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There are many aspects to consider, and many moving parts in structuring an optimal retirement income for such a niche objective.

Two advisors answer this reader's question.

Is transferring my house to my eldest son as a living inheritance an option?

You could contribute the full proceeds to your retirement annuity, or only contribute the maximum tax deduction and put the rest into another investment solution.

Will I pay more tax if I withdraw interest from the fund before it is older than a year?

The death benefit of an RA is taxed in the hands of the deceased and will not affect your own exclusion.

The share belonging to the surviving spouse is indisputable, but they are not automatically entitled to the entire estate.

You have three options, however, your choice will depend on your financial circumstances, immediate needs, and long-term goals.

And what other options are there for me to reduce the extra tax I need to pay each year?

It may prove tax-efficient to implement a retirement income plan at 55 and to withdraw an income that is under the tax threshold.

There are various ways to do this, with the time-weighted return formula being the most popular.

There are various aspects to consider, but you could settle a portion of your bond and keep at least 50% of your current investments.

One should aspire to accumulate sufficient wealth in both voluntary and compulsory funds.

If so, what are the tax implications?

Unfortunately, the tax rebate does not directly affect the tax calculation on the lump sum and may not result in receiving a refund.

The living annuity is the better option. Here's why …

Three advisors answer this reader's question.

You could. However, the scale of the benefits will depend on a couple of factors.

Our law recognises this need and has made provision for a special type of trust, but there are various factors to consider.

From a pure income perspective, a voluntary life annuity does appear to be the best option.

And will the balance fall away when I pass on?

You can borrow funds to buy a property, renovate a property, pay off a housing loan, or to guarantee a housing loan. You cannot use the funds for any other purpose.

After 10 years, the initial amount should still be available.

A discretionary investment including cash, bonds and growth assets may be the best option.

Personal ownership, a trust, or company: there are certain advantages and disadvantages in how you structure your portfolio.

Of three options on what to do with your RA funds, a life annuity would give you the highest probability of income certainty – but not at the required level.

In the current environment, the best match with your requirements would be either a ‘variable income’ or a ‘multi-asset income’ unit trust fund.

It depends on your overall current financial position.

The scheduled tax legislation change relates specifically to provident preservation funds.

Three of the biggest risks someone close to, or at retirement faces: longevity, inflation, and the underlying investment assets.

A major concern when considering an annuity income relates to the growth rate assumptions.

You can split your capital between an all-equity portfolio offshore and SA equity and bonds.

Will R23 800 be tax-exempt and then I'm taxed at 40% for the remaining amount?

The question of paying off debt or contributing to retirement savings is something many South Africans wonder about.

My husband has been employed by Portnet for about 30 years. He wants to retire early - will he qualify for UIF?

If so, are there any tax consequences to consider?

I cannot take a lot of risk, as this is all the money I have.

Several things need to be considered; staying focused on your long-term objective – retirement – is important.

According to the current draft, the two-pot retirement fund system will not be applied retrospectively.