There isn’t much benefit to this. Imagine you have to be taxed, whereas we already get taxed in our salaries. This is a rip off
@FinancialBunny4 ай бұрын
But you also don’t have to withdraw
@lusancanywa81914 ай бұрын
Sad, cause we need it.
@phumimabanga9624 ай бұрын
@@FinancialBunnyTimes are tough, so 70% of people are going to withdraw
@maureenmaluleka9724 ай бұрын
@@phumimabanga962I am definitely withdrawing
@AstrologicalLesedi4 ай бұрын
Even on the current system it will be taxed. What most people don't know is that thes a tax benefit on monthly payments to Retirement funds so you are currently paying less tax than what you should be potentially paying. I don't disagree entirely, it definitely feels like a "scam" but it's less than what it looks like
@user-ej4im9qo2e24 күн бұрын
This system wasn't created for the employees to benefit but for government to benefit when employees cash-out......but sadly most employees are heavily in debt and will end-up depending on this every year like an annual bonus.....
@frankseokemoshitoa16014 ай бұрын
Thanks a million times for the clarity and the caution you gave on tax 🙏
@buxeffect26544 ай бұрын
The most simplest explanation ever 👏👏 on the short term it can help with these increasingly tough economic siturations but on the long term misuse of this could lead to working up until 75+ because we wont "afford" to retire 🤔
@FinancialBunny4 ай бұрын
Absolutely and hence why we shouldn't withdraw just because we can please
@sphamandlamazibuko30743 ай бұрын
Thanks a lot. Very educative and enlightening. Keep up the good work!
@mmafosopitso37153 ай бұрын
Thank you for the video, I have learned and appreciate that I know what next step to take
@banelekekana93654 ай бұрын
Really needed this video cause wow 😅thank you! 🙌🏽
@nosindisomyeni4 ай бұрын
A strategy to get more tax from the already highly taxed South Africans. And they know that normal people are struggling and will opt to withdraw. Already people can’t afford retirement. Should be a last last resort
@nomvanoduma92214 ай бұрын
Also, it helps to have another retirement plan. I'm definitely withdrawing mine because why should I suffer now when tomorrow is not promised.
@dabeezkneez87163 ай бұрын
@@nomvanoduma9221 Consider the tax implications carefully. I understood from another video that the tax at a nominal rate means that your yearly tax could increase as the withdrawal could push you into a higher tax bracket when added to your annual salary. It's worth investigating. This is govt's strategy to tax the up to R550 000 that would have been your tax free entitlement upon retirement! People are not going to be left with that much cash out on retirement at all if they withdraw so they would have forfeited on getting R550 000 tax free. Smart govt, woe is us!
@philasandeb4 ай бұрын
I'm resigning. Changing jobs won't give me a cashout I'm resigning.
@bongumusasokhulu26010 күн бұрын
That's hectic that we have to resort to such 😢😢😢😢
@nangamsoflatela31764 ай бұрын
Thank you Coco. Very clear 🙏😉
@smangalisoradebe18912 ай бұрын
this was clear, well explained, for us people who just joined the finance industry
@RamotsekiLesibo4 ай бұрын
I wish the new government that will be in power from 30 may 2024 consider this new thing that has been imposed to us .
@xolelafaas57844 ай бұрын
Never ever withdraw money from your retirement fund no matter how desperate you are, let's rather learn to save for emergencies. Only 6% retire comfortably in SA and with this system i forsee this number going even lower😢
@nhlanhla.vchili9604 ай бұрын
Exactly, more problems are coming. Money will run out before a person dies 🤞🏾
@nkosinathindala47454 ай бұрын
A lot of people, especially government employees, die before they "enjoy" their retirement funds. It's a tricky one.
@xolelafaas57844 ай бұрын
@@nkosinathindala4745 it's not deep bro, don't over analyze it.
@Thabsile_Thwala4 ай бұрын
I resigned and withdrew the entire thing and went back to school. This “never ever withdraw money” you are saying really doesn’t cut it unfortunately!
@frvrsanj4 ай бұрын
Life is not a fits one fits all glove.
