The Two-Pot Retirement System explained with an example! The Woman & Finance Podcast Take a listen to the podcast with Sheila-ann Robey: open.spotify.c... podcasts.apple...
She definitely has the gift of impartation. She took a complex concept and broke it down into digestible parts. Teacher Mapalo, your learner understood you. Thanks Teacher!!
To anyone planning to take the 30k before retirement, think again while you still have time. I like the fact that you mentioned that Govt is going to benefit thru taxes. So true that.
Thanks Mapalo this was the simplest and very informative way 4 me 2 understand this pot system. I felt so lost bt ur video just lightn the information🙏
Our government is like a business, soo good at tax collection and finding ways of getting more money from us the citizens. We need to look out for ourselves 🤞🏾
It IS a business. It had better be. It needs an income or it would be useless. We, the tax payer, are the government's source of income. Surely you don't think they get money by printing it.
Wow that is mind blowing ! Thank you for always coming through Mapalo! 🤣🤣you’ve been holding me down since I started working. I hope that second book is coming soon!
Thank you for the explanation...on the savings pot I did not hear anything about the seed fund...I thought 10% of the 830k will be deposited to the savings pot but the total amount you can access annually is capped at 30k.
Thank you for this video. I understand this whole thing better. The 10% you speak of, on the GEPF website it says its a "once off non-taxable transfer." So why will it get taxed with my salary?
I saw that and took it to mean, it is not taxed upon being 'withdrawn' from the vested amount to be placed in the savings pot ( this is technically a withdrawal and subject to tax). But when we withdraw, waasha! Your annual tax may go up and you pay even more tax than is worth the hassle of a few extra coin. Edit: I may be wrong, but we are sharing and learning. Come back here if you find out anything more and let us know.
Thank you so much Mapalo for doing this video. I now fully understand the two pot systems. I like the 2/3 where you have to buy an annuity. Atleast we won't be broke when on retirement.
Thank you Mapalo 😊, very informative, this deserves more views. Few questions, will this stand a legal challenge for people that want to access all their money, i.e. is it constitutional for the government to withhold money you have worked for without your consent. 2nd question, what happens to the retirement pod when you get divorced? 3rd, what happens when I lose my job at age of 45 and can't find a job after a search, does it mean I will struggle though I have R2m in my retirement pod. Honestly I don't think this is constitutional and I think it will fail once people start taking government to the courts.
Your question @17:00 Investment funds have always included a mix of both risky and money market instruments, with retirement funds usually having a higher proportion of risky assets. Therefore, I believe they’ll have more room to invest in risky assets with the 2/3 contribution since withdrawals are no longer possible. The returns forgone by investing 1/3 in money market instruments will be offset by the benefits of long-term investments.
I had the same question and I'm not a finance person and know little about investments, however perhaps this strategy will only pay off and the losses be offset for people that are a quite a bit beyond 10 years to retirement. It is for this reason that I feel we should have been given the choice to opt out of the savings pot especially if we have 15 years or less to retirement. This group only loses, as the retirement pot will barely grow without the other third contributions sitting in savings pot. And then , the worst hit is that, upon retirement , we will pay increased taxes, if the savings pot is taxed at a marginal tax rate. ( Where prior it would have fallen into the R550 000 tax concession etc) It seems this group, into which I fall, (8 years to retirement) is badly hit by the changed system. Edit: Am I understanding correctly? Any advice, insights from you are welcome.
Mahalo. First off thank for this brilliant explanation. But I'm doing an assignment on this system, you have touched on most😅. How do I reference this. I'm doing my first year.... Thank I shall wait hear😊✋️
I have watched so many videos and this was so simplified. I love seeing things visually as well. My question is: The max of 30K, is it before or after tax? Not that I am thinking of withdrawal. I still have to increase my monthly contribution to an RA I opened last year in addition to the one I have at work.
Thank you very much! I had the same question as you from day One. Since I have no intention of accessing the money in my savings pot, to me, it just sounds like a sure way to slow down the rate at which my retirement savings grow! By a third, in layman's view but way more in complex financial terms considering compound interest etc. I am just as eager for an answer and wonder why didn't they give us a choice to opt out of the savings pot altogether?
I like what they did for the ones resigning. I know people that resigned, they had already accumulated R2m worth of pension. They took the money wasted it and went straight to poverty. That is so sad to watch.
