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Besides the tax incentives, saving in an RA can help ensure you have enough money to retire on - more than 70% of South Africans worry that they will not have enough, according to recent Retirement Reality survey by 10X Investments. "Its simplicity overshadows its power and impact," he says adding that the absence of a budget is often why people don’t stick to a long-term investment strategy and dip into their savings. Wouter Fourie, an independent financial planner and director of Ascor, says you cannot afford not to save for retirement - it is your own future you are investing in.
Contributing to an RA provides the discipline of saving regularly and provides a massive tax benefit, Fourie says.
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_Business Is our money safe in South Africa should actually be the question. I've worked construction for many many years. In 2020 I was retrenched when the China virus broke loose. Claimed My Provident fund, what I contributed compared to what I got out was a only a fraction.
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