It's never too early to start saving
At some point in the future you’ll stop working and start enjoying a well-earned retirement. If you’ve prepared for this stage of life by saving from early on, you’ll have enough income to enjoy the retirement you deserve. While there are several ways you can save for your retirement years, a retirement annuity offers valuable tax benefits as well as investment options that allow you to grow your savings over time. And with one of Sanlam’s Retirement Annuities, you can look forward to a cost-effective savings option that inspires you to get saving, motivates you to stay on track and ensures peace of mind."
Calculate your retirement income
By the time you retire, you should have enough money saved to replace your current monthly income, so you can cover your living expenses comfortably. Our calculator will help you understand how much you will need to save monthly to reach your retirement goal."
Take a closer look at our retirement annuities
- Pension and provident funds vs retirement annuities
While all three of these options qualify for the same tax benefits, there are significant differences between them. Both pension and provident funds are offered by an employer – often as a condition of employment – with you and your employer making monthly contributions to these funds. Retirement annuities, on the other hand, are bought by the individual, meaning you’re free to contribute to one whether you’re self-employed or you already contribute to a pension or provident fund. They also typically offer wider investment fund choices than either of the other two funds.
- Tax benefits
Your retirement annuity contributions reduce your taxable income up to certain limits: part of your contributions come from tax savings, which means that the South African Revenue Service (SARS) is actually paying a part of your retirement savings. Another big tax advantage is that the growth on your investment is tax free!
- Wealth Bonus®
Boost your retirement savings with Wealth Bonus. You invest. We invest. Sanlam contributes an additional 10% of your payments plus the two-pot administration charge back into your Wealth Bonus. 50% of the accumulated Wealth Bonus unlocks at age 55 with the full Wealth Bonus account unlocking at age 60.
- Your savings are protected from your creditors
Your retirement savings are safe irrespective of any personal financial loss you may suffer. This ensures that your savings will be available when it is most needed and for what it is intended - the provision of your retirement income.
- What if I cannot save the recommended amount each month?
The earlier you start saving, the better. if you cannot save the recommended amount, save whatever you can afford. You can also add some of your bonus payments to your retirement annuity.
Get your free financial roadmap
Your insurance needs, covered
Tax-free savings
Grow your money to meet your goals. Our unit trusts and investment plans offer you different levels of affordability and flexibility, customised to suit your needs and risk profile.
Unit trusts
A dream is a goal with a deadline. Invest in a unit trust on our free Smart Invest platform. We’ll help you find the right investment for your financial goals, whatever they may be.
Will
Protecting your legacy starts with your will. No charge for your will, free will collection, free safekeeping of your will, and unlimited will amendments.
Life insurance
Protect those you care about. Eases the burden on your family should you die unexpectedly, by paying out a tax-free lump-sum amount that can be used to cover their expenses now and in years to come.
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