William Khwela from Nedbank Private Wealth breaks down the potential dangers of the new two-pot retirement system.
The two-pot retirement system is officially live in South Africa, but there are significant tax implications that South African fund members have to consider.The savings pot will be one-third of retirement savings from today, 1 September and be accessible before retirement.
The system is designed to ensure South Africans can access some of their savings in an emergency while maintaining the majority of their funds for retirement. If the R30,000 in the savings pot is allowed to grow at an average investment return of 7%, it will be worth R59,000 in 10 years’ time.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
vivo South Africa lights up Miss South Africa 2024: Radiant celebration of SA womenMia le Roux made history as the first hearing-impaired woman to take the title.
Read more »
South Africa: Chidimma Adetshina Withdraws From Miss South Africa Pageant'...After much careful consideration, I have decided to withdraw myself from the competition for the safety and well-being of my family and me.'
Read more »
South Africa's favourite teacher William Smith diesSouth Africa's favourite teacher William Smith dies
Read more »
Malaria season in Africa INCLUDING South Africa: What you need to knowHere are some useful information and tips for staying safe while travelling in Africa during malaria season.
Read more »
Where did South Africa finish in medal table for AFRICA?The United States finished top of the medal table at the Paris Olympics 2024, but how did South Africa do in terms of Africa's best?
Read more »
South Africa Drop to 4th Most Attractive Investment Destination in AfricaRand Merchant Bank released a, 'Where To Invest In Africa 2024' report. South Africa is in fourth place as African countries that are favourable to invest in.
Read more »