Tag: pre-retirement withdrawal
Two-pot savings and SARS – managing tax debt on withdrawals
Two-pot savings and South African Revenue Service (SARS) became a crucial topic when taxpayers realised they cannot access their savings without settling tax debts first. South African taxpayers withdrawing from their two-pot savings must first settle any outstanding tax debt unless arrangements exist with SARS.
Retirement planning and the consequences of early withdrawals
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.
South Africa’s current retirement conundrum
In the weeks prior to the Medium-Term Budget Policy Statement (MTBSP), South Africans await more clarity from National Treasury on their proposal for limited pre-retirement withdrawals and the logistics required to make this happen.