Now I get it. I thought the vested pot gets now the 2thirds going forward but as I understand you we no longer contribute to vested pot but it stays invested and grows and from September we will be contributing to two pots i.e now 1third to savings pot and 2thirds to retirement pot. Anyways hope I didn't twist things😂
Hi Mapalo, thank you so much for sharing, very simplified and easy to understand😍. Please do the video on the annuity, the life & living annuity. so, I hear you say the savings pot will accumulate🤔, will it also earn interest though? or does it depend on where it will be sitting, but it sounds like it will not be much. and 😑I just realized I have 18 years to retirement and a 4-year-old...I'm shook right now, need to tighten the belt and pull up the socks ASAP! thank you for always sharing these money nuggets🤗
Thank you Mokgo 🤗🤗🤗❤ the savings pot will still be invested, earning you interest but not sure which funds it will be invested in since it is for emergencies - meaning that it has to be in liquid funds i.e cash, bonds etc that is a concern for me because what if I don't want to access those funds and yet they are not invested aggressively enough!
Thank you mntakwethu for this clarity. I ve been working for 30 years, and I am 53 yrs old. Can I withdraw from my pension account and pay off my bond. I am struggling with
Sorry to hear about your struggles. As the lady was clarifying, come September, your savings pot will only have , at most R30 000. This amount will be taxed according to your tax rate and you end up getting 20 something thousand Rand. It won't pay off your bond and is not worth taking. Edit. Hang in there, early retirement, if you can afford it, is at 55 years in many companies. Try and speak to a financial planner/adviser. Also, perhaps you have other retirement savings separate, like from Sanlam or Old Mutual which will pay you when you reach 55 years old. Perhaps then you can combine these amounts and pay your bond. If you have a good, stable job, did you know you can approach you bond provider (bank) to extend the term and make your monthly repayments more affordable? Don't be discouraged. Get solid advice.
Do not be tempted in any way to take this money - get on with your life and leave this money there for when you cannot work AND do not allow the government to take more money out of your pocket
Thanks Mapalo. crystal clear, the middle man, will always score. Forget about the payment, every time the is salary run, taxman is there. That payout can work, for those who earning less. a driver;security guard etc. But for people who are on Boling budget, it won't work.
Wow beautiful presentation... U are gifted u hv made it so easy for me.... I hv 1 question tho, regarding the example u used, 830k into the vesto pot, if 10%goes to the savings which is 83k....and only 30 k is accessible what happens to the 80k remaining amount, does it sit ku savings pot and every mth is added with the 1/3 contribution.?
Thank you so much Mapalo. I have a question What happens if you get dismissed from work, do you still get to touch your other retirement pot or you get to take the vested pension
Thank you Mapalo for such a clear breakdown on a complex upcoming change. I have one query. In the event where someone is immigranting to another country and they resign from their employer in South Africa, are you going to be allowed to withdraw all your contributions (vested fund + 2-pots systems full funds contributed)? Or just the vested funds + 1/3 of 2-pots systems contributions? Thank you.
Regarding tax: does it make a difference to take the savings later ( be it 10 years later or at retirement)? I mean if one is being taxed 20% now when they take their 30k, they will still be taxed the same or more when they take it later. Or at retirement tax is less?
Thanks for this, but i need clarity - i have 400K right now and aged 34 years old, am i going to get my 370K as a withdrawal when i decide to resign from my employer in December 2024?
No one is answering this part of the two-pot system nor being fired or retrenchment and I'm livid. I work in a mentally stressful career and I do not think I will stay in it till retirement age. So I do plan to resign at some point so I want to know, will I get my money while I figure life out? Or want to use it to move to another country? Yho 😢
My understanding, and what the lady on the video appears to confirm, is that the money in the vested pot(in your case R370 000 ), are what you will get on resignation subject to tax under the old system. You may get your entire R370 000 as a R550 000 tax concession is applicable , if you haven't taken pension funds from a previous employer before and thus not used up any of the tax free allowance.
No chief you must resign before 1 September 2024 to access the full 400k subject to tax if it's after you will not access the bigger part of your money until retirement 😂
Actually gov debt alover the world is been a problem since the economic collapse.So gov needs an economic boost. So they know youll be tempted to use the cash because nowadays people dont keep cash savings lying around... people find use for that cash. So the gov will tag along its taxes n that will boost revenue targets. They will use pension money for gov development schemes.
I didn't hear you mention the 5550000 tax free that one can access at retirement, how does it work? & Will it also be added to either life annuity or living annuity
Hi. What happens if I resign at the age of 45 to start my business does that mean Im not going to get all my funds?wil i have to wait for retirement age to get the funds that I did not get because I was not at the retirement age?
