GEWOONTES VIR ’N GELUKKIGE AFTREDE

Riaan Botha • April 3, 2025

Inleiding

Aftrede is onteenseglik ’n belangrike fase in ons lewens, en waarskynlik die belangrikste. Dit is die kulminasie van voorafgaande fases, soos opleiding en inkomsteskepping, en as ons nie gereed is vir hierdie fase nie, kan die lewe traumaties wees.

 

Aftrede verg beplanning en beplanning is die gevolg van goeie gewoontes. Ons raad aan afgetredenes en mense wat beplan om af te tree, is om goeie gewoontes te kweek om hulle op die pad na ’n gelukkige aftrede te lei. Uit ons interaksie met kliënte wat op aftrede staan of reeds afgetree het, kon ons sien dat hierdie benadering prakties en logies is, met positiewe, tasbare gevolge.

 

Baie faktore speel ’n rol in ’n gelukkige aftrede. In die VSA het ’n studie hierdie faktore gelys as goeie gesondheid, finansiële sekuriteit, liefdevolle familie en vriende en ’n doelgerigte of beplande aftrede - What Retirees Want. Dychtwald and Morison, 2022. p115. Hierdie aspekte word onder meer in hierdie boek aangespreek.

 

By Bovest word kliënte se persoonlike omstandighede in ag geneem wanneer hulle finansiële advies vra. Ons wil mense help om hul finansiële situasie ten beste te benut om gelukkig te kan leef.

 

Om gelukkig af te tree is egter nie ’n gegewe nie. Jy benodig persoonlike doelwitte wat opgevolg moet word met die begeerte om die nodige regte gewoontes aan te leer. Dit vereis dikwels dat jy bereid moet wees om van jou gevestigde gewoontes te verander. In die soeke na jou persoonlike geluk gaan jou gewoontes uniek wees.

 

Hoe word Gewoontes Gevorm?

Daar bestaan verskillende teorieë oor hoe om gewoontes suksesvol te vorm. By Bovest vind ons aanklank met James Clear se teorie soos vervat in sy boek Atomic Habits (Penguin Random House, London, 2018, pp47-48), wat vier stappe tot sukses verwoord:

Stap 1: Raak bewus van ’n wenk, insig, doelwit of begeerte.

Stap 2: Hunker om dit uit te voer.

Stap 3: Wat is die reaksie wanneer jy dit uitvoer?

Stap 4: Wat is jou beloning as jy dit uitvoer?

 

Kom ons kyk na’n voorbeeld van gewoonte-vorming:

·        Stap 1: Iemand wat aftree se doelwit is om waarde vir geld te soek – hulle ontleed voortdurend die omgewing waarbinne hulle leef en pas hul begrotings en maandelikse uitgawes oppersoonlike behoeftes voortdurend aan.

·        Stap 2: Daar word navorsing gedoen oor watter uitgawe die beste waarde vir die beskikbare geld bied.

·        Stap 3: Die aankope word aangepas en die afgetredene voel tevrede dat daar waarde vir geld verkry is.

·        Stap 4: Aangesien daar binne begoting opgetree is, is die beloning dat daar fondse beskikbaar is om op ander beplande aankope te spandeer. Indien die koop ’n winskoop was, kan ons daarmee spog en selfs deur ons vriende geprys word as ’n winskopie-jagter!

 

Deur hierdie vier stappe te herhaal, sal ons in die toekoms met meer gemak optree tot gewoontes van gesonde finansiële bestuur redelik moeitevry gevorm word.

