My partner and I are looking to invest together. Can we both contribute to the same retirement account? Do you offer products specifically designed for couples who want to save for their retirement together? Magdeleen Cornelissen, Wealth adviser at PSG Wealth, Menlyn
There are many investment products available to individual investors that can be utilised as retirement savings mechanisms, of which the retirement annuity is one of the most popular options. Other options include a voluntary investment, an endowment and a tax-free investment vehicle.
Unfortunately, a retirement annuity cannot be taken out in the name of multiple investors, as annuities are generally structured as contracts between an individual investor and the product provider. The same rule applies to the other products mentioned, as they typically cater for single investors.
However, there are a few alternative options that you and your partner can consider on your road to financial wellness.
Although most of the local investment products must be purchased in the name of a single investor, many of the product providers do allow for third parties to contribute to an investment. This would allow both partners to contribute to the same investment product and participate in their mutual wealth creation process.
