[SPONSORED] From 1 March 2024, Treasury has proposed plans to both protect your retirement savings and offer relief in tough times. OldMutualSA Read more:
In his Budget Speech last month, South Africa’s Minister of Finance, Enoch Godongwana, confirmed National Treasury’s intention to improve retirement savings outcomes through a “two pot” retirement savings structure which has been proposed to come into effect on 1 March 2024.
Lizl Budhram, Head of Advice at Old Mutual, says: “The long-term consequences of accessing some or all of your retirement savings in this way can unfortunately be dire. It’s seldom possible to make up for the loss of years of compound interest. It’s important to know that this new system will apply only to your future savings . This means none of your existing savings will be part of the “two pot” arrangement.
It remains a far better idea to leave your entire retirement savings and both pots untouched until you retire, says Budhram. When you need extra money, avoid seeing the “savings pot” as your first port of call. Rather see it as an absolute last resort.
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