@MkhontoNsele3 ай бұрын
Not only constructive financial advise but you're beautiful too. Thank you lady. Your counsel have been invaluable🙏🙏🙏
@prudencelubanyana13514 ай бұрын
Thank you so much for this explanation
@kgjaqe11693 ай бұрын
Thank you ever so kindly!
@AstrologicalLesedi4 ай бұрын
Thanks Nicolette ❤
@nom23y4 ай бұрын
Thank you for the clarity Sis Nicolette. I was wondering about the tax side of things. I now know to leave that money as is,and never withdraw anything it's not really worth it 😅
@FinancialBunny4 ай бұрын
Remember you use tax free funds to contribute to a retirement fund unless it’s an RA.
@Zamazizi4 ай бұрын
Thanks for the video. I am glad there’s a limitation on the amount that can be withdrawn.
@patiencemhlanga75443 ай бұрын
I have a problem with being taxed twice, our salaries and pension
@ladyr87443 ай бұрын
Thank you so much for the information.
@nelsonnthala3074 ай бұрын
'Every withdrawal you make from your savings component is added to your taxable income and will be taxed at a fixed marginal tax rate at the time of withdrawal', this is the elephant in the room. The government wants to make money more because they know people will be withdrawing from their savings.
@bonginhlanhlangema71254 ай бұрын
This is exactly what I thought.
@FinancialBunny4 ай бұрын
I suspect the 15 billion they are trying to raise
@sasashongwe3 ай бұрын
I read that R27500 is tax free. I don't have a lot of information on it though
@petruslebese45773 ай бұрын
Very true man
@frederickhefer34423 ай бұрын
@@sasashongwe They said most ppl will pay about 9k in tax on the amount of 30k
@tshepomasia46274 ай бұрын
i foresee a lot of people resigning before September, imagine being told you cannot access your money and you can only do so when you reach retirement age😅😅😅, i'm sorry but i for one cannot leave that up to the government(Steinof shandis). thank you for the video.
@Lorato_lee4 ай бұрын
True, the government is bad at investments, their borrowing habits are also questionable, yet they see it fit to parent us on our finances
@philasandeb4 ай бұрын
I'm still asking myself what will happen if i resign and stop working at 40 years, which is not retirement age... will government wait until I'm 55to give me my money
@KofuJuiceBar3 ай бұрын
And you ask yourself, are the funds even there to begin with yhooo ai no.
@doreenntuli770523 күн бұрын
My sister was working for post office 30yrs,then there were retrenchments she was not retrenched she took early retirement because she is 55yrs in February,she's been waiting for her payout since and she's been asking the HR,they said they'll give her UIF which they gave to her as a salary in June.Now they want her to come back to work,they sent her a form to fill to confirm that shes coming back, she asked abt retirement payout,they just talking about UIF which she will get as a salary every month.Question is where is the pension money?Is it still there?
@nompilonkomo10577 күн бұрын
@@KofuJuiceBar bayidlile laba imali yethu🤬
@snenhlanhlamashile63984 ай бұрын
Thanks Nico
@mrmdk3523 ай бұрын
You made this very clear. I didnt understand it before but now i do
@FinancialBunny3 ай бұрын
I am glad I could help
@nonduhgwala66653 ай бұрын
Thank you so much ❤
@lesleymotsoare3 ай бұрын
This system is just a scam, basically it's more money for the tax man than me as an individual. They could have just went to the credit union and list all your credits one has and use that money to pay off some of the credit's that are pulling you down financially so that one can be In a stable like financial position.
@kearabilwesegotso80994 ай бұрын
But guys I'm also in the financial sector, but it still doesn't make sense that the amount was taxed prior being saved. Why is the government taxing it again
@nom23y4 ай бұрын
Very good question, wonder if it was ever raised in the decision making process and answered truthfully 🤔
@portiasibandar40674 ай бұрын
My question exactly!!!
@qnationproductions60794 ай бұрын
I’m with the employer and the amount that is saved in my pension is not taxed. My salary is only taxed after the deductions of my pension contributions hence the government taxes when we withdraw money from our pension funds. It might be different with you though.
