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South Africans across all income groups are fighting a losing battle to maintain their standard of living. The country has stagnated in terms of economic growth, the job market and the stock market, and real income growth has slowed.
Since tax free investments accounts were introduced in South Africa there has been huge interest in the offering because of the significant tax benefits offered to investors. In fact some parents or legal guardians are also opting to invest in a TFIA on behalf of a minor child, and use it as a springboard to create wealth for their children or grandchildren over the long term.
Word from Antony Barker, Chief Pensions Officer at Santander Bank in the UK, is that the elephant in the room when it comes to funding for retirement is not so much the obvious — increased life expectancy (longevity) — but life expectation. It is more a lifestyle crisis than a crisis of longevity.
Freedom to make an investment choice comes with certain minimum requirements - a bit like remembering to attach a bungee rope before jumping off a bridge.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?