GEPF Member Alert: Don't Access 2 Pot Savings Before Watching This

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GEPF Member Alert: Don't Access 2 Pot Savings Before Watching This

Рет қаралды 8,507

4 ай бұрын

"STOP - if you're a GEPF member, pause and give me just a minute of your time.
Did you know that from 1st September 2024, as a GEPF member, you could tap into up to R30,000 of your hard-earned pension savings due to the new two pot system? Sounds tempting, doesn't it? But what if I told you there's a darker secret lurking beneath this seemingly convenient option-a secret that could drastically alter your financial future?
Hello, I'm here today with a crucial message for every GEPF member. The upcoming changes to your pension fund aren't just numbers on a page; they're decisions that could affect your and your family's life for years to come. While accessing part of your savings early might seem like a relief, the implications run much deeper, and not all of them are as clear-cut as you'd hope.
In this video, we're diving deep into the two pot system. We'll explore how it works with traditional pension funds and retirement annuities, and what makes the GEPF stand out-in ways you might not expect.
So, before you make any decisions about accessing your GEPF savings, it's imperative to understand the full scope of what's changing and how it could affect you.
Whether you're years away from exiting or you're about to retire or resign now, understanding these changes is essential for safeguarding your future.
This is information every GEPF member needs to know before September 1st, 2024. Let's get started.
P.S. Perhaps you're seeking more personalized advice? If you began your service before 1998, you might have additional tax-free benefits waiting to be unlocked. To explore this further and tailor a strategy unique to your situation, don't hesitate to reach out to us at (booking link) for a private consultation.
Remember, Retirement Wellness SA is an Authorised Financial Services Provider (FSP 31609). While this video aims to inform and guide, it's important to consider it as information rather than direct advice."
"GEPF
GEPF Retire or Resign
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GEPF Members
Government Employee Pension Fund
Resignation Planning GEPF
Retirement Planning GEPF
GEPF Two Pot System
GEPF Pension Advice
GEPF Financial Planning
GEPF Savings Withdrawal
GEPF Tax Implications
GEPF Retirement Benefits
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South Africa Pension Fund
GEPF Investment Options
Protect GEPF Savings
GEPF Retirement Strategies
GEPF Member Guide"

Пікірлер: 39

@christiaancoetzee2964 3 ай бұрын

A withdrawal under the two pot system will be deducted from the first R500 000 tax free portion of your lump sum upon retirement. In other words upon retirement you are permitted to take a 30% lump sum which is taxable. The first R500 000 is exempt from tax whereafter tax is applied in terms of a predefined rate depending the amount. If any funds are withdrawn under the two pot system, the amount forms part of the first R500 000 exempted from tax. You therefore will be taxed double. First when withdrawing it from the savings pot and it pushing you up in tax bracket and secondly when you don't get tax exemption on that amount under the first R500 000 tax exemption scale.

@wealthhealthsolutions2186 24 күн бұрын

Why cant the majority of pension members not fights this because this skollies makes decision on our behalf which is not right what doesthe freedon chata says majority rules

@AvrilSims-sl8yo Ай бұрын

Good day thanks for the information what's happening when you resign

@SiyathokozaKeswa-qy2mv 3 ай бұрын

Very informative. Thank you.

@jeminakhathetse8182 2 күн бұрын

Thanks Dhenver iam not going to withdraw anything I understand your advice clearly

@DhevanNaicker 2 күн бұрын

@jemina, you’ve got the right mindset 👌

@Ms.MM084 Ай бұрын

You are a legend Mr. Naicker

@DhevanNaicker Ай бұрын

@Ms MM084, happy to hear this is helping you

@antipasmasekwameng6440 17 күн бұрын

Thanks for the clarity

@jeminakhathetse8182 2 күн бұрын

We gonna loose more than R30000 check the formula guys

@aronmatjila9719 2 ай бұрын

Helpful.Iam not touching my money. This is so bad

@DhevanNaicker 2 ай бұрын

@aron, smart move

@thembimakhubela956 3 күн бұрын

I also don't want to touch my money although I'm confused

@johnroman4608 3 ай бұрын

After watching a few vid’s on this system I’m reserving saying there is some benefits to be had .. however there is always an underlying snag waiting for members & it will most likely cost u negatively long term .. Question is .. Do I resign now prior to implementation or ride it out until actual retirement but don’t access the Savings Pot no matter how ‘ tempting ?’ 🤔 Therein lies the Devil.

