SA has risk-free interest of 4% p.a. You can only withdraw amounts above the FRS (currently around $181,000) when you reach 55. I am not sure if you are allowed to withdraw from SA if you have "valid reasons". SA monies can be invested but there are many restrictions i.e. you can't just invest in anything. RSTU top-ups are eligible for tax relief up to $7,000 per annum for yourself and another $7,000 for across your family.
SRS accounts are opened with banks and the interest is 0.05% p.a. You can withdraw anytime after the statutory retirement age. The age is fixed at the time you first contribute to SRS so it should still be 62 for now. Please check. If you withdraw before the age, you incur withdrawal penalties plus income tax. You can invest your SRS on many higher-risk financial products. SRS contributions are eligible for tax relief up to $15,300 per annum for citizens (for PRs and foreigners, you will need to check).
SA has risk-free interest of 4% p.a. You can only withdraw amounts above the FRS (currently around $181,000) when you reach 55. I am not sure if you are allowed to withdraw from SA if you have "valid reasons". SA monies can be invested but there are many restrictions i.e. you can't just invest in anything. RSTU top-ups are eligible for tax relief up to $7,000 per annum for yourself and another $7,000 for across your family.
SRS accounts are opened with banks and the interest is 0.05% p.a. You can withdraw anytime after the statutory retirement age. The age is fixed at the time you first contribute to SRS so it should still be 62 for now. Please check. If you withdraw before the age, you incur withdrawal penalties plus income tax. You can invest your SRS on many higher-risk financial products. SRS contributions are eligible for tax relief up to $15,300 per annum for citizens (for PRs and foreigners, you will need to check).