshore your money and make use of your R1 million annual discretionary allowance.

Eish, sorry man. Thats horrible.

I hear you, it just doesn't seem like a great idea keeping the cash here. I love the country and I'm actually pretty committed to the country (well more keeping my current lifestyle!). But geez I get nervous sometimes!