Welcome to 2023 – a new year and a blank slate of 12 months, 52 weeks, 365 days, 8760 hours and 525 600 minutes to make changes, take on new opportunities and set new goals. We all kick off a new year with certain resolutions in mind, such as eating healthy and exercising more. More often than not, it’s not just our dress or pants size that feels a bit tighter than before the holiday indulging, but also our purse strings. Too many people are left with more month than money after holiday spending, with January probably feeling the hardest. Whether or not you have an extra dime to spend at the end of a year, or perhaps at the start of this new one - by means of employee rewards (such as a bonus), or by not spending all you set aside for the holiday gifting season - why not use the start of the new year to get that savings mindset into gear. If you have overspent, drawing on the below tips in the new year is even more important.
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Around January and February of every year, we would like to remind you to consider topping up your retirement annuity fund and tax-free investment.
According to the current legislation, you may contribute up to 27.5% of your taxable income to a retirement annuity fund and enjoy tax deductions, subject to a limit of R350,000. As the 28th February is the end of the tax year, you must calculate and pay the additional amount to your retirement annuity prior to this date, in order to qualify for tax deductions and tax refunds. Here is an example: Ms Rama has a monthly salary of R80,000. In December she received a bonus of R100,000. Every month she contributes R5,000 to a personal retirement annuity fund. Her annual income is then R1,060,000. The maximum tax-deductible contribution to retirement annuity is R291,500. Over the year she has contributed R60,000 to her retirement annuity fund, so the additional amount she may top up in her RA is R231,500 Tax-Free Savings Account You may contribute up to R36,000 to a tax-free savings account in a tax year. You must calculate how much you have contributed so far since 1 March last year and pay the additional amount to your tax-free savings account prior to the 28th of February, in order to make use of current tax year's allowance. You can also start a tax-free investment in the name of your children. Contact us today to top up your retirement annuity or tax-free investment - email [email protected] There are several factors to consider when determining how much life insurance coverage you need. Here are some steps you can follow to calculate your coverage needs:
1. Determine your financial obligations: Make a list of your current and future financial obligations, such as outstanding debts, mortgages, and tuition payments. 2. Calculate your income: Consider your current income and any future income you anticipate receiving, such as raises or promotions. 3. Consider the length of your coverage: Determine how long you need your coverage to last, taking into account the length of time your dependents will need financial support. 4. Calculate your expenses: Estimate your living expenses, including housing, food, transportation, and any other recurring costs. 5. Consider any additional expenses: Think about any one-time expenses that your dependents may incur in the event of your death, such as funeral and burial costs. 6. Add up your obligations and expenses: Add up all of your financial obligations and living expenses to get a total amount of coverage you need. It's good idea to review your coverage needs periodically to make sure they are still adequate as your circumstances change. For urgent assistance and to prevent delayed turnaround times due to reduced number of staff between 21st December 2022 to 2nd January 2023, please contact your insurance provider on the contact numbers below.
Medical Aid 1. Discovery Health: 086 099 8877 2. Fedhealth: 0860 002 153 3. Momentum Health: 0860 11 78 59 4. Bonitas: 086 000 2108 5. BonCap Members: 0861 239 333 Hospitals in Gauteng 1. Bedford Gardens: 011 677 8500 2. Life Fourways Hospital (Fourways): 011 875 1000 3. Morningside Medi-Clinic (Sandton): 011 282 5000 4. Sunninghill Hospital: 011 806 1500 5. Garden City Hospital: 011 495 5000 6. Waterfall City Hospital (Kyalami): 011 304 6600 7. Glynnwood hospital- 011 741 5000 Life cover 1. Discovery Life: 0860 00 54 33 2. Liberty: 0860 456 789 3. Momentum Myriad: 0860 69 74 23 4. Old Mutual Greenlight: 0860 50 60 70 5. Old Mutual Self-service support centre: 0860 60 65 00 6. Sanlam: 0860 726 526 Short-term Insurance (Car & Business) 1. CIB: 0860 104 952 2. Momentum: 086 078 4767 3. Brolink: 0861 338 339 4. Santam: 0860 505 911 5. Discovery Insure: 0860 999 911 6. Echelon: 0860 200 002 / 083 789 9932 7. First Road Assist: 0860 911 326 Emergency services 1. Netcare 911: 082 911 2. ER24: 084 124 3. Ambulance: 10177 4. Police: 10111 ![]() In partnership with Morningstar: Just as we thought Covid-19 was behind us, 2022 bombarded us with an array of new curve balls. From the war in Ukraine, inflation last seen in the 70s, rising interest rates and global markets experiencing drawdowns that rank as one of the worst on record, investors had very little (if any) place to hide. Click here to read more. The Daberistic team wishes you and your family a Happy Holiday Season. We thank you for your loyalty and support throughout this challenging year.
Merry Christmas and a Happy New Year! ![]() In partnership with Morningstar: A sad, but harsh reality is that only 6% of South Africans can retire comfortably. “Comfortably” means that an investor retires earning 75% of their final salary in retirement, from the investments and savings put in place before their retirement. More often than not, investors only contribute the minimum percentage of their income to their retirement funding, wrongfully believing that this will provide them with an adequate amount with which to sustain their income during their retirement years. The following article considers not only the importance of saving but why doing so from an early age is so imperative. Click here to read more. |
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