Hi mam ,if I left my job before September ,is it possible that I can stil join the 2pot system after my pention was paid already,but I want to put the whole amount back into the 2pot system.
can you plz explain to me that when 30k removed from vested pot into savings pot also the money to the retirement pot will be deducted from the remaining R800k in the vested pot?
One thing our govt is good at is to come up with these schemes that are dressed as something beneficial to us when its really a way to fleece us of our hard earned cash through tax.
Hi Mapala.. thanks once again but my question now is how are the fees structured, especially considering that there is a vested pot.. not sure if I make sense!
If you have retirement annuity is it not possible to invest this into your tax free savings account say for instance in easy equities and then add that 25k to that and gaining compound interest tax free?
Thanks Mapalo for this. My question is with regards to the savings pot. Do I have the option to carry over the R30K to the next year? Meaning, I don't take it this year, then next year I take double which is R60K?
Hey Lebo, you don’t have to withdraw the R30K, you can leave it there in the savings pot to grow. I also want to clarify for you: after the R30K that you can access now, the rule is that every financial year, you can access (but do not have to) funds in the savings pot- there is no limit
Thanks lots sis Mapalo,❤ . Please explain why we're taxed when money goes into Retirement instruments and when you take the invested money especially at retirement?
Hi Mapalo I am a 45yr old man who is on permanent medical boarding. Do you think it's wise for me to access my two pot funds.My pension is around 900k.
Hi Sis, what happens when I take early retirement just after or before 1 September. Can I take all cash if I have less than R500k? . How is buying an annuity going to help me if you take into account how much the monthly income Is going to be?
My question is that, in the event that I resign from my Employment and i am not going to any other employment but rather going into business. Can I access the full amount, or the money waits untill the "retirement age" ?
Talk about ways to pay E-tolls back and all other debt and boostbthe economy with our tax money. It is basically diuble tax. Ja ne ,when it 🌧️ it pours.
You will never get a response to that question because they know the truth. If you are unmarried and have grown up kids, all your money goes back to government
The money will be paid out according to the nominee form that you have signed. A nominee form is where you specify who should be paid (and how much or what percentage) in case you die. If you have not completed a nomination form, then the trustees of your retirement fund, will decide how the money gets paid. If you have no spouse or kids or any beneficiaries, then the money will form part of your estate.
But its unfair that i cant touch 60% of my savings, this sux cause what if i wamt to retire and open my own business, they want to keep us serving masters nxa
She definitely has the gift of impartation. She took a complex concept and broke it down into digestible parts. Teacher Mapalo, your learner understood you. Thanks Teacher!!
🥹🥹🥹Thank you
To anyone planning to take the 30k before retirement, think again while you still have time. I like the fact that you mentioned that Govt is going to benefit thru taxes. So true that.
This is a bad move to public servants
I thought this system was unfair until i watch your video,now i get the clear picture THANK YOU
Thank you so much for the very detailed information. You turned a complex issue into a clear one.. Thank you again...
Thanks Mapalo this was the simplest and very informative way 4 me 2 understand this pot system. I felt so lost bt ur video just lightn the information🙏
Great to hear!🙌🏾❤️
started today following you and will not stop, brilliant and helpful information
Awesome, thank you! And welcome to the Tribe ❤️🙌🏾
Our government is like a business, soo good at tax collection and finding ways of getting more money from us the citizens. We need to look out for ourselves 🤞🏾
It IS a business. It had better be. It needs an income or it would be useless. We, the tax payer, are the government's source of income. Surely you don't think they get money by printing it.
Thank you for making finance education easier 🙏 🙌 😊
Thank u .i didn't understand this 2 pot system until nw. U have simplified it
Wow that is mind blowing ! Thank you for always coming through Mapalo! 🤣🤣you’ve been holding me down since I started working. I hope that second book is coming soon!
My pleasure!! ❤️
Thank you for explaining.
Can you please make a explanation about what happen when you go on pension Daleen
Not her pulling out a calc to calc 1/3 of R1000 😂 love this softness . I’m not using my brain, not today! ❤
Thank you Mapalo for simplifying this. Very useful and eye opening
Straight, simple to the point, thank you
Thank you for the explanation...on the savings pot I did not hear anything about the seed fund...I thought 10% of the 830k will be deposited to the savings pot but the total amount you can access annually is capped at 30k.
Thank you so much for the simplest explanation!
Thank you for this video. I understand this whole thing better.
The 10% you speak of, on the GEPF website it says its a "once off non-taxable transfer." So why will it get taxed with my salary?
