One of the most common complaints I receive from pensioners is that they pay tax on their retirement benefits. While one can sympathise with the plight of pensioners who often struggle to come out on their retirement income, one needs to understand...
As part of its ongoing retirement reform process, National Treasury is proposing the introduction of a two-bucket retirement system to provide for shorter and longer-term needs. John Anderson, executive at Alexander Forbes, says it may work along...
While noble in its aim, the establishment of a National Social Security Fund (NSSF) is largely unworkable. In August, the department of Social Development issued a Green Paper on Comprehensive Social Security and Retirement Reform, which outlined a...
The Government Employees Pension Fund (GEPF) is concerned with the increase in the number of unclaimed benefits and wants to pay them out. If you are a former government employee who did not claim a pension on retirement, it is possible that you...
South Africans seem to live in constant fear of the government going after their savings. New tax rules for emigrants' retirement funds is just the latest development to fuel this anxiety. Andre Tuck, Senior Investment Consultant at 10X...
Tax Consulting SA gives the lowdown on a new draft tax bill which essentially proposes an additional exit tax on retirement funds. It is not uncommon for National Treasury and the South African Revenue Services (SARS) to propose, and subsequently...
If you are struggling to get your claims processed or not receiving your benefits, help is at hand with the recent establishment of the Government Employees Pension Ombud (GEPO). The state is the largest employer in the country, and the Government...
Jaco Prinsloo, Wealth Manager at PPS Wealth Advisory, has some sensible advice around retirement planning. As a wealth manager, I have observed that there are two typical clients. Some dread retirement, while others look forward to it. Those who...
The great thing about getting your first paycheque is that you have the opportunity to do the right things before the bad habits kick in. The day that first paycheque hits your bank account you feel like you have finally arrived. But how you manage...
We all go through the aging process, and one of the big decisions we have to make ‒ for ourselves or for our parents ‒ is whether (and when!) to downsize and move into a retirement village. This is not an easy decision and can be further...
What if you could change your retirement by working just one more year? André Wentzel, Head Client Solutions Savings at Sanlam, explains how delaying your retirement by one, three or five years could fundamentally change your savings and enable a better quality of...
National Treasury has made it clear that it does not support any calls to allow members to borrow money from their pension funds. This was in response to a Private Member’s Bill to amend the Pension Funds Act. This Bill was put forward by DA MP Dr Dion George as a...
Khwezi Jackson, investment consultant at 10X Investments, explains how buying a fancy new car could sabotage your retirement funding. Seeing a headline, ‘Spending R10,000 per month on a new car’, got me thinking: Why would anyone spend that much money every month to...
Do you know the true future cost of cashing in your pension? The long-term consequences are not reversible and will leave many financially destitute when it comes to retirement. This video, as part of a member education series for the Government Employees’ Pension...
As you enter retirement, one of your biggest risks is a delay between when you receive your final salary and the first payment from your pension. This video, as part of a member education series for the Government Employees’ Pension Fund (GEPF), explains what you need...
On 1 March 2021 the Taxation Laws Amendment Bill of 2020 came into effect. It contains changes that have a direct impact on the members of provident funds. These changes are part of a process to simplify the retirement fund industry and bring provident funds in line...
Many retirees have not saved enough to meet their financial needs, leaving children with the burden of supporting their retired parents. A retirement survey by Sanlam found that 51% of retirees cannot make ends meet, and one-third do not have enough money to cover...
Have you heard of the term Sdudla? I recently came across it in relation to members of the GEPF, specifically members who are teachers and nurses. This is the practice of resigning from your post to access your pension fund. As teachers and nurses can work as...
Right now you may be feeling overwhelmed by debt, but the impact of drawing on your retirement fund will leave you financially destitute at a very vulnerable time in your life when you may be too old to work. You may not have many options in terms of earning an income...
As you enter retirement, one of your biggest risks is that you could experience a delay between when you receive your final paycheque and the first payment from your pension. This is true in both the private and public sectors and managing this transition should form...