MyMoney Online

Want to be rich in retirement? Why it's a no-brainer to use a retirement fund

(Click here for more articles on retirement and personal finance.)

Ray White interviewed Erhard Theunissen, Corporate Consultant at Old Mutual Corporate Consultants, on The Money Show.

Theunissen discussed five reasons to use you your retirement fund to boost retirement savings:

  • It’s very tax efficient.

  • The growth on retirement investments is tax free.

  • It’s cost effective.

  • There’s no estate duty on retirement investments.

  • Retirement fund savings can’t be touched by creditors.

Scroll down for quotes from the audio below.

If you earn R10 000 you can contribute R2750 and only get taxed on R7250.

Erhard Theunissen

There are no hidden costs in retirement funds.

Erhard Theunissen

Your creditors can’t touch your retirement fund savings.

Erhard Theunissen

You’ll never retire comfortably if you’re too conservative.

Erhard Theunissen

You should save at least 15% of your salary every month for 40 years.

Erhard Theunissen

Enter your email address in the form below to receive a newsletter containing the seven most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Considering divorce? How to avoid getting poorer in the process

Considering divorce? How to avoid getting poorer in the process

Personal finance expert Warren Ingram warns that divorce almost always destroys wealth. Here’s how to not lose your money.

Why Mergence Investment Managers is buying Standard Bank and Mr Price

Why Mergence Investment Managers is buying Standard Bank and Mr Price

The Money Show’s Bruce Whitfield asks investment analyst Nolwandle Mthombeni to share her stock picks of the week.

How to save and buy an island (you need only R2000 per month)

How to save and buy an island (you need only R2000 per month)

Saving money on boring stuff such as a car can allow you to do really outrageous and courageous stuff, says Sam Beckbessinger.

What happens to your Retirement Annuity if your fund manager goes bust?

What happens to your Retirement Annuity if your fund manager goes bust?

Fund managers do from time to time go bankrupt. Here’s what’ll happen to your Retirement Annuity if yours does…

10 reasons why this is BY FAR the best way to save for retirement

10 reasons why this is BY FAR the best way to save for retirement

Is there a single best way to build your wealth so you can retire with dignity? Yes, there is, despite costs and limitations.

Why you need a pension fund (or retirement annuity) even if you own a house

Why you need a pension fund (or retirement annuity) even if you own a house

Many people falsely believe they do not have to save for retirement because they own the home they live in.

Popular articles
'It turns out DA MP Natasha Mazzone was right about load shedding'

'It turns out DA MP Natasha Mazzone was right about load shedding'

Last month, Eskom shut down claims by the Democratic Alliance that load shedding was on the cards.

[WATCH] Commuters on station stop train from hitting passenger

[WATCH] Commuters on station stop train from hitting passenger

Khabazela shares tweets and Facebook posts that have gone viral.

[WATCH] How many people does it take to park a car?

[WATCH] How many people does it take to park a car?

Khabazela shares tweets and Facebook posts that have gone viral.

'We discuss stocks and options with our children at the dinner table'

'We discuss stocks and options with our children at the dinner table'

Bruce Whitfield interviews Basetsana Kumalo about her attitude to money (hopes and fears, successes and failures, etc.).

'Had abuser been a male teacher, we would have had a crazy outcry from society'

'Had abuser been a male teacher, we would have had a crazy outcry from society'

Pundits discuss the sexual misconduct allegations at Bishops Diocesan College in Cape Town.

[WATCH] Boy explaining what he heard when parents had sex goes viral

[WATCH] Boy explaining what he heard when parents had sex goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

It's VW, but not as you know it - Why did Volkswagen change its logo?

It's VW, but not as you know it - Why did Volkswagen change its logo?

John Maytham asks what's behind Volkswagen's new-look logo...

5 retirement saving tips for those who left it late

5 retirement saving tips for those who left it late

It’s better to start late than never! The Money Show’s Bruce Whitfield interviews Jeanette Marais.

[WATCH] Woman faints after hairdresser cuts 12-inch hair without telling her

[WATCH] Woman faints after hairdresser cuts 12-inch hair without telling her

Khabazela shares tweets and Facebook posts that have gone viral.