I saw that and took it to mean, it is not taxed upon being 'withdrawn' from the vested amount to be placed in the savings pot ( this is technically a withdrawal and subject to tax). But when we withdraw, waasha! Your annual tax may go up and you pay even more tax than is worth the hassle of a few extra coin.
Edit: I may be wrong, but we are sharing and learning. Come back here if you find out anything more and let us know.
Thank you for an eye opening presentation 👏
Thank you so much Mapalo for doing this video. I now fully understand the two pot systems. I like the 2/3 where you have to buy an annuity. Atleast we won't be broke when on retirement.
Right! I think they hit the nail on the head with that part
But how do u know you'll get to see retirement age?
@@jamatsotetsi5949 from my lips to God's ears definitely I am going to live till 120 years. I know
Thank you Mapalo 😊, very informative, this deserves more views. Few questions, will this stand a legal challenge for people that want to access all their money, i.e. is it constitutional for the government to withhold money you have worked for without your consent. 2nd question, what happens to the retirement pod when you get divorced? 3rd, what happens when I lose my job at age of 45 and can't find a job after a search, does it mean I will struggle though I have R2m in my retirement pod. Honestly I don't think this is constitutional and I think it will fail once people start taking government to the courts.
Your question @17:00
Investment funds have always included a mix of both risky and money market instruments, with retirement funds usually having a higher proportion of risky assets.
Therefore, I believe they’ll have more room to invest in risky assets with the 2/3 contribution since withdrawals are no longer possible. The returns forgone by investing 1/3 in money market instruments will be offset by the benefits of long-term investments.
I had the same question and I'm not a finance person and know little about investments, however perhaps this strategy will only pay off and the losses be offset for people that are a quite a bit beyond 10 years to retirement. It is for this reason that I feel we should have been given the choice to opt out of the savings pot especially if we have 15 years or less to retirement. This group only loses, as the retirement pot will barely grow without the other third contributions sitting in savings pot. And then , the worst hit is that, upon retirement , we will pay increased taxes, if the savings pot is taxed at a marginal tax rate. ( Where prior it would have fallen into the R550 000 tax concession etc) It seems this group, into which I fall, (8 years to retirement) is badly hit by the changed system.
Edit: Am I understanding correctly? Any advice, insights from you are welcome.
Very clear, thank you so much for this information
Glad it was helpful!
Loved it..... Well done!
You explained it so so well
Thank you Mapalo 👏🏽👏🏽👏🏽well explained
Glad it was helpful!🙌🏾
Mahalo. First off thank for this brilliant explanation. But I'm doing an assignment on this system, you have touched on most😅.
How do I reference this.
I'm doing my first year....
Thank I shall wait hear😊✋️
I have watched so many videos and this was so simplified. I love seeing things visually as well. My question is: The max of 30K, is it before or after tax? Not that I am thinking of withdrawal. I still have to increase my monthly contribution to an RA I opened last year in addition to the one I have at work.
The R30K if you choose to withdraw it, will be taxed at your marginal tax rate (your income tax tables)
🙏🙏🙏
Thanks A Lot for explanation Mapalo.
Now I would like to hear about Anuity from You.
Thank you very much! I had the same question as you from day One. Since I have no intention of accessing the money in my savings pot, to me, it just sounds like a sure way to slow down the rate at which my retirement savings grow! By a third, in layman's view but way more in complex financial terms considering compound interest etc. I am just as eager for an answer and wonder why didn't they give us a choice to opt out of the savings pot altogether?
Lovely explanation. Thannk you :-)
Woow. Well explained. Thank you so much
Wonderful breakdown sister🙏
You have explained it very well,thank you❤
I like what they did for the ones resigning. I know people that resigned, they had already accumulated R2m worth of pension. They took the money wasted it and went straight to poverty. That is so sad to watch.
It’s their money,it should be their choice
@@kevinmabuza-ed2dl Well not according to Govt, they are tired of giving ppl grants. Pension money is for pension.
Now I get it. I thought the vested pot gets now the 2thirds going forward but as I understand you we no longer contribute to vested pot but it stays invested and grows and from September we will be contributing to two pots i.e now 1third to savings pot and 2thirds to retirement pot. Anyways hope I didn't twist things😂
Hi Mapalo, thank you so much for sharing, very simplified and easy to understand😍. Please do the video on the annuity, the life & living annuity. so, I hear you say the savings pot will accumulate🤔, will it also earn interest though? or does it depend on where it will be sitting, but it sounds like it will not be much. and 😑I just realized I have 18 years to retirement and a 4-year-old...I'm shook right now, need to tighten the belt and pull up the socks ASAP! thank you for always sharing these money nuggets🤗
Thank you Mokgo 🤗🤗🤗❤ the savings pot will still be invested, earning you interest but not sure which funds it will be invested in since it is for emergencies - meaning that it has to be in liquid funds i.e cash, bonds etc that is a concern for me because what if I don't want to access those funds and yet they are not invested aggressively enough!
