2021 for those who are employed

This is time to live frugally, you saved money on transportation as you didnt go to the office often right? Most of you are still working from home. You couldnt go on holiday, couldnt eat out as much and you serviced your car less

With the extra cash you have do the following

.Pay extra in your Retirement annuity Sars may even refund you for this. Including your pension deductions from your employer you can pay in up to R350 000.00 per annum ending end of February. Pay in a lump sum into your RA for tax benefits and also saving for later life...I did

. Tax free Investment

This is particularly good for those who havent been saving but living the life. Best way to catchup...I am using it. It akso ending end February and you have up to 34 000 pervyearto invest and is tax free. Max is 500 000.00 in a lifetime per identity document. You can invest monthly as well to max if 34 000.00 per annum...for your kids each ...up to max in their lives of 500 000.00...this can help educate your kids if you still have kids at school and you are in your 50s and above so that you carry on saving for your retirement. Talk to your bank for tax free investment acc or your insurance broker can help as well. You can pay kn monthly basis 34 000.00 divide by 12 months. During budget speech which will apply for next financial Minister Mboweni always increase the max 34k per annum and thats when I pay mine again frkm 1 March and will adjust accordingly. My personal one will supplement on my retirement annuity proceeds and is tax free....my little one is 12 this year and have been paying for hers past 3 years and it will help with her education at tertiary whilst I will be enjoying my pension

.pay off bad debts

Make it a goal to be debt free from 45 years of age. You will enjoy stress free life. As far as possible try pay off house you stay in...it is the bank asset but your liability.

Buying car

Lots will be sending back cars to the bank or repossessions as they are only getting part salaries or retrenched. This is best time to buy a used car with low mileage

Important docs for your tax returns

The spouse who earn the most should have the med aid. When yo do your Sars efiling you will need both your retirement annuity if is your own private RA n medical aid contribution certificates and IRP5 from employer

Safe job

Those who are employed seem to think you have a safe job but why are you always looking for a job? You can be fired too...I was fired too

Running own business

All these apply to you. You are also employed by your business and should be getting a salary from your business. You must seperate private n business activities


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