How to boost your retirement plan

Retirement savings’ vehicles have always been the most tax effective way to save for retirement.  Whether you are saving through your company’s employee benefits group scheme or whether you are saving through a retirement annuity, R350,000 a year can be saved towards retirement in a very tax effective manner.  Other ways to increase your retirement savings pot is to save R36,000 a year through a tax-free savings vehicle and if you fall into a tax bracket greater than 30%, an endowment is another good way to save tax effectively for retirement.  Unfortunately, the investments underlying these saving vehicles have had less than desirable outcomes of late. Achieving double digit growth has become a rarity.  The chances are also very good that you had to dip into your retirement pot over the years, because life happened, and you have lost out on the compound growth. Which leads to you having to work past retirement age and having to save more if you were to meet your retirement goals.   

Consider buying a profitable business whilst you continue your day job.  One business can grow into a portfolio of successful businesses over your working career. Change your outlook.  Play an active role in your investments. Ronelle Kind, Aldes Platinum