@mtswene4 ай бұрын
RA and Pension funds are not taxed, instead, you get a tax refund when you file your taxes
@therlocoetzee78123 ай бұрын
We are being robbed
@thatotlhowe4 ай бұрын
This tax thing hurts my little heart because the money saved towards retirement is the money already taxed from your monthly salary over the years, I am not sure why it is being taxed as a lump-sum again when you withdraw. Our government is really milking us.
@FinancialBunny4 ай бұрын
Money contributed to retirement fund is before tax.
@Gubevuh3 ай бұрын
Yeah retirement money only gets taxed when you excess it.
@AbsoluteInference3 ай бұрын
@@FinancialBunny That's not entirely true. Money contributed to an RA uses post tax amounts and you only get a refund when you do your taxes once a year.
@Matita_Sipokazi2 күн бұрын
@@AbsoluteInference Actually no, you get a tax deduction if you contribute to a pension fund or RAF. When you get a refund from SARS it maybe because you r contributions are not linked to your “salary/ payroll processing meaning that sars will only find out about it after the end of the year of assessment.
@mishoxprojectsandcommunica37203 ай бұрын
Mina I need my money. Life after pension not guaranteed
@diphalepashe53613 ай бұрын
You can't receive your retirement money while you are still working. You only receive your retirement money when rich the required age
@mishoxprojectsandcommunica37203 ай бұрын
@@diphalepashe5361 I mean that small portion.
@bgonya063 ай бұрын
What if you live? What are you going to live off?
@mishoxprojectsandcommunica37203 ай бұрын
@@bgonya06 I will cross the bridge when I reach there. But this 30K portion. I will take it all
@velisermjarley36503 ай бұрын
Yes 😂😂😂
@matomeseabi4 ай бұрын
Thank ngwanesho for simplifying this for us, so eloquently
@FinancialBunny4 ай бұрын
Thank you brother
@loganpadayachee60484 күн бұрын
Daylight robbery it's our money we must decide what we want to do with it not be dictated to
@palesankosi471Күн бұрын
Yoooo very informative, thanks gal!❤
@The-prosperity-Hub4 ай бұрын
Hi Mcoco thank you very much for the valuable information but can I be nosy and ask you to show us the books in your shelf behind you there. It creates curiosity. I tried not to ask about it but hey, I just couldn’t keep it in anymore. I also wish I could one day be able to present myself to confidently. I first met you in 2017 or 18 and my life changed a lot. I also read “What’s your move” cover to cover. You are jewel sis. 🙏🌹
@taniathovhakale7714 ай бұрын
Yoh id honestly withdraw for travel nothing else. Cause my youth years wont come back in retirement 😂
@dabeezkneez87163 ай бұрын
Great idea for those of us with a 'do or die' attitude. We may as well enjoy the already plundered remains of the fruits of our labours while the body is able!
@HartleyCooking3 ай бұрын
100% the plan
@kgabomathapo36879 күн бұрын
Me too 😅
@sirantonymhlanga23862 күн бұрын
great explanation mama. thank you.
@yandisangundzeКүн бұрын
Informative. Thank you.
@tersiaphiri11034 ай бұрын
Thank you so much, the video is informative.
@MizzAP44 ай бұрын
This was insightful. Thank you for the video.
@sibulelomphetshwa62623 ай бұрын
Very insightful
@NtshunxekoКүн бұрын
After retirement poverty is now certain. But again we are working hard and still living in debts!
@conradrichards33633 ай бұрын
So its a mechanism for releasing more money into the fiscus to be taxed so govt can pay the grants and pay their shortfall. There is no.proper vision forward.
@petermpati93072 ай бұрын
absolutely bro,im very worried about this system,i wish it could fail so our money stand there till we retire,this is clear robbery,imagine the tax man,and a lot of instructions over there,people need money now,that's why robbery is escalating
@HartleyCooking3 ай бұрын
So what happens to your vested pot from next financial year .you will have access to saving pot.will you have access to your vested pot?or only a 3rd of it.
