"A 2022 survey by the National Treasury revealed that only 6% of South Africans are financially equipped to retire comfortably. This alarming statistic demonstrates the urgent need for effective financial strategies, particularly with the emergence…
“We fully support the new system which seeks to balance immediate financial struggles with long-term security. It is important to encourage people to learn about the Two-pot system, understand the consequences of making an early withdrawal and…
"A living annuity is not a set-and-forget product. The management of a living annuity needs to be dynamic. Drawdown rates and investment strategies may need tweaking over time, taking into account the age, gender and circumstances of the pensioner…
"This legislative action signifies the final step towards the implementation of this new retirement system and effectively means that effective from 1 June 2024 – there is no turning back," says Guy Chennells, Chief Commercial Officer of Discovery…
"To bridge this gap, EB programmes must evolve to be more inclusive and aligned with the earning capacity of each employee. It's not just about the generic offerings; it's about tailoring programmes that resonate with individual journeys and…
“One of the most important points to communicate to members is when their money will be accessible. Even though the legislation goes live on 1 September, it doesn't mean funds may be able to pay out on that date as there are several steps that…
“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,"…
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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