Give me an example please R500 p/m x 30 years
By Marc Sevitz · Updated
I have a retirement annuity with Momentum. I only pay R500 a month and want to know on the day I retire if 2/3 will have to be reinvested in a annuity (to pay me interest every month) or if there is a certain threshold whereby I get 100% out on the day I retire?
On SARS website the use the wording "annuity interest lumpsum" which tells me its on the "interest" part on where you might get something back.
On SARS website the use the wording "annuity interest lumpsum" which tells me its on the "interest" part on where you might get something back.
Two thirds has to be reinvested in an annuity upon retirement unless the fund balance is less than R75,000 at retirement (and less than R247,500 from 1 March 2018).