Advance payments on car finance can be confusing, as different finance houses may have different ways of treating these advance payments. Any debt that you pay off sooner than required will save you money on interest. However, you need to...
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Two-pot withdrawals: GEPF members to start receiving payment soon
The Government Employees Pension Fund (GEPF) has confirmed that it will start processing payments for those members who have made applications to withdraw from their savings pot as part of the implementation of the new two-pot retirement system....
Misunderstandings around the two-pot system
Despite all of the articles written explaining the new two-pot retirement system, there still seem to be some common misunderstandings around the system. Confusion on how much you can withdraw each year Many people confuse the R30 000 limit on the...
Listen: Sort out your will this Wills Month
September is Wills Month, a Capital Legacy initiative inspired by National Wills Week, aiming to help more South Africans get their wills drafted at no cost. Having a valid will is essential, but many of us delay it due to time constraints. Did you...
Listen: Unpacking a shared value insurance model
In the ever-evolving landscape of life insurance, Discovery Life uses a shared value insurance model to incentivise healthy living. In the latest episode of “Life Behind the Numbers”, a Discovery Life podcast series, I sit down with Gareth...
Inflation explained: Why your bills feel higher
There are several reasons why your personal inflation rate probably doesn't match the consumer price index, which is the "official" inflation rate. When the official inflation figures for June were released by Statistics South Africa (Stats SA),...
Borrowing from your salary
Earned wage access is the concept that workers should be able to access a portion of their monthly salary before payday. Is it a good idea? What do you do if you have an unexpected expense during the month or find yourself a bit squeezed? In a...
Absa launches Ultimate Banking for the middle-class segment
Absa has launched its Ultimate Banking proposition as a one-stop banking solution for its customers, at an attractive monthly fee. Absa customers currently using a Gold transactional account should consider switching to Absa’s recently launched...
SARS clarifies tax on two-pot withdrawals
Anyone who intends to withdraw from the savings pot of the two-pot retirement system from 1 September 2024 must be registered for tax. Those who are not registered must register before they apply to their relevant fund. If a person is not...
Listen: Understanding life cover
My biggest debit order after my mortgage, is for life cover. It’s a crucial part of my financial plan. In this sixth episode of the Santam Insure your Future Money Bootcamp, I’m joined by Mapalo Makhu and Johann Steyn, a certified financial planner...
Previous Articles
Beware tax on withdrawals from your savings pot
Ahead of the implementation of the two-pot retirement system on 1 September, many people are surprised to discover how much tax they will pay on any withdrawal of funds from their new savings pot. Many are planning on withdrawing the once-off seeding capital that will...
GEPF: Calculating your benefits under the two-pot system
This is the final video in a four-part educational series on the two-pot retirement system for GEPF members. Watch the first video here, the second video here, and the third video here. This video looks at the benefits you will get at retirement, and how withdrawing...
Listen: How health screenings affect claims
In the latest episode of “Life Behind the Numbers”, a Discovery Life podcast series, I am joined by Discovery Life Deputy Chief Executive Gareth Friedlander and Chief Medical Officer Dr Maritha van der Walt, to discuss the significant impact that health screenings...
Rate cuts: What can we expect over the coming year?
Optimism for rate cuts varies between banks, but don’t expect a rate cut windfall. The aggressive rate increases since November 2021 have brought significant financial stress to consumers, especially those with large asset-based loans such as mortgages and car...
GEPF: How savings pot withdrawals affect your retirement
This is the third video in a four-part educational series on the two-pot retirement system for GEPF members. Watch the first video here and the second video here. This video and article look at things to consider before you withdraw your pension savings under the new...
Listen: Smart strategies to manage your debt
Many South Africans are drowning in debt, with rising interest rates and inflation exacerbating the situation. If you are struggling to meet your debt repayments, we are here to offer practical solutions and insights to help you regain control of your finances. In...
Are women really better investors than men?
Paul Nixon, head of behavioural finance at Momentum Investments Group, looks at the question of whether women are better investors than men, through a behavioural finance lens. The renowned behavioural finance research duo, Barber and Odean, published a paper in 2001...
GEPF: What happens if you resign after 1 September 2024?
This is the second video in a four-part educational series on the two-pot retirement system for GEPF members. Watch the first video here. When the two-pot retirement system is introduced on 1 September, one-third of future pensionable service will be allocated to a...
The two-pot system will improve retirement outcomes
While there are many fears around the imminent introduction of the two-pot system for retirement funds, members of these funds will be significantly better off due to the changes. Firstly, you will have access to your retirement funds without having to resign. Many...
Understanding the two-pot retirement system for GEPF members
This is a four-part educational series on the two-pot retirement system for GEPF members. Over the next four weeks the various aspects of the two-pot retirement system will be unpacked, and members’ questions will be answered. On 1 September 2024 the so-called two-pot...