Citadel manager to be first investor in ‘great product’

Story Highlights

• Retirement annuities
• tax-free accounts

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“I am determined to be the first investor from Citadel to put funds into a tax-free savings account,” says Citadel general manager: products, Wilhelm Söhnge. “I’m opening accounts for my wife and kids as well.”

That attitude, he says, reflects what he thinks is a great product. “We like what Treasury has done in allowing tax-free savings accounts. I think they will be important and I would advise clients to use it as the cornerstone of their financial planning.

“But it’s important that they view it as a long-term savings vehicle and should not withdraw funds from the account every year. They should think of them as a different but similar vehicle to retirement annuities.”

For Citadel’s detailed comparison of a tax-free savings account and a retirement annuity, click here: RA v TaxFree