Why pay the taxman more than his fair share if you can boost your retirement savings and enjoy tax benefits to boot? This is the argument for making the most of your tax deductions for contributions to a retirement fund and tax limits for a tax-free savings account before the end of February. Both tax-free investment accounts and retirement annuities allow you to grow your savings tax free, meaning there is...

Contributions to retirement funds are tax deductible, within certain limits. The maximum tax deduction you may make in a tax year is limited to the greater of 27.5% of taxable income or remuneration from your employer, subject to an annual ceiling of R350 000. On 1 March 2016, the tax deductions for retirement savings increased from 15% to 27.5% - which means you can now save more for retirement and get back more from SARS.

Have you taken the plunge and started your own business, but sacrificed some (if not all) of your savings to do it? Mthobisi Mthimkhulu suggests using a tax-free investment to boost your savings and preserve your tax benefits.