As a result of the unexpected 100bps cut in interest rates, we received many questions about interest rates, and the impact the rate cut has on both borrowers and savers. Maya (@mayaonmoney) and Mapalo (@womanandfinance) unpack how interest rates work and do some jargon busting.
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I have just retired. I have R500K that I wish to invest for growth. Where di I go?
I have heard that the government bonds are good and also safe investments. I do not need any income for a foreseeable future i.e., 2 to 3 years as I will be receiving annuity. I do not have big debts.
Please advise.
It would be very dangerous to offer any advice. I would recommend you speak to a good financial adviser who can conduct a proper cashflow analysis.
General comments:
The RSA Retail Bond is an attractive option currently. Keep in mind that any interest you earn in excess of R23 800 a year is added to your taxable income.
I would you to advice me, I’m thinking of going on retirement at the end of July 2020, I’m on pension, and it’s dropping drastically, at the moment its R2,5 m.
Please advise should I withdraw all my pension, what are the implications of that
Do not withdraw your pension! You will see it has probably increased already. You can delay retirement from the fund if you want to wait for more recovery