One of the key benefits of investing for retirement using a retirement fund is the generous tax deduction for contributions, subject to a maximum of 27.5% of the greater of your taxable income or remuneration, with an annual ceiling of R350 000. While most of us may find it difficult to get anywhere near these limits in the midst of all of our monthly expenses, from time to time we may be lucky enough to get a bonus or another windfall, or perhaps our expenses adjust down as our children complete their studies or our homes are paid off. Under these circumstances, is there any benefit in contributing beyond the maximum annual tax deductible amount to a retirement fund? (more…)
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