Tax Season: Take advantage of your RA & TFSA

By Geo Botha • January 27, 2026
28 February marks the end of the tax year. If you have some extra funds available, this might be the perfect time to consider adding to your savings in a retirement annuity (RA) or tax-free savings account (TFSA), thereby enjoying the significant tax benefits these products offer. Below are the benefits of both an RA and a TFSA, as summarised by our partners at Ninety-One. As always, please contact your personal financial adviser to assist you in calculating the amount you can still contribute, as well as whether this will be best for your portfolio and personal situation: Why invest in an RA? 1. RAs can be viewed as gifts from the taxman. For example, at a 45% marginal tax rate, a deductible RA contribution of R100 000 can generate up to R45 000 in tax relief (within the limits). Tax will be applicable when the funds eventually pay out at retirement, but due to the tax-exempt portion of the lump sum, as well as the tax rebates for individuals over 65 and 75, you may pay less tax at that time. 2. You do not lose your tax benefits, even if you contribute more than the maximum annual tax deduction (excess contributions) If you contribute more than the maximum (excess contributions), your tax benefit will roll over to the next tax year of assessment. Any excess contributions in subsequent tax years will continue to be rolled over. This means that you could receive a tax benefit at retirement, after retirement, or your beneficiaries could benefit when you have passed away, as explained below. RA contributions and tax Before retirement When contributing to an RA, your maximum tax deduction for the year is the lesser of: R350 000 27.5% of the higher of remuneration or taxable income Taxable income excluding taxable capital gains At retirement If you elect to receive a lump sum: The remaining excess contributions will be paid out free of tax R550 000 could be tax-free – if not previously utilised After retirement Excess contributions remaining after your retirement are deductible from your compulsory annuity income for tax purposes (section 10C of the Income Tax Act). After you pass away If your beneficiary elects to receive the full death benefit, or a portion thereof, as a lump sum: The remaining excess contributions will be paid out free of tax R550 000 could be tax-free – if not previously utilised The tax deduction limit applies to the combined total of RA contributions and all member and employer contributions to workplace pension and provident funds. 3. You enjoy estate-planning benefits. An RA is exempt from estate duty. Please note that excess contributions may be included for estate duty purposes, to the extent that a lump sum is received. The growth on your excess contributions is not subject to estate duty – you can therefore effectively peg the value of your estate (similar to the benefit obtained from a trust, prior to the introduction of section 7C of the Income Tax Act). Over time, the value of excess contributions could be reduced, which would decrease the potential estate duty payable on these excess contributions. 4. No tax is deducted within the investment (no income tax, capital gains tax or dividend withholding tax). This means you will benefit even more from compounded growth. 5. You remain disciplined with your retirement savings. The two-pot retirement regime was introduced on 1 September 2024. This system allows members access to a small portion of their retirement savings before they retire, while preserving the remainder until retirement (unless one of the exceptions specified in the Income Tax Act applies). To achieve this, various notional components within a member’s retirement fund benefit or contract were created. These components are referred to as: The Vested Component The Savings Component The Retirement Component Members are able to withdraw from the Savings component once in a tax year. Withdrawals from the Savings component are subject to a minimum of R2 000 per withdrawal and are taxed at your marginal tax rate. 6. You have protection from creditors. This means your savings for your retirement will be available when you need them. Key considerations when investing in an RA RAs are subject to Regulation 28 investment limits. On the death of the investor, the Board of Trustees will have full discretion when deciding on a fair allocation of the benefit to dependants and/or nominees, in terms of section 37C of the Pension Funds Act. There are liquidity restrictions prior to reaching retirement age. This means that you will only have access to the funds in the Savings component before reaching the age of 55 (unless you qualify for one of the exceptions). Why invest in a TFSA? TFSAs are exempt from tax on interest, dividends and capital gains. There are no restrictions on withdrawals; however, if you replenish the funds withdrawn, this will count towards your annual and lifetime contribution limits. For this reason, these investments are generally more suited to long-term investing. TFSAs are a great way to save for your child’s education (be aware of donations tax if the annual exemption of R100 000 per donor is exceeded). Contributions No matter how many TFSAs you have with different product providers, the total combined value of your contributions may not exceed R36 000 per tax year and R500 000 over your lifetime. If you exceed these contribution limits, a penalty of 40% will apply on the amount contributed above the limit, which will be added to your tax assessment.

