In the ever-changing financial landscape where planning for retirement has never been more important, Liberty Life Botswana has rolled out a retirement annuity.
The transformative, tax effective product is designed to empower individuals with the tools and support needed to achieve a secure and comfortable retirement.
A retirement annuity is a long-term pre retirement investment plan intended to provide individuals with a steady income during retirement. It allows for regular contributions, which are invested over time to grow into a substantial retirement fund.
Speaking at the launch, Liberty Life Managing Director, Joy Buno emphasized their commitment to helping Batswana prepare for a happy retirement.
“Retirement is a phase of life that many look forward to, yet it often brings uncertainties and financial concerns. Our new retirement annuity is crafted to address these challenges, providing a tailored solution that adapts to the unique needs of each individual. Whether you are at the beginning of your career, nearing retirement, or already enjoying your retirement years, our product offers flexibility and assurance to help you achieve your retirement dreams. It prioritizes clients’ needs and is designed to secure your future as you plan for retirement,” explained Buno, noting the ‘innovative’ product underscores Liberty’s commitment to providing comprehensive and personalised financial solutions.
Upon retirement, the fund can be used to generate a consistent income, helping individuals maintain their standard of living and financial independence.
It offers a suite of benefits and features, tailored to meet the diverse needs of clients. These include: reliable and secure solutions for long-term financial stability, ensuring clients can retire with confidence, diverse investment options, transparency, with clear and competitive fee structures that maximise clients’ investment returns.
According to Head of Retail, Kabo Kgopo, Liberty recognized the challenges retirees face regarding insufficient lump sums, which make it impossible to maintain the lifestyle they enjoyed while they were working.
“Our tax-effective approach ensures your retirement contributions lower your taxable income within permissible limits. Contributions are made with post-tax funds, and Liberty provides tax certificates for reclaiming taxes,” said Kgopo, adding that at retirement clients can access up to 50 percent of their accrued value, providing flexibility for the years ahead.