@user-zm2os1lv4r4 ай бұрын
Valuable information. Thank you for sharing
@user-xk2mu7tq2n3 ай бұрын
True let people save money Money doesn't save itself. Every money that you get save at least 50% of that money If you are 5years to your retirement never use your bonus anymore Save it all you won't regret it They say money has one promise if you save me 2day I will save you 2morrow M
@user-fc9pp9qv2c4 ай бұрын
Very educational
@mlubinda16203 ай бұрын
For thise with both Pension and RA. Can one withdraw the 10% from both or are we limited to just withdrawal from one vehicle?
@nhlanhla_magz9284 ай бұрын
Hi Nicolette. My question is how will the interests be calculated between the two pots, will they be calculated separately or it will be a summed. And will it impact the compounding which would have been accumulated if savings remained in 1 pot?
@dabeezkneez87163 ай бұрын
Important question and nobody I have watched is answering these types of questions that most of us have.
@sabeloshezi67203 ай бұрын
What if i resign and cash out before September 2024, can i get my entire lump sum? Tax will be steep however i really don't trust this government
@user-zs2wu8vh9v7 күн бұрын
Perfect,simple explanation
@jeromedamonse561013 күн бұрын
Any suggestions where to put our money now like annuity before the 1Sept
@vejam13784 ай бұрын
Employees need to understand the capped amount and the tax implications. For me it is really not necessary to take the R30k now unless you have an emergency and don't have an alternative.
@FinancialBunny4 ай бұрын
Totally agree if there is no reason to take the money don’t do it
@mokolaericaphamuli3554 ай бұрын
Seeing that there is a savings pot instead of requesting money can I add something like R500 to that pot.
@FinancialBunny4 ай бұрын
@@mokolaericaphamuli355 you can only contribute to the savings pot via a retirement fund and only 1/3 of it goes into the savings pot and the 2/3 into the retirement pot
@philasandeb4 ай бұрын
@@mokolaericaphamuli355why would you willingly give government your money
@giftmokoena37577 күн бұрын
Exactly 🤣 @@philasandeb
@mishoxprojectsandcommunica37203 ай бұрын
Nico, you are beautiful xem❤
@gigiolajide65213 ай бұрын
😂😂😂hebanna!! FOCUS ! young king!
@kelvinnaidu63293 ай бұрын
I've studied this system very closely & firstly there is 3 Pots ( Vested Pot ) not just 2 .People ...I'm speaking to the hard working , honest tax paying citizens that have actually contributed to the economy of this country irrespective of the financial crisis this country is in right now .People don't withdraw any money from your savings don't be tempted .Just leave it for now .Reason being is this whole two Pot system is not actually to benefit you .The masterminds let alone the people that run this country are milleniums away from constructing smart systems to bebefit you let alone this country .Invest your money offshore/property/gold if you can from now & be very wise about your savings .Do not touch your retirement funds .Give it one to two years to confirm what I'm saying .No more than that .
@tlp34823 ай бұрын
What happens when one is retrenched? Do they still hold your pension till your retirement age? This would be disastrous for a lot of people
@Gracy_Plaatjies12 күн бұрын
Honestly, cz that wasn't ur choice but that of the employer thus u should be able to claim all of it.
@richardshozi20073 ай бұрын
What then happens to the third pot ( the vested pot) after they have seeded the savings pot with 10% Will I have access to my vested pot upon resignation after September 2024? Is it also only available on retirement? How about upon retrenchment or dismissal? Or at the end of a fixed term contract? It would make sense to only lock the pot made up of the 2/3 contributions but not the vested pot. There’s really no benefit to this for the consumer. The government will be the biggest winner. They have finally found a creative way to dip their corrupt hands into our savings
@user-by7qj7lc7y3 ай бұрын
How much is the admin cost and how much % tax they will deduct?
@stephnepuseletso1264 ай бұрын
How much do they taxe the amount and starting from 1st for September if you resign you are not getting funds?
@frederickhefer34423 ай бұрын
About 9k for most ppl if you take 30k
@thabosehwana3 ай бұрын
Can't I withdraw all of it? 😢
@michaelhlongwane6973 ай бұрын
Who's the lady on video and what company does she represent? Same topic was on air on SAFM with Brian Harsh.
@sphadube14233 ай бұрын
I wonder which debts burden can be erased by 21k after tax ...since they say its gona be a relief to SA workers ..mxm...they had to squeeze the economy through stealing to be in such shambles...they knw well pp will be desparate ...disgusting nje.
