Tag: retirement savings

Nobody enjoys paying tax, but since it’s our legal obligation, we may as well make the most of it by legitimately saving where we can. Because tax savings - even if fractional - compounded over prolonged periods of time can contribute significantly to any person’s financial position.

We have announced the findings of our inaugural Retirement Insights Survey, the first retirement research of its kind conducted by an integrated financial services provider in South Africa. Against the backdrop of widespread belief that South Africa lacks a savings culture, the survey unveils some reasons for disparities in retirement savings beyond apathy or income.

South Africa commemorates Youth Day on 16 June 2023. With this in mind, we thought it prudent to tackle the importance of establishing good financial habits from an early age. The Oxford Dictionary defines the word habit as “a settled or regular tendency or practice, especially one that is hard to give up”.

The proposed "two pot" retirement system would allow people to have the best of both worlds – early access to a portion of their retirement funds, should it be necessary, while still preserving a significant portion for when they retire. The changes are set to take effect on 1 March 2024, but without further draft legislation being published in February, there are concerns that industry players will not have time to implement changes to meet this deadline.

In his budget speech on 22 February 2023, the Minister of Finance announced that the proposed two-pot system will take effect on 1 March 2024. Many had hoped for a delayed implementation date, given the development required to systems to accommodate the new structure.

Retirement planning is one of the most important parts of your financial journey, but it is often neglected or postponed until close to retirement age. Starting to plan for retirement is easier when you are still young, and you have few financial responsibilities.

New year, new dreams, new aspirations, new diets, new action plans, new holiday ideas, new jobs, and typically, also a "new you." We can all relate to the "new year, new you" tagline. A fresh start to get our lives back on track and to live the lives we want to live.

South Africa’s retirement fund legislation has undergone a series of changes since 2012 as part of government’s retirement reform process, which is aimed at ensuring that retirees make adequate retirement provision.

As we journey through life – from our first jobs to marriage and children, retirement and planning your estate – it is essential to have a certified financial planner. They can guide us through every stage in life, helping us to save enough and leave a legacy for our loved ones.

Interest rates have gone up several times in the last few months in South Africa, and it looks like they will keep rising for the foreseeable future. So, this begs the question: what are interest rates, why are they rising, and how do they affect you?