A Sanlam Retirement Annuity is a long-term investment designed to provide you with a steady income during retirement. When you retire, you can take up to one-third of your accumulated savings as a cash lump sum, while the remaining amount is used to provide you with a monthly income.
Key Features of Sanlam Retirement Annuity
- Flexible Withdrawals: Upon retirement, you can withdraw up to one-third of your total savings as a lump sum. The rest is converted into a monthly income.
- Online Access: Check your annuity details online or via the “Sanlam My Retirement” mobile app, available on Google Play Store and Apple App Store.
- Loan Options: Your retirement fund can lend you money or provide a guarantee for a loan if it is used to buy, build, or renovate a property you or your spouse occupy.
How to Check Your Sanlam Annuity
You can easily view your Sanlam Retirement Annuity information online or through the mobile app. If you encounter any issues during registration or need assistance, contact the Sanlam contact centre at 0861 223 646.
Withdrawal Rules
The rules for withdrawing from your Sanlam Retirement Annuity are straightforward:
- Maximum Lump Sum: You can withdraw up to one-third of your total savings as a cash lump sum. For example, if your RA balance is R3 million, you can withdraw up to R1 million.
- Full Withdrawal: If the total amount in your retirement annuity is less than R15,000, you can withdraw the entire amount.
Can You Cancel Your Retirement Annuity?
Yes, you can cancel your retirement annuity and get your money back if the total amount is less than R15,000 on the date it is paid out.
Borrowing from Your Retirement Annuity
Sanlam allows you to borrow money from your retirement fund or use it as a guarantee for a loan, provided the loan is used for property-related purposes. This includes buying, building, or renovating a property that you or your spouse will occupy.
Benefits of Sanlam Retirement Annuity
- Tax Benefits: Contributions to your retirement annuity are tax-deductible, reducing your taxable income.
- Investment Growth: Your savings grow over time, thanks to the power of compound interest and professional fund management.
- Financial Security: Provides a steady income during retirement, ensuring financial stability.
- Flexibility: Offers flexible withdrawal options and loan facilities for property-related investments.
Conclusion
Sanlam Retirement Annuities offer a comprehensive solution for securing your financial future. With flexible withdrawal options, tax benefits, and the ability to borrow against your savings, Sanlam provides a versatile and reliable retirement planning tool.