@phumimabanga9624 ай бұрын
Thank you for clarifying sisi, however I will be withdrawing come rain or shine. Times are tough and I doubt I will reach retirement age anyway
@krazzyvibestv86574 ай бұрын
What makes you say that
@phumimabanga9624 ай бұрын
@@krazzyvibestv8657 I have a chronic illness
@nosiphiweradebe38464 ай бұрын
Yoh Phumi😢
@yogigoyi4 ай бұрын
Haibo,I rebuke your own words,you will see retirement years and flourish and enjoy it...please watch your words over your own life,you work too hard.😅
@valentinendlovana95374 ай бұрын
@FinancialBunny So should one resign before 1 September you can withdraw all your pension contributions? After 1 September you can’t access your pension until retirement age? Kindly please clarify. Please and thank you ❤
@ipelengmanthaaa494 ай бұрын
Imagine..this is soo wrong
@sfisosimelane74793 ай бұрын
Aih I'd rather stay away from my retirement fund yoh. Thanks for the info.
@Mr_V9744 ай бұрын
@financialbunny, If I have already withdrawn 25K 16yrs ago tax free, will I be taxed again if i decide to withdraw again with this new change?
@FinancialBunny4 ай бұрын
Yes, anything you withdraw is taxable income. Remember you contribute to retirement funds before tax
@IvanadamsIvan24 күн бұрын
We as the employee allowing them to control us we must all say no they going to tax us all the time they making money out of us
@mmakwenajesca68024 ай бұрын
Iyohh R30k cap though😂😂😂they not serious, they should just say that 10% without the cap coz now it’s not worth it
@keithprice793111 күн бұрын
The law says u only pay tax after 27500???so if i take 30000 i only have to pay 450 tax on 30grand right..
@gordenmg49663 ай бұрын
So there is no need for RA then i cannot double save for the uncertain future, nowaday you can never be sure of what the future hold.
@nomaphelojwambi397812 күн бұрын
I need mine with effect from 1st September. Life is too short maybe I won't reach that retirement age
@jamatsotetsi5949Ай бұрын
What happens to my provident fund that existed before 01 September....can I cash it all out if I resign after Sept 1?
@nomthandazomasango701919 күн бұрын
According to information from my side, you can only withdraw all your previous contributions in case you resign or get retreached after 1st of September but any other contributions from the 1st going, you can not touch it. Information from Alexander Fobes.
@nomthandazomasango701919 күн бұрын
The information I got from Alexander Fobes is that, If I resign after 1st of September, I can still withdraw all my previous contributions to my fund, but the ones I will contributed starting from September can never be touched.
@PhumzaNtsunguzi6 күн бұрын
Is what I heard also sis
@ntemantholi86095 күн бұрын
That's my understanding too
@user-gw7uw1eb8v3 ай бұрын
I'll take it because this the only chance to taste it ,as little as it may because my line of duty doesn't guarantee me a chance of retirement 🤞
@Ponchables3 ай бұрын
What do you do for work?
@conradrichards33633 ай бұрын
Can you leverage a loan against your RA for a loan for an income bearing project like buying lanf and building a residence for rental. Its seems unfair that a finance corporation can use our funds to buy property but as an individual you cant and be taxed again if you withdraw full amount
@frederickhefer34423 ай бұрын
Yes you can get a loan or surety for a loan if you use the funds to buy, build or renovate your home. This is heavily regulated by your fund's rules and the board of trustees have to decide if they will allow you to do so. There might also be tax implications. Many funds do not allow this.
@masabathatsenase44444 ай бұрын
And with this corrupt government, who steal money every day, they can end up saying no money for pensioners, so I am going to bubuhla my money, come September 😂😂😂
@promisephala21474 ай бұрын
Me and you same WhatsApp group 🤣🤣
@TheycallmeBanie3 ай бұрын
Exactly I agree. Let's enjoy our share while we are still alive. PPL didn't get a chance died b4 retirement
@GloBusiPhiri3 ай бұрын
Add to the pls 😂😂😂the money can just dissappear and then what....
