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The two-pot retirement system – practical and tax implications of withdrawals

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With the 1 September implementation deadline looming, South Africa’s ‘two-pot’ retirement reform is fast coming to the boil. While President Cyril Ramaphosa signed the new Pension Funds Amendment Bill, for many employers and labourers there remains much uncertainty. This has prompted us to offer a clear explanation of why this legislation has been drafted but, more importantly, how it will affect employers and employees directly.

Building wealth – your plan to achieve financial freedom

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No matter how much you love your job, financial freedom should be your ultimate goal. For those unfamiliar with the term, financial freedom can best be understood as a state where individuals or households have enough financial resources to cover their living expenses without having to depend on work to maintain their standard of living.

South Africans are losing financial literacy

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In the wake of COVID-19 and the accelerated digitisation of financial services, the gap between South Africans who have highly developed financial literacy and those with little or none has not just widened – it has taken on new dimensions.  The consequences for South African society are dire.

Retirement planning and the consequences of early withdrawals

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Finding the right balance between short-term financial needs and your retirement prospects is possible with careful consideration of the various implications and good planning. Some people don’t want to stop working, while others can hardly wait to switch to a lower gear. Either way, there’s no escaping the necessity of planning for retirement.

Effective budgeting can improve financial health

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Taking control of your financial health through effective budgeting can be beneficial and liberating. By creating a budget and smartly managing your expenses, you can ensure that your hard-earned money lasts longer and works towards securing a prosperous future.

Don’t empower the capitalist – a blueprint for escaping wage slavery

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According to the latest Quarterly Labour Force Survey, just over 40 million South Africans were of working age (15-64 years old) in the first quarter of 2022. Of these, 14,914,000 had a job. This means that almost 15 million adults in this country were wage slaves; people who have no choice but to give up what they produce to someone ese just to survive.

Resigning to access retirement savings can set you back in the...

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On the back of COVID-19, and the widespread financial difficulties that many people experienced as a result of two years of lockdowns, some South African employees opted to resign from their jobs in order to access their retirement savings. 

View from the top – starting your financial plan today

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Searching for photos of mountain climbers (not the exercise), you’ll more often than not find images of happy, jolly people on the summit, or with the abyss behind them. You rarely see the whole journey, which can make it seem as if reaching the top is only for a select few.

Compound interest – the biggest ally in financial independence

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Saving even the smallest amount regularly will make a difference to your long-term financial independence. Well-planned investing and taking advantage of the ‘magic’ of compound interest are two of the most powerful ways in which South Africans can elevate themselves financially, and secure their financial independence one day.

20% of nothing is still nothing

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History, of course, tells us that Ponzi schemes and financial scams are nothing new. However, their sophistication in the online space and in a digitally connected world are tailor-made for casting a wider, global net that lures potential investors with promises of 20% or 30% returns – or, in one recent incident, interest of 7% a week.  

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