10X rewards new investors with zero fees
10X Investments is once again rewarding all new investors with six months of zero fees if they sign up for a living annuity, retirement annuity or preservation fund during the month of November.
The company’s fee-free promotion applies to new retirement annuities, living annuities and preservation funds taken in the month of November. This limited-time offer is designed to alleviate financial burdens and make retirement planning more accessible to all.
This comes at a time when the country is grappling with unprecedented financial pressures, making it more important than ever for considering the future and investing wisely.
South Africa is sitting on a retirement time bomb, with the National Treasury revealing that only 6% of the country’s population is on track to retire comfortably.
Economic circumstances have impacted South Africans’ ability to save. The Covid-19 pandemic directly affected untold livelihoods, but in its aftermath, there has been little economic relief, and for many citizens, life has only become harder.
South Africans have endured rising inflation, high interest rates, and record unemployment. The majority of South Africans are currently facing high costs of living and often do not view retirement investments as an immediate priority.
This highlights the importance for innovative and inclusive insurance solutions to ensure comprehensive protection for all South Africans, according to Andre Tuck, Team Leader: Retail Investments.
While cost is a primary consideration in almost every purchase decision, especially in uncertain markets, when it comes to making critical financial decisions such as investing into a long-term retirement product, fees are often overlooked.
“Few retirees realise that the fees they pay on their living annuity could well be their single biggest expense in retirement,” said Tuck. He explains that a 2% fee, for example, on a R5m annuity amounts to more than R8,000 per month.
“Factors including affordability, accessibility and financial literacy influence insurance adoption. In an environment of heightened uncertainty, no one can realistically predict what the market will return over the next year,” Tuck said. “The only thing that is guaranteed with any certainty is the fees that you pay.”
“Many retirement investors therefore underestimate the fees on their living annuity, or rather, the impact these fees will have on the longevity of their savings,’ said Tuck.
With its proven track record of over 15 years delivering superior returns, 10X Investments has consistently outperformed the industry average, helping thousands of South Africans achieve their financial goals.
By providing transparent and cost-effective investment solutions, 10X Investments is committed to making retirement planning a seamless and rewarding experience.
To better understand the impact of these figures on an investor’s retirement, new investors can view the 10X Investments’ retirement income calculator. It will calculate what a sustainable income would be, taking investors’ savings balance, age, fees and inflation into account.
Click here for more information about the 10X Investments fee-free promotion
10X Investments (Pty) Ltd is a licensed Financial Services Provider #28250 and S13B Pension Funds Administrator #24/444.
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