Retirement Annuities

[Arthur]

Thanks, supersunbird. I haven't looked at these for years and need to read up on the rules.

So does that mean the only way access these funds is after tax? That's a real bummer.

I suppose the best is to wait until retirement and then convert to RA or LA, which I suspect is tax free.

 

[supersunbird]

Thanks, supersunbird. I haven't looked at these for years and need to read up on the rules.

So does that mean the only way access these funds is after tax? That's a real bummer.

I suppose the best is to wait until retirement and then convert to RA or LA, which I suspect is tax free.

Well, you can still do a transfer to where you want it to be (where you would have had the RA). And yes, making it into a Life or Living Annuity is tax free.

 

[TofuMofu]

Glacier RA (Sanlam) through a broker for me.

I have (Paid-up now) this, and would not recommend. They are too expensive and you can't move it if you need/want to.

 

[Hackson]

What funds are these?

Not sure what the fund is. It's just a basic RA. I got a consultant who said someone would manage this for me.

 

[Hackson]

Fees can easily do this, most brokers take fees for the first two years or so, so you have to wait long term for this to even out. Cancel that rubbish and go to Coronation or Alan Gray direct and then R1000 invested is R1000 in fund value per month, they take like 1% on the growth of the thing at the end of the year. I was in the same spot with Sanlam and took a cut to leave them and do it myself.

Thanks for that advice. My lunchtime reading in setup for Coronation and Allan Gray.