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As a central knowledge portal to the retirement and related industries, EBnet publishes a range of daily articles submitted by a range of industry organisations, experts and contributors. Readers can also comment on and contribute to articles.

We often hear that South Africans are not saving enough, and that only 6% of South Africans will be able to maintain their standard of living after retirement. But how do you practically become a better saver?

How much are South Africans saving?

Research by Trading Economics shows that, among the G20 countries, South Africa ranks the lowest in household savings rate. At the beginning of 2019, the ratio of household savings to disposable income was at 0.15%. Among working urban households in South Arica, 40% of people have no formal retirement savings.


GRAPH: Household savings as a percentage of...

TFSAs can be a good investment choice for many individuals, because they are flexible and accessible and allow you to choose a variety of underlying investment options. The benefits really add up in the long-run though, so using these with a short-term view (withdrawing too soon) can mean you are not maximising the actual long-term benefit, which is way more powerful than the tax savings when viewed on an annual basis.

These are some of the questions most frequently asked about TSFAs.

If I have an RA, why would I need a TFSA?

You can normally only access a Retirement Annuity when you retire. TFSA...

If you still want to take advantage of this year’s tax exemptions, the clock is ticking. What is the best way to maximise your savings? Theoretically, the most efficient option is investing in a retirement annuity (RA) before investing any excess amounts in a tax-free savings plan (TFSA). However, there are other factors that may outweigh the purely theoretical aspects:

  • Withdrawal considerations. You can withdraw from a TFSA at any time, and there is no tax on withdrawals. RAs are only accessible at retirement (under normal circumstances), and you need to buy an annuity with at least a part...

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