Tag: retirement savings

Imagine you’re on a highway with guardrails providing a safety barrier that keeps you from going off course. These guardrails guide you safely to your destination. However, when you reach retirement, the guardrails come off, leaving you uncertain. Which direction should you take to ensure the rest of your journey is safe?

From 1 September 2024 South Africans with retirement funds have the option to participate in South Africa’s two component retirement system. Qualifying consumers with tax directives will be able to access approximately R100 billion in retirement savings.

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.

When we think about estate planning, we think of a plan outlining a tax-efficient way to deal with our assets when we pass away. Instead of viewing this as a ‘death plan’, try to think of it as a ‘life plan’ – a strategy created during your lifetime to ensure that your wishes are fulfilled, and that your loved ones benefit as intended after you pass away.

Retirement planning has always been a crucial aspect of financial security for individuals and societies alike. However, in the face of rapid technological advancements, changing demographics, and evolving economic landscapes, retirement planning is undergoing a transformation.

National Treasury and the South African Revenue Service (SARS) provided important feedback at the recent sitting of the Standing Committee on Finance as part of the parliamentary process regarding the much anticipated two-pot retirement system.

Retirement is one of those phases of life that invites many perspectives. For some, it's the golden horizon they've been dreaming about, and working towards, their entire career - a chance to finally kick back, relax, and spend their days doing whatever they want.

With the increased cost of living, managing your money in your retirement years can be a challenging exercise for many. Running out of money during one’s retirement years is a prime concern for many retirees.  Although people have reasons to be concerned with the rise of economic pressures and the cost of living, consumers can lessen the risk of running out of money in retirement with proper financial planning and sound money management tools. 

In today's dynamic and evolving business landscape, the concept of retirement is undergoing a profound transformation. The traditional notion of leaving the workforce at a certain age and entering a state of relaxation is being replaced by the exciting concept of "unretirement”.

Whether through resignation, retirement or retrenchment, people change jobs all the time. Unfortunately, most of them cash out their pension funds when they do – and it’s one of the biggest reasons why only 6 out of every 100 South Africans end up with enough money to retire, according to the South African Treasury.