Drawdown considerations
To optimally structure your income after retirement, you must consider the tax on your income. It is not clear if the 4% mentioned is before or after tax. An annuity (whether living or life) will pay you an income that is subject to income tax, whereas drawing down from your discretionary funds is not subject to income tax. The best way to structure your tax is to draw income from your discretionary portfolios as well as your retirement funds to reduce your income tax payable. By drawing less from taxable income sources, you reduce your income tax liability. Withdrawals from discretionary sources are subject to capital gains tax, but this is much lower than income tax, and has a R40 000 exclusion rate to be taken into account.
Guaranteed life versus living annuity considerations
Bu hikaye The Citizen dergisinin October 18, 2024 sayısından alınmıştır.
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Bu hikaye The Citizen dergisinin October 18, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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