You have explain the difference between life annuity and living annuity in your book(page 130). People must go out and buy your book
🙌🏾🙌🏾🙌🏾🙌🏾❤️
Going on what I have watched here her book must be worth the coin. I will Google it and buy it for sure
Explain beautifully ❤ thank you mama now I can make an informed decision
Well explained ❤ thank you very much sister
You broke this down so well ❤ thank you ❤
Thank you mntakwethu for this clarity. I ve been working for 30 years, and I am 53 yrs old. Can I withdraw from my pension account and pay off my bond. I am struggling with
Sorry to hear about your struggles. As the lady was clarifying, come September, your savings pot will only have , at most R30 000. This amount will be taxed according to your tax rate and you end up getting 20 something thousand Rand. It won't pay off your bond and is not worth taking.
Edit. Hang in there, early retirement, if you can afford it, is at 55 years in many companies. Try and speak to a financial planner/adviser. Also, perhaps you have other retirement savings separate, like from Sanlam or Old Mutual which will pay you when you reach 55 years old. Perhaps then you can combine these amounts and pay your bond. If you have a good, stable job, did you know you can approach you bond provider (bank) to extend the term and make your monthly repayments more affordable? Don't be discouraged. Get solid advice.
Should one lose a job, are they able to access the retirement pot. or you must hope to live till retirement time to start accessing your cash?
Amazing!💥
Do not be tempted in any way to take this money - get on with your life and leave this money there for when you cannot work AND do not allow the government to take more money out of your pocket
Thanks Mapalo. crystal clear, the middle man, will always score. Forget about the payment, every time the is salary run, taxman is there. That payout can work, for those who earning less. a driver;security guard etc. But for people who are on Boling budget, it won't work.
Thanks for this
Thank you so much for this 😢
Wow beautiful presentation... U are gifted u hv made it so easy for me.... I hv 1 question tho, regarding the example u used, 830k into the vesto pot, if 10%goes to the savings which is 83k....and only 30 k is accessible what happens to the 80k remaining amount, does it sit ku savings pot and every mth is added with the 1/3 contribution.?
Best explanation, keep it up ma'am.
Thank you
Thank you so much Mapalo. I have a question
What happens if you get dismissed from work, do you still get to touch your other retirement pot or you get to take the vested pension
Thank you so much Mapalo♥
Thank you Mapalo for such a clear breakdown on a complex upcoming change.
I have one query. In the event where someone is immigranting to another country and they resign from their employer in South Africa, are you going to be allowed to withdraw all your contributions (vested fund + 2-pots systems full funds contributed)? Or just the vested funds + 1/3 of 2-pots systems contributions? Thank you.
Regarding tax: does it make a difference to take the savings later ( be it 10 years later or at retirement)?
I mean if one is being taxed 20% now when they take their 30k, they will still be taxed the same or more when they take it later. Or at retirement tax is less?
Clear explanation Thanks - though I hate this law
Thanks for this, but i need clarity - i have 400K right now and aged 34 years old, am i going to get my 370K as a withdrawal when i decide to resign from my employer in December 2024?
No one is answering this part of the two-pot system nor being fired or retrenchment and I'm livid. I work in a mentally stressful career and I do not think I will stay in it till retirement age. So I do plan to resign at some point so I want to know, will I get my money while I figure life out? Or want to use it to move to another country? Yho 😢
My understanding, and what the lady on the video appears to confirm, is that the money in the vested pot(in your case R370 000 ), are what you will get on resignation subject to tax under the old system. You may get your entire R370 000 as a R550 000 tax concession is applicable , if you haven't taken pension funds from a previous employer before and thus not used up any of the tax free allowance.
@@dabeezkneez8716 thank you for this. You made it so clear 🙏🏽
No chief you must resign before 1 September 2024 to access the full 400k subject to tax if it's after you will not access the bigger part of your money until retirement 😂
Use this for business to gain a lot from it but be careful to avoid illegal shortcut and scams. At least that's the message I'm getting from this.