@CrazyAi16614 сағат бұрын
Thats what I also think ,like Vbs😂 ..eish I will take R30k...which is 21k after tax😂😂😅not here to suffer
@ncaneclaire45973 ай бұрын
Hi Nicolette,my question is not related to this topic but need your advise if I have a fixed deposit of about 3 years it is almost a year old and I feel over indebted can't I borrow from my invest and return the money borrowed before maturity or rather cancel the fixed deposit ?
@frederickhefer34423 ай бұрын
Not Nicollette but speak to your financial adviser or the institution where you have a fixed deposit. On most fixed deposits there are penalties if you withdraw earlier. They normally will not allow you to borrow an amount from the deposit. And in most cases even if they do it might be more than the penalty.
@ncaneclaire45973 ай бұрын
@@frederickhefer3442 thank you,much appreciated
@mamolewamodiba91593 ай бұрын
I am entangled in a situation, in summary; i left my job in 2021 took all my pension money deposited into my RA. Now, still unemployed i cant contribute towards my RA. Will this affect me when i want to withdraw?
@sourichmoroasui47423 ай бұрын
From a layman's perspective I wouldn't think you will be affected in anyway. Remember the RA money is still your money which suppose to grow in interest whether you are contributing more to it or not. The change that the current pension law amendments seek to do is to enable you to withdraw some of your saved money, which you could not ordinarily do before. I hope that I am right.
@ThokozileMkhonza4 ай бұрын
So the funds that are sitting in the saving component, does it accumulate interest? Or its just removed from your total contribution and it's just sitting there? 😞 Is the two pot automatic or you have to opt for it?
@FinancialBunny4 ай бұрын
No it’s still part of your retirement fund. It’s just accessible once a year when you need cash. Please ask your fund administrator about opting in. Remember it will be the new law from 1 September for retirement funds so there isn’t opting in
@King-Mandla4 ай бұрын
Yes the money does accumulate interest also on the savings pot.. 🙏🏿
@akalu792018 күн бұрын
Was disappointed to hear that the amount one will have access to, is capped at R30 000 only (less tax)😩.
@thee_Miss_Pabi4 ай бұрын
I’m not sure if I understood, what happens if you don’t withdraw from savings pot in a year since you’re allowed to withdraw once a year or you don’t withdraw until the retirement ?
@FinancialBunny4 ай бұрын
you are allowed to withdraw from savings only once a year. if you don't withdraw you will take that money into retirement. There is no force to withdraw
@thee_Miss_Pabi3 ай бұрын
@@FinancialBunny thank you. I now understand
@dibosmunsi6993 ай бұрын
What is going to happen when I resigned from work or been dismissed am I going to withdraw all my pension fund?
@frederickhefer34423 ай бұрын
You will get one third and the other 2 thirds only on retirement. I stand under correction but if the amount is under R250k you will be able to withdraw it all.
@sibusisondlovu77064 ай бұрын
Very dangerous DEBT TRAP - In future pensioner s will be poorer - This is no different than - ISIDUDLA - Name given to teacher who take early pension - blow the money and come back for re-employment.
@pheladishaks62264 ай бұрын
Im also bhubhuhlaring my own ❤
@pinkpearlsaps84 ай бұрын
Does this apply to us people who were retrenched and whose RAs are now paid up meaning we no longer contribute
@FinancialBunny4 ай бұрын
The reform takes place 1st September 2024. If you are no longer contributing to a fund then it won’t apply to you. But essentially if you wanted to withdraw then monies from your existing RA can be used to seed the savings component. Only 10% or up to R30K
@pinkpearlsaps84 ай бұрын
@@FinancialBunny thank you very much for the clarity and enlightenment
@dabeezkneez87163 ай бұрын
@@FinancialBunnyDoes the extension to 1 September mean that anyone retiring before then will still fall under the old rules? Ie. They can get all their money subject to tax? How about GEPF? Please talk about this as this is most on people's minds.
@Lorato_lee4 ай бұрын
What I wonder with regards to the retirement portion is, in a divorce, will they no longer give the former partner part of your 2/3s?
