A flexible is a versatile option for various investment goals, whether short-, medium- or long-term. The key advantage is its complete flexibility, allowing you to make adjustments to your investment as needed. While it is encouraged to invest for the long term, you have the freedom to withdraw your funds whenever necessary. However, it's important to note that capital gains tax may apply to withdrawals.

A tax-free investment account is ideal for long-term investment goals, offering the advantage of tax-free returns. This benefits individuals who are already subject to income or capital gains tax. However, there are restrictions to consider, such as a maximum annual investment limit of R36,000 and a lifetime limit of R500,000. Investing above these limits incurs a penalty of 40% on the excess amount.

A retirement annuity allows you to invest for your retirement in a tax-efficient manner, simultaneously reducing your taxable income. The key advantage is that returns are tax-free, and contributions help lower your taxable income. However, it's important to note that you can only access the funds after reaching the age of 55, with the option to withdraw a maximum of one-third as a cash lump sum.

A preservation fund is a suitable option if you have existing retirement savings in a pension or provident fund, and wish to transfer them to a preservation fund for growth until your retirement. The key advantage is that returns within the preservation fund are tax-free, and the tax benefits of your original fund are maintained. However, it's important to note that you cannot make further contributions to a preservation fund.

A living annuity offers the opportunity to generate income from your accumulated retirement savings, commonly referred to as a pension, once you have retired. The key advantage is that you can manage your income throughout your retirement, and any remaining funds can be passed on to your beneficiaries. However, it's important to note that you cannot withdraw the entire investment at once, unless the value of your investment falls below R125,000.

An endowment is a specialized long-term savings account commonly used for estate planning. The key advantage is that individuals with a marginal income tax rate higher than 30% can benefit from tax savings. However, it's important to note that during the initial five-year restriction period of the investment, only one withdrawal is allowed.

The Guaranteed Growth Plan is a secure investment option that offers an endowment product. It guarantees that at the end of a five-year term, the policyholder will receive the original investment amount along with the yield earned at a guaranteed rate during the investment period. This plan provides peace of mind and a predictable return on investment.

The Guaranteed Income Plan is a reliable investment solution that offers a dual benefit. After a period of five years, the policyholder receives their initial capital back. Additionally, throughout the investment period, the plan ensures a guaranteed monthly or annual income for the policyholder. This provides a secure and predictable source of income, offering financial stability and peace of mind.

The guaranteed annuity (GA) is a life insurance product offered by a life assurance company. It provides you with the assurance of a fixed monthly pension for the entirety of your life, protecting you from the risks of outliving your savings and poor investment returns.

With a GA, you receive a pension until your passing. However, one drawback is that your savings do not pass on to your heirs upon your death. This risk means that in the event of your unexpected demise, your savings are forfeited, ultimately benefiting the insurance company.