If you've heard the marketing for retirement annuities (RAs) that cost less than 1% a year and you're paying fees of about 3% on your RA, you may be - or should be - considering a switch. But what should you know before you take the leap?

Three percent doesn't sound like a lot, until you look at it in rand terms. On a lump-sum investment of R250,000 it's R7,500 in year one. On an investment of R1m, it's R30,000 in the first year, growing and compounding as your money grows...

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