Forgot to share this with you guys, read it, its important: New blog post: The retirement annuity con Everyone looks forward to the day when they can finally slow things down after many years of toil but how many pay attention to what really goes on with their pension plans, provident funds and retirement annuities? Do you know what happens when you go on pension with, lets say, a tidy sum of R1 000 000? Well, obviously the Taxman takes his share and then you are forced to buy a Retirement annuity plan with the rest (you can take only 1/3 in cash) - Heres the nauseating part: - they make you sign over the cash to them, they take the cash, deposit into a bank account and pay you a monthly pension using the interest from your own money, when you die they keep the capital amount, daylight robbery! - its called the Conventional Annuity and if you dont believe me youd better ask somebody. Theres a second option called the Living Annuity which is not less odious and heaven forbid should you die before or after retirement, your dependents can be made to wait even longer than a year for the money not knowing what the actual amount is due to them, they eventually have to take whatever they are finally paid out. The industry and government are hell-bent on making sure the money stays with them, the dice is heavily loaded in their favour. What you must know about the Insurance Industry and Government’s new retirement policies is that they came about because of a lot of good intentions but we all know that the road to hell is paved with good intentions – if one has to judge (by other peoples’ previous experiences) with Insurance companies and government then it paints a gloomy picture, leaving your money with them is like leaving your toddler in the care of known pedophiles. (the rest of the post is at thelastwordv.blogspot/ )
Posted on: Sat, 23 Aug 2014 04:29:53 +0000
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