{"id":20548,"date":"2023-07-26T14:38:02","date_gmt":"2023-07-26T14:38:02","guid":{"rendered":"https:\/\/moneybetter.co\/za\/?p=20548"},"modified":"2024-08-01T08:40:58","modified_gmt":"2024-08-01T06:40:58","slug":"breaking-down-the-benefits-of-an-ra","status":"publish","type":"post","link":"https:\/\/moneybetter.co\/za\/2023\/07\/26\/breaking-down-the-benefits-of-an-ra\/","title":{"rendered":"Breaking down the benefits of an RA"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><strong>Breaking Down the Benefits of an RA:<\/strong><\/h1>\n\n\n\n<h2 class=\"wp-block-heading\">Retirement Annuities: Save now, pay less tax, and thank yourself later<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Most of us know that we should be saving for retirement, but the reality is that South Africans aren\u2019t doing nearly enough of it. According to the National Treasury, only 6% of South Africans will have saved enough money to retire comfortably. That alarming statistic means that most citizens will have to work long after retirement age, or will have to rely on their family or the state in order to survive.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because of this, the government has created a number of incentives in an attempt to encourage South Africans to save more. The tax-friendly rules around Retirement Annuities (RAs) are one such incentive, making them an attractive investment vehicle in helping individuals ensure that they are able to retire with an income. RAs also have other advantages, which are discussed below.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But first, let\u2019s get the definitions out of the way. What is an RA? It is a tax-friendly investment that allows you to save for retirement, and will give you a guaranteed monthly or annual income once you have retired. From age 55 you\u2019ll be able to take one third of your RA savings as a cash lump sum, while the remainder will be used to pay you a monthly\/annual income.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The advantages of Retirement Annuities<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1.Tax deductible<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Of course RAs are important because they help individuals save for retirement, but one of their biggest plusses is that they are pre-tax deductible. That means that you make savings immediately because you make contributions with earnings that you have not yet paid tax on. And so by contributing to an RA you build both your own investment, while getting a tax benefit \u2013 a win win.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s have a look at an example of how this might work in practice.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Tumi earns R500&nbsp;000 per annum, and contributes 20% to an RA. Robert earns R500&nbsp;000 per annum, and doesn\u2019t contribute to an RA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Using the current SARS tax tables[BP1]&nbsp;, this is how much tax both would pay:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div class=\"wpdt-c row wpDataTableContainerSimpleTable wpDataTables wpDataTablesWrapper\n\"\n    >\n        <table id=\"wpdtSimpleTable-47\"\n           style=\"border-collapse:collapse;\n                   border-spacing:0px;\"\n           class=\"wpdtSimpleTable wpDataTable\"\n           data-column=\"3\"\n           data-rows=\"6\"\n           data-wpID=\"47\"\n           data-responsive=\"0\"\n           data-has-header=\"0\">\n\n                    <tbody>        <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell  wpdt-empty-cell \"\n                                            data-cell-id=\"A1\"\n                    data-col-index=\"0\"\n                    data-row-index=\"0\"\n                    style=\" width:33.333333333333%;                    padding:10px;\n                    \"\n                    >\n                                                            <\/td>\n                                                <td class=\"wpdt-cell wpdt-bold\"\n                                            data-cell-id=\"B1\"\n                    data-col-index=\"1\"\n                    data-row-index=\"0\"\n                    style=\" width:33.333333333333%;                    padding:10px;\n                    \"\n                    >\n                                        Tumi                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-bold\"\n                                            data-cell-id=\"C1\"\n                    data-col-index=\"2\"\n                    data-row-index=\"0\"\n                    style=\" width:33.333333333333%;                    padding:10px;\n                    \"\n                    >\n                                        Robert                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left wpdt-bold\"\n                                            data-cell-id=\"A2\"\n                    data-col-index=\"0\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Total income                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B2\"\n                    data-col-index=\"1\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        R500 000                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C2\"\n                    data-col-index=\"2\"\n                    data-row-index=\"1\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        R500 000                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left wpdt-bold\"\n                                            data-cell-id=\"A3\"\n                    data-col-index=\"0\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        RA contribution                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B3\"\n                    data-col-index=\"1\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        R100 000                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C3\"\n                    data-col-index=\"2\"\n                    data-row-index=\"2\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        R0                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left wpdt-bold\"\n                                            data-cell-id=\"A4\"\n                    data-col-index=\"0\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Taxable income                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B4\"\n                    data-col-index=\"1\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        R400 000                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C4\"\n                    data-col-index=\"2\"\n                    data-row-index=\"3\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        R500 000                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left wpdt-bold\"\n                                            data-cell-id=\"A5\"\n                    data-col-index=\"0\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Tax payment to SARS                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B5\"\n                    data-col-index=\"1\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        R88 265                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C5\"\n                    