February is the last month of the tax year and you may see lots of offers to invest in either a retirement annuity or a tax-free savings account to save on tax. It’s only really an option for those who have additional cash in the month of February, which isn’t the case for many who have just survived to the end of Janu-worry. But it is a good time of year to assess whether you could have made more of the tax deductions you enjoy to boost your retirement savings. You are entitled to a tax deduction for any contributions made to your retirement fund or funds of up to 27.5% of your taxable income or remuneration, but limited to R350,000. A deduction enables you to reduce the amount of income on which you pay tax. The R350,000 limit is one that will only affect someone earning over R1.2m a year. For most people, contributing more than a quarter of their income to retirement savings will be a struggle and so you are probably contributing less than the maximum you can contribute and still...

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