Why pay more tax if you can save instead?

Charlene Steenkamp

Both tax-free investment accounts and retirement annuities allow you to grow your savings tax free, meaning there is no tax on the interest, dividend, income or capital gains payable on the investment growth, says Jaco Prinsloo, a certified financial planner at Alexander Forbes.Natalie Kiewitt, operations executive at PPS Investments, says both a retirement annuity fund and a tax-free investment account offer tax-efficient ways to save for your retirement.

Your contributions to all your retirement funds are only tax deductible up to a point, though only high earners typically have enough to reach these maximums . Prinsloo agrees that retirement annuities and tax-free investment accounts offer tax efficient ways to save. Any amounts for which you did not get a tax deduction after March 1 2015 will qualify for a deduction in your estate.

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