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Some good news

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There is some good news, however, for people who are approaching (or are even in) their retirement, if they have some money to spare.

In 2019, the average contribution rate of retirement fund members was 14.44 percent, but most of this (9.14 percent) came from employers. Legislation now allows you to increase your contributions (from you and your employer) to 27.5 percent of your taxable income, up to a maximum of R350 000 a year. This can be particularly useful to people who have reached the empty nest from about 50 to retirement age to help them top up their savings.

Secure Your Retirement

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