Thank you
Thank you it was very informative 🙏
You’re welcome 😊
Actually gov debt alover the world is been a problem since the economic collapse.So gov needs an economic boost. So they know youll be tempted to use the cash because nowadays people dont keep cash savings lying around... people find use for that cash. So the gov will tag along its taxes n that will boost revenue targets. They will use pension money for gov development schemes.
I didn't hear you mention the 5550000 tax free that one can access at retirement, how does it work? & Will it also be added to either life annuity or living annuity
Hi. What happens if I resign at the age of 45 to start my business does that mean Im not going to get all my funds?wil i have to wait for retirement age to get the funds that I did not get because I was not at the retirement age?
Hi mam ,if I left my job before September ,is it possible that I can stil join the 2pot system after my pention was paid already,but I want to put the whole amount back into the 2pot system.
can you plz explain to me that when 30k removed from vested pot into savings pot also the money to the retirement pot will be deducted from the remaining R800k in the vested pot?
One thing our govt is good at is to come up with these schemes that are dressed as something beneficial to us when its really a way to fleece us of our hard earned cash through tax.
The 30K is only applicable for the first year of implementation but from next year you will be able to withdraw everything up to a minimum of 2K
Thanks, I was looking for this part
I like to ask if this how are we going to get it
What happens if you resign or get dismissed ? Are you allowed to withdraw the vested and savings capital?
Hi Mapala.. thanks once again but my question now is how are the fees structured, especially considering that there is a vested pot.. not sure if I make sense!
If you have retirement annuity is it not possible to invest this into your tax free savings account say for instance in easy equities and then add that 25k to that and gaining compound interest tax free?
Thanks Mapalo for this. My question is with regards to the savings pot. Do I have the option to carry over the R30K to the next year? Meaning, I don't take it this year, then next year I take double which is R60K?
Hey Lebo, you don’t have to withdraw the R30K, you can leave it there in the savings pot to grow. I also want to clarify for you: after the R30K that you can access now, the rule is that every financial year, you can access (but do not have to) funds in the savings pot- there is no limit
Thanks lots sis Mapalo,❤ . Please explain why we're taxed when money goes into Retirement instruments and when you take the invested money especially at retirement?
Hi Mapalo I am a 45yr old man who is on permanent medical boarding. Do you think it's wise for me to access my two pot funds.My pension is around 900k.
Hi Sis, what happens when I take early retirement just after or before 1 September. Can I take all cash if I have less than R500k? . How is buying an annuity going to help me if you take into account how much the monthly income Is going to be?
How does the two pot system work in respect to a DB fund?
My question is that, in the event that I resign from my Employment and i am not going to any other employment but rather going into business. Can I access the full amount, or the money waits untill the "retirement age" ?
Hi dear so what happen if I die before my retirement, will my beneficiaries get remaining money?
So whats happened to my vest component if i lost the Job after September?
The vested port is how it is going to grow if we don't contribute to it ?
It's the same though ... They tax my bonus too mos
Hw much is tax percentage in south africa
What is a one third? How to calculate a ONE THIRD?
Thanks for this detailed video. Appreciate it
What if im dismissed and i took the saving
Only now, it make sense ❤❤
My apologies Mapalo... typing error i meant 550000 tax free
Is 10% or 30k on vested pot once off withdrawal?
Yes
Once every tax season.
Talk about ways to pay E-tolls back and all other debt and boostbthe economy with our tax money.
It is basically diuble tax.
Ja ne ,when it 🌧️ it pours.
How this system will work if I get fired?
Lol
What happens to the retirement pot if you die?
You will never get a response to that question because they know the truth. If you are unmarried and have grown up kids, all your money goes back to government
The money will be paid out according to the nominee form that you have signed. A nominee form is where you specify who should be paid (and how much or what percentage) in case you die. If you have not completed a nomination form, then the trustees of your retirement fund, will decide how the money gets paid. If you have no spouse or kids or any beneficiaries, then the money will form part of your estate.
But its unfair that i cant touch 60% of my savings, this sux cause what if i wamt to retire and open my own business, they want to keep us serving masters nxa
If you have both RA and Provident, is it R 30k across both or R 30k each?
Both will have 30k each but you can only access one 30k per tax season from either benefit.
So..if I leave my employer in 2025...will I be able to get my whole vested pot?
Always a catch with government 😂😂
If ppl don't know,that is how E-tolls and etc will be paid back.
Good afternoon o if you are retrenched you going to get full amount
It is true that beyond 62 years gepf stop grwing
that is NOT true
who wants R30k kanti🥺