data-col-index=\"2\"\n                    data-row-index=\"4\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        R119 830                    <\/td>\n                                        <\/tr>\n                            <tr class=\"wpdt-cell-row \" >\n                                <td class=\"wpdt-cell wpdt-align-left wpdt-bold\"\n                                            data-cell-id=\"A6\"\n                    data-col-index=\"0\"\n                    data-row-index=\"5\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        Tax Savings                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"B6\"\n                    data-col-index=\"1\"\n                    data-row-index=\"5\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        R31 565                    <\/td>\n                                                <td class=\"wpdt-cell wpdt-align-left\"\n                                            data-cell-id=\"C6\"\n                    data-col-index=\"2\"\n                    data-row-index=\"5\"\n                    style=\"                    padding:10px;\n                    \"\n                    >\n                                        \u00a0                    <\/td>\n                                        <\/tr>\n                    <\/table>\n<\/div><style id='wpdt-custom-style-47'>\n<\/style>\n<style>\n                    \n                    \/* even rows background color *\/\n    .wpdt-c.wpDataTablesWrapper table.wpdtSimpleTable tr.even td,\n    .wpdt-c .wpDataTablesWrapper table.wpDataTable tr.even td,\n    .wpdt-c .wpDataTablesWrapper table.has-columns-hidden tr.row-detail > td {\n        background-color: #EEEEEE !important;\n    }\n                                    \n                <\/style>\n\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(* Note that for simplicity\u2019s sake, this table doesn\u2019t include other potential income sources or tax deductible expenses.)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This table clearly illustrates that even though Tumi and Robert earn the same annual salary, Tumi pays R31&nbsp;565 less tax than Robert because of her RA contribution. And she also saves R100&nbsp;000 annually towards her RA, which she can access when she is 55 years old. Of course Robert might be putting some of his R500&nbsp;000 salary towards savings, but because it isn\u2019t an RA, he isn\u2019t benefitting from the reduced tax.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Note that South Africans can contribute up to 27.5% of their total income annually to an RA (with the amount being capped at R350&nbsp;000) to benefit from the tax refund.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2.No tax on the growth of your RA<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">There is no tax on the growth or income of your RA investment. For other investments (such as buying a house or owning shares) you\u2019ll eventually pay capital gains tax on the growth of the investment. But with an RA, you do not pay capital gains tax on any growth of the investment. Similarly with income (salary, rental incomes, interest etc) you will pay income tax. Again, there is no tax on any dividends or interest received throughout the duration of your RA\u2019s lifespan.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3.A forced saving<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Because your RA is only accessible at age 55 it means that it is a forced saving. Not being able to access the money could be seen as a negative, but having money out of temptation\u2019s way is also one of the best ways to ensure that you do have a nest egg later on.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cOne could say that the limitation of access to the product until the age of 55 is a possible downside. Life can be unpredictable and in some situations access to liquid assets is important,\u201d says DMA\u2019s Christopher Clarke. \u201cInvestors should be aware that an RA is locked until the age of 55 unless certain criteria is met, like a disability or one is emigrating. Although this is a downside to some people, I find the limitation of access an upside as saving and investing can take a lot of self-discipline which at times can be difficult to manage.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What is an RA invested in?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Your RA can be invested in a variety of ways. But Regulation 28 of the Pension Funds Act does offer rules around maximum exposure to asset classes, eg a 75% maximum exposure to equities, 25% to property and 30% to offshore investments<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cHow you choose to invest your RA can vary depending on how much control you wish to have. Various platforms allow you to choose the fund or portfolio that you wish to follow. Other platforms or providers allow you to define your retirement objectives, risk-taking ability and general willingness to take risk with the outcome being a more tailored investment strategy to meet your goals. Lastly, investors can always engage with advisors should the need arise to seek help with investment choices within a retirement annuity account,\u201d says Clarke.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Note that if you\u2019re paying towards an RA via your salary\/company, you can also invest in a separate RA if you want to maximise the amount you\u2019re paying in this way. You can pay towards your RA monthly, or you can top up your RA annually before the end of the tax year \u2013 or do both.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And finally, despite not being able to access your funds until age 55, you are able to make changes if you are unhappy about its performance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt is important to note that you are the ultimate beneficial owner of an RA,\u201d says Clarke. \u201cIf you are not happy with how an asset manager is managing the assets within your RA, it should be encouraged to find an asset manager who does meet your financial goals, risk capacity and tolerance. There are no tax implications to transfer your retirement annuity to another platform or provider.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breaking Down the Benefits of an RA: Retirement Annuities: Save now, pay less tax, and thank yourself later Most of us know that we should be saving for retirement, but the reality is that South Africans aren\u2019t doing nearly enough of it. According to the National Treasury, only 6% of South Africans will have saved [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":20549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[72,9,4],"tags":[],"class_list":["post-20548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","category-saving","category-written"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2 - aioseo.com -->\n\t<meta name=\"description\" content=\"Breaking Down the Benefits of an RA: Retirement Annuities: Save now, pay less tax, and thank yourself later Most of us know that we should be saving for retirement, but the reality is that South Africans aren\u2019t doing nearly enough of it. 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