Five Financial Mistakes Doctors Commonly Make

By Ruvan Grobler • January 22, 2026
Medicine is built on precision, protocols, and evidence-based decisions. Financial life, unfortunately, is not. For many doctors, success arrives early in one area of life and much later in others—time, structure, and strategic planning often lag behind income. Over the years, a few patterns come up repeatedly when working with medical professionals. These are not mistakes born from ignorance or carelessness, but rather from being busy, successful, and focused on patients first. Here are five of the most common financial missteps doctors make—and why addressing them early can materially change long-term outcomes. 1. Being “Cash Heavy” Feels Safe… Until It Isn’t Holding large cash balances is often seen as prudent. Cash is liquid, familiar, and low-stress. For doctors with volatile workloads or private practices, this feels especially comforting. The problem? Cash is one of the most tax-inefficient assets for high earners. While interest income enjoys a modest annual exemption, anything above that threshold is taxed at your marginal rate. For many doctors, this means a significant portion of “safe” interest returns never actually reach them. Add inflation into the mix, and the real (after-tax, after-inflation) return on excess cash can quietly turn negative. Cash has a role—but without intention and limits, it often becomes a silent drag on long-term wealth. 2. Paying More Tax Than Necessary (Without Realising It) Doctors are among the most heavily taxed professionals in South Africa, yet tax planning is often treated as a once-a-year exercise rather than an integrated strategy. The issue isn’t usually under-reporting—it’s under-structuring. Different investment vehicles are taxed in very different ways. Income tax, capital gains tax, and dividend tax don’t just affect returns; they compound over time. Two portfolios with the same gross return can end up worlds apart after tax if they’re structured differently. When investment decisions are made in isolation—without considering tax, time horizon, and estate implications—the cost isn’t obvious in year one. It shows up quietly over decades. 3. Offshore Exposure: Opportunity or Overreaction? Global diversification is important. Offshore exposure can reduce concentration risk and unlock opportunities unavailable locally. However, many investors move money offshore without a clear strategy—often driven by headlines, fear, or currency anxiety rather than long-term planning. Key questions are frequently overlooked: How much offshore exposure is appropriate for your situation? Which structures are most efficient? How does this affect tax, liquidity, and future repatriation? Offshore investing isn’t a binary decision. The value lies in how, where, and through what structure exposure is obtained—not simply in moving money abroad. 4. Paying Everyone Else First Doctors are natural caregivers. Practices, staff, patients, families—everyone’s needs come first. Personal savings often come last. The data is clear: South Africa’s domestic savings rate remains worryingly low. Even among high earners, inconsistent or delayed personal investing is common. The risk isn’t lifestyle inflation—it’s time. Missed early contributions can’t be recovered later, no matter how high income becomes. Compounding rewards consistency, not intention. Paying yourself first isn’t about sacrifice; it’s about ensuring today’s success translates into future independence. 5. Using the Wrong Investment Structures This is arguably the most expensive mistake—and the least visible. Many doctors accumulate investments across multiple platforms, policies, and accounts over time. Each decision may have made sense in isolation, but together they can create inefficiencies around: Tax Access Estate planning Intergenerational transfer The structure holding the investment often matters as much as the investment itself. Over a 20- or 30-year horizon, the difference between “adequate” and “optimal” structuring can be substantial—even if the underlying returns are identical. The Common Thread None of these mistakes stem from poor decision-making. They stem from complexity, time pressure, and the reality that financial planning is a discipline of integration—not isolated choices. Income, tax, investments, offshore exposure, and estate planning don’t operate independently. When aligned, they reinforce one another. When they’re not, value leaks out quietly year after year. For professionals who spend their lives mastering complexity in one field, the challenge is recognising that financial clarity often requires the same level of specialised thinking. Because in finance—just like in medicine—the biggest risks are rarely the obvious ones. Ruvan J Grobler RFP™ (PGDip Financial Planning)