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Yes, an investor can take out multiple retirement annuities. While having multiple retirement annuity plans has numerous advantages, it is important to ensure that you select comparative options that tailor for your financial goals and needs. We encourage you to contact your financial adviser for more information.
 

<b>A life annuity</b> is an insurance policy that turns a lump sum of money into a guaranteed income for the rest of your life. It is often used as a retirement savings strategy, providing a fixed monthly income after you retire.<br><br>

<b>A living annuity</b> is an investment plan that lets you manage your retirement savings by choosing from various investment funds. After retiring, you can decide how much income to withdraw each year and adjust it as needed. However, your income will depend on how well your investments perform.
 

Life happens. If you are unable to continue making monthly retirement contributions, your current retirement annuity balance will stay invested. However, some service providers may charge fees while you’re not actively contributing, so it’s important to understand the terms with your provider.
 

Safeguard Should you pass away before you reach retirement age, your nominated beneficiaries will be awarded the benefits of your retirement annuity. It is important for the investor and beneficiaries to note that there is a declaration legal process that needs to be followed before the benefits are distributed to loved ones. Therefore, it is vital to speak to your financial adviser and service provider on the proceedings.

The retirement savings in your retirement annuity play a crucial role in protecting your legacy, even after retirement. While we are often familiar with the death benefits of life insurance, life benefits provide security for maintaining a good quality of life during retirement, especially as life expectancy increases with each generation. Some of the key life benefits include:<br><br>
o Financial security to cover monthly expenses and pay off debts during retirement.<br>
o Comprehensive cover for disability and chronic illness.<br>
o Tax-free savings opportunities.<br>
o Additional peace of mind as a supplementary income to your pension, helping you embrace the new chapter of life.<br>
o The ability to diversify your investments.<br>
 

Yes, there are tax implications for disabled persons seeking a retirement refund. The tax effect allocated on the retirement lump-sum income will be affected by the various factors such as the SARS’s special tables and legislation regulations at the time.