“In 2022, we confirmed that we would be ready for the Two Pot Retirement System on the condition that the relevant legislation was finalised expeditiously. As we approach the end of 2023, the legislation remains unfinalized, hindering our ability…
“Maternity leave and female retirement preparedness are interconnected aspects that significantly affect women's financial security and overall well-being. The savings structure, while comprehensive, has inadvertently placed women, especially…
"Immediate financial relief is crucial, but it should not come at the expense of one's retirement nest egg. We advise all South Africans to consult with experienced financial advisers before making any decisions related to their retirement savings,…
"The two-pot retirement system represents a fundamental change to the existing retirement savings structure. The new two-pot system intends to allow members of retirement schemes the flexibility to access one-third of their savings before retirement…
"The retirement journey is highly personal and complex, with challenges for everyone, and my suggestion for X-ers is to pause and take stock. Speak to a trusted financial adviser to get a holistic view of your situation, and then create a roadmap…
“Your protection and investment decisions should reflect where you are in life, so that all eventualities are covered, including updating your insurance, retirement, and healthcare policies annually and after major life events, such as having…
"As the clock ticks closer to the effective date, financial advisers find themselves on the cusp of a transformative era in retirement planning – the advent of the Two-Pot Retirement System, and steering through this new landscape will demand…
"A retirement fund may deduct from a member’s retirement benefit any amount which the employee (member) owes to their employer on the date that they retire or that membership of that retirement fund terminates," writes Kenneth Coster, Partner,…
"Your benefit statement may reference both your retirement and risk benefits. Understanding what some of the key terms on your statement means, can help you pay closer attention to areas of special interest," says Robyn Laubscher, Advice and…
"The impending ‘two-pot’ retirement system will allow for limited withdrawals from the ‘savings pot’ for emergencies but no access to the retirement pot savings when changing jobs, guaranteeing the preservation of at least two-thirds of their…
“Traditional retirement models no longer apply in a world where we live longer, retire later, and seek fulfilment in our post-career years," says Bheki Mkhize, CEO of FNB Wealth and Investments.
“Interestingly, 46% of respondents want to retire at 61-70 years old, showing the traditional take on retirement remains entrenched, despite the dramatic increase in people’s expected lifespan,” says Farzana Botha, Segment Manager at Sanlam…
"For longstanding retirement fund members, there will effectively be three components: a vested, savings and retirement component. The same principle of taxation underlies the old and the new systems: contributions and build-up in the fund are…
“The outcome for some is that the capital is whittled away before they die, leaving them with no income and family members inherit the financial burden of supporting their ageing loved ones,” says Jeanine Astrup, a consulting actuary and member…
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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