@NokuthulaSifunda3 ай бұрын
This question is important
@TshepoLerata3 ай бұрын
So what will happen t my retirement funds ,when I get fired or get retrenched .
@nosiphocele91418 күн бұрын
😂😂
@PhumzaNtsunguzi6 күн бұрын
So if you regsin end of September sre u gonna get ur money tht u work
@edwardbhengu78643 ай бұрын
This is not going to benefit us as workers, but financial institutions,which are still a threat to the life of the poor especially the black
@MarthaMaumela3 ай бұрын
Very informative.it is not wise to withdraw.
@themaboes4 ай бұрын
Oh wow, I didn’t think RA will also be in the mix for such, I wonder if one has both, will one be able to withdraw on both in a single FY!?
@HartleyCooking3 ай бұрын
You will be able to withdraw from each fund you have
@frederickhefer34423 ай бұрын
@@HartleyCooking But only allowed up to the minimum per year so you may not be allowed to receive 30k from one and 30k form another.
@HartleyCooking3 ай бұрын
@frederickhefer3442 for this financial year.they didn't say anything about maximum limits further ,so maybe if your contribute alot your will be able to take out more if needed.
@HartleyCooking3 ай бұрын
@@frederickhefer3442 30k per fund as I heard it.
@karabokgasago75773 ай бұрын
I thought this system will not be in effect from 1st September … I heard on the news that they may push the date as they will not be ready by 1st September . Anyway I will definitely make a withdrawal of Atleast 10 000 just to settles my debts .
@user-ip9bw4lo9y3 ай бұрын
Regret not withdrawing my money when i was changing jobs and am gonna do all I can to withdrawal all before 1st September
@ms_busybee53154 ай бұрын
If you have an RA and Pension fund can you withdraw from both policies?
@lindokuhlemadonsela9174 ай бұрын
No, RA only allows you to withdraw at your retirement age of which is 55yrs, but Pension fund will allow you to do those withdrawal's for two pot system, consider the tax as this lady says.
@ms_busybee53153 ай бұрын
@lindokuhlemadonsela917 thank you
@frederickhefer34423 ай бұрын
@@lindokuhlemadonsela917 You are incorrect you will be able to wihtdraw from your annuities also.
@mokgadimasipa94754 ай бұрын
A good thing but what is questionable is this thing of tax. Indeed the money is already taxed and now when you take it is also subject to tax😭😭😭
@FinancialBunny4 ай бұрын
The money isn’t taxed remember your retirement fund contribution happens before tax
@calviniashomolekae74713 ай бұрын
Would you kindly make a video about opening a family bank
@FinancialBunny3 ай бұрын
A family bank? I have never heard of that. Let me do some research
@vinoliamotaung97184 ай бұрын
You know whr the danger is?😅 This is veeery tricky 😢 yoh more financial or debt traps. 30k nowadays is like 20cent so NOPE! unless u really have emergency.
@NokuthulaSifunda3 ай бұрын
I would take the 30k and start up and emergency account😅,I wonder if that would be smart orrrr??🤷🏽♀️
@dabeezkneez87163 ай бұрын
Don't forget it's R30k minus tax at at nominal rate.. If you pay 25% tax , then enjoy your R22 500!
@Katlegogmk3 ай бұрын
Why did they introduce this ridiculousness in the first place? They should have let us drown in debt. We were fine. This brought so much excitement and confusion in the beginning.
@matriciamoses6 күн бұрын
😂😂😂👌💯🤝
@pearllycanshiba73263 ай бұрын
Hi guys now it's change the gvt said no one will widraw the pension.its shocking
@Gracy_Plaatjies12 күн бұрын
What happens when I resign? Post-September?
@loganpadayachee60484 күн бұрын
You get all your provident fund savings minis tax
@mzwandileinfo-sharegroup8546Ай бұрын
Honestly, not all of us will reach retirement. Second is only a potion. Retirement companies or retirement holding companies invested this money. Now, they have to recall their investment positions so that they can pay members. So these companies don't want to do it because there is a lot of admin n cost involved on their side. Hence, they are scaring us not to withdraw.
@hezekielmsibi3 ай бұрын
Yeah the future is not promising. I better use what is given before vanishing😂😅