@DhevanNaicker 3 ай бұрын

@ John, this video will help give you clarity How to Determine If You Will Lose Money With GEPF 2 Pot System kzfaq.info/get/bejne/mJ9zoJepzMvaoYk.html

@christiaancoetzee2964 3 ай бұрын

Anybody retiring to avoid the new system will peg their benefits at today's values which will not keep track with inflation and be worthless in 10 - 15 yes from now. Work as long as possible as this is the only means to secure a reasonably survivable pension. GPEF calculates benefits on years service. Every year worked increases your benefit. My wife has 38yrs and is in good health and will be pushing till 60 which gives 42.5 yrs. It actually makes a huge difference on the monthly benefit.

@jeminakhathetse8182 2 күн бұрын

Understand the formula guys 1 year reduction equals to loosing more than 30000

@DhevanNaicker 2 күн бұрын

@jermina, you’ve got this! Share this message/video with other members so that they too are empowered to make the right choices

@tommarkbrown7119 19 сағат бұрын

What happens if I am already retired and want to access the 2-pot

@DhevanNaicker 11 сағат бұрын

@tom, you won’t be able to access this if you are retired unless you have funds in other retirement products like retirement annuities

@user-cw1up4tb9e 3 ай бұрын

Regarding this new pot system

@DhevanNaicker 3 ай бұрын

@thembisile, this video has the insights How the Two Pot System Impacts Every Single GEPF Member kzfaq.info/get/bejne/abWFgtWjtL7Ke58.html

@CaptainManaiwa 2 ай бұрын

I found the video helpful. I am considering resignation but not sure how the 2 pot system will affect me because my tentative date is next year June and the system will already be in operation. There's lot of uncertainty especially on the vested pot whether it is accessible immediately after resignation one has to wait for 60 years which I intend not to. I followed most of your KZfaq videos and my mind is made up in terms of resigning from GEPF and transferring whatever I accumulated to an approved fund but now the 2 pot system is the elephant in the room. Please advice. Thank you

@DhevanNaicker 2 ай бұрын

@CaptainManaiwa, the 2 pot system could result in you losing money. Let’s setup a consult so we can go through the specifics Click here to see if you qualify www.retirevsresign.co.za/ck/consult/

@douglasmacarthur4058 3 ай бұрын

Hi Dhevan, thanks for your informative videos. This year members of gepf can access R30k in their savings pot. How much can they access next year and subsequent years? Will the amount still be restricted to R30k each?

@DhevanNaicker 3 ай бұрын

@douglas, members will continue to contribute a portion to the savings pot each month. The amount accessible will be dependent on what amount is in each members savings pot and also subject to the R30k limit

@siziwethela6705 22 күн бұрын

👍

@benjaminrobertson254 2 ай бұрын

What happen if you resign? So how will the two pot system impact that decision?

@DhevanNaicker 2 ай бұрын

@benjamin, if you resign before the two pot system your funds will not form part of it. The current resignation process will apply

@kebogilesebolai9934 8 күн бұрын

What will happen to my funds if I don't partake on the two pot system,will they still be divided into 3 or into only 2pots which I will access on retirement?

@DhevanNaicker 8 күн бұрын

@kebogilesebolai9934 yes, according to what has been communicated

@user-cw1up4tb9e 3 ай бұрын

IAM retiring end of November what will happen to my savings

@DhevanNaicker 3 ай бұрын

@thembisile, this video has the insights How the Two Pot System Impacts Every Single GEPF Member kzfaq.info/get/bejne/abWFgtWjtL7Ke58.html