Retirement / General

Stretching the retirement cents further

Reality check

Half of South Africans do not have a retirement plan, and only a quarter of those who do say they have a “pretty good idea” of how they are tracking to this plan. Of greater concern is that more than 60% of employees who are part of a formal employer-sponsored retirement fund arrangement know little about the fund they are members of. These staggering admissions emerged during the launch of the 10X Investments Retirement Reality Report 2020. The third edition of the annual report shows a slight decline in awareness among struggling retirement savers.

How a salary cut or reduced income could affect your retirement fund

Many South Africans have lost their jobs in 2020 and more still fortunate enough to be employed, face salary cuts or reduced hours of work, as companies and organisations try to survive a profoundly challenging economic year.

SA emigrants must wait three years to access retirement funds

South Africans planning to emigrate may not be able to rely on withdrawals from preservation funds or retirement annuity funds to cover their settling-in costs in a new country. The National Treasury is going ahead with a controversial plan to impose a three-year waiting period on these withdrawals for emigrating South Africans.