Living Space Magazine asked me to speak about preparing for your retirement.
You will not be able to contribute to a pension or provident fund as a self employed entity – in which case I would recommend you contribute to a private retirement annuity fund,’ suggests Gary. ‘You might want to set an annual savings goal, and save by making lump-sum payments on an as-and-when basis,’ adds Caron. ‘You can also contribute up to 27.5% of your taxable income to retirement funding investments – limited to R350 000 per annum. You might need to consult a tax expert to work out that amount if you have multiple income streams,’ concludes Sonja.
