Herewith a very simple comparison between a Tax Free Savings Account and a Retirement Annuity. Keep in mind, the TFSA has tiny limits (capped at R30k per year in inception 2015 and R500k over your lifetime), whereas a RA can be a much more substantial investment. Why not have both?
|Product||Tax Free Savings Account||Retirement Annuity|
|Contributions||Not tax deductible||Tax deductible|
|Safe from creditors||No||Yes|
|Access to funds||Anytime||Only from 55|