“Accessing funds early could lead to a significant tax burden, as withdrawals will be taxed at the marginal rate, whereas funds accessed upon retirement receive more favourable tax treatment under the retirement tax tables,” says Keith Peter,…
"Blue-collar workers are often more susceptible to workplace injuries, occupational hazards, and physical strain compared to other professions, making health insurance crucial for them. However, traditional medical aid plans are expensive, forcing…
“With the Two-Pot Retirement System on the horizon, there’s a loud and clear call for ramping up financial literacy and beefing up adviser education. We’re stepping into a whole new era here, and it will take advisers who are not just on their…
"While you may be focused on cash flow, expanding on your goods or service offering, plus getting new customers and keeping the doors open, it can be easy to overlook a key ingredient for the longevity of your business – risk protection for…
“It’s important to understand what the responsibilities of the employer are depending on the type of disability – and this comes down to whether the disability claim is paid as a lump sum disability benefit or an income replacement disability…
“By blending the best of two worlds – the income certainty of a life annuity and the investment flexibility of a living annuity – we are partnering with financial advisers to help clients make better decisions about structuring and implementing…
"Advisers should only recommend using retirement savings to pay off debt in cases of really no alternatives, severe financial hardship, life-threatening medical emergencies, or during periods of unemployment," says Henri Le Grange, Old Mutual…
"Recognising the obstacles and issues within the industry is crucial, but equally essential is acknowledging the inherent benefits they hold for investors in the form of volatility and inflation-protected investments that offer attractive returns,"…
“Whilst the move towards TGP, which consists of both the cash and the cost of all benefits, potentially means a higher amount is referenced for retirement savings, our findings also indicate that more employers offer flexibility with regards…
"While these proposed changes are a step in the right direction to give effect to the two-pot system, the lead time provided still falls short of that which industry stakeholders advocate for to overcome the practical challenges associated with…
"Employers are thus encouraged to ensure that they evaluate whether re-employing retired employees or those who are approaching or have reached retirement age constitutes waiving of the employers' rights associated with employees reaching retirement…
"Deciding on an appropriate tax-efficient investment, such as a retirement annuity (RA) or a tax-free savings account (TFSA) depends on your circumstances. But you don’t have to choose one or the other, both an RA and a TFSA can be included…
“Given that half of local businesses are currently non-compliant, urgent action needs to be taken. Business owners need to pay more attention to this statutory benefit, which is essential to protecting the health and wellbeing of their workforce,”…
"As we navigate through shifting market trends, technological changes, and the introduction of the innovative Two-Pot Retirement System currently scheduled for 1 September 2024, it becomes increasingly important for financial advisers to engage…
Insurance Biz is a New Africa Busines News Services (NABNS) publication launched in 2013 to focus on the insurance industry, investments, financial planning, employee benefits etc. It remains a great resource of news for industry professionals, and for those who seek to learn about the financial sector developments.
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