Maya On Money
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Money Bootcamp: Planning for retirement
Welcome to the ‪@santaminsurance‬ Insure Your Future Money Bootcamp with ‪@MapaloMakhu‬ and Maya Fisher-French.
This is a series of podcasts that you can follow to help create your own money journey. We share our experiences in working with individuals who turned their finances around in just six months.
In the last two episodes we looked at saving and investing for those goals we want to achieve during our working years. But at some point, we want to kick back and retire, or at least have choices about whether we want to continue to work or not.
One of the massive challenges of retirement funding is that we are living way past our retirement age. Some companies have a retirement age of 60 and given that many people are expected to live to nearly 90 years old - that is 30 years of retirement you need to fund.
There are only really two ways to do this: either you start from your first pay cheque and put away about 18% of your salary, or you defer retirement to age 65. But even then, you probably need to be putting away at least 15% of your salary from the age of 25 to be able to retire comfortably. Most people find they must supplement their retirement income in some way and next episode we will look at more detail around strategies at retirement, but in this podcast we discuss “how much is enough”, the importance of settling debt before retirement, how to go about investing for retirement and the various investment products.
In this podcast we also explain the implementation of the Two Pot retirement system and how that is going to affect retirement outcomes.
#moneybootcamp #retirementplanning #retirementstrategy #financialeducation
Переглядів: 93

Відео

Money Bootcamp: Investing for the future
Переглядів 15121 день тому
Welcome to the ‪@santaminsurance‬ Insure Your Future Money Bootcamp with ‪@MapaloMakhu‬ and Maya Fisher-French. This is a series of podcasts that you can follow to help create your own money journey. We share our experiences in working with individuals who turned their finances around in just six months. Last episode we focused on saving for shorter-term goals, but what about those medium to lo...
Money Bootcamp: Saving vs. Investing
Переглядів 12921 день тому
Welcome to the ‪@santaminsurance‬ Insure Your Future Money Bootcamp with ‪@MapaloMakhu‬ and Maya Fisher-French. This is a series of podcasts that you can follow to help create your own money journey. We share our experiences in working with individuals who turned their finances around in just six months. In this episode we help listeners give up the debt dependency by having a savings plan. We ...
Money Bootcamp: How to choose the right medical cover
Переглядів 85Місяць тому
Welcome to the ‪@santaminsurance‬ Insure Your Future Money Bootcamp with ‪@MapaloMakhu‬ and Maya Fisher-French. This is a series of podcasts that you can follow to help create your own money journey. We share our experiences in working with individuals who turned their finances around in just six months. In this episode, Medical Cover 101, we are joined by Mbali Khumalo of Simeka Health to help...
Money Bootcamp: When do you need life cover?
Переглядів 140Місяць тому
Welcome to the ‪@santaminsurance‬ Insure Your Future Money Bootcamp with ‪@MapaloMakhu‬ and Maya Fisher-French. This is a series of podcasts that you can follow to help create your own money journey. We share our experiences in working with individuals who turned their finances around in just six months. Risk cover can feel like a grudge purchase, especially when budgets are tight, it is also n...
GEPF: Will the Two-Pot System affect my retirement?
Переглядів 1,8 тис.2 місяці тому
The new Two-Pot Retirement System will improve retirement outcomes while providing members access to a portion of their retirement savings prior to retirement. This is done by dividing years of pensionable service between savings service and retirement service. However - it is very important to understand how the different pots will be used to calculate benefits at retirement. Find the full ser...
Money Bootcamp: Smart strategies to pay off debt
Переглядів 2022 місяці тому
Welcome to the ‪@santaminsurance‬ Insure Your Future Money Bootcamp with ‪@MapaloMakhu‬ and Maya Fisher-French. This is a series of podcasts that you can follow to help create your own money journey. We share our experiences in working with individuals who turned their finances around in just six months. In this episode, we tackle the issue of managing excessive debt, especially in the face of ...
GEPF: Three things to know before you withdraw
Переглядів 19 тис.2 місяці тому
Things to consider before you withdraw your pension savings under the Two Pot Retirement System: Tax, retirement and future needs. This is the third video in a four-part educational series on the Two Pot Retirement System for GEPF members. On 1 September 2024 the Two Pot Retirement System will be introduced. One-third of future pensionable service will be allocated to a savings pot and two-thir...
GEPF: What happens to your pension if you resign after 1 September 2024?
Переглядів 3,5 тис.2 місяці тому
This video details how the Two-Pot Retirement System will affect benefits earned after 31 August 2024. There is a great deal of misunderstanding around what happens to your pension fund should you resign after the implementation of the Two Pot Retirement System. This is leading to panic and people are even considering resigning before 1 September to access their pension. This is completely unne...
GEPF: Understanding the Two Pot Retirement System for Members
Переглядів 7 тис.3 місяці тому
This is episode one of a four-part educational series on the Two Pot Retirement System for GEPF members. Over the next few weeks the various aspects of the Two Pot Retirement System will be unpacked, and members’ questions will be answered. You have probably by now heard about the new Two Pot Retirement System that is coming into effect on the 1st of September. The reason for these changes is t...
Money Bootcamp: Planning to buy a home or car
Переглядів 1803 місяці тому
Welcome to the @santaminsurance Insure Your Future Money Bootcamp with @MapaloMakhu and Maya Fisher-French. In this, the third episode in the series, we delve into the financial intricacies of making major purchases, specifically focusing on buying a home and a car. We are joined by Tshiamo, one of our mentees from last year, who shares her eye-opening experience of unexpected costs when purcha...
Money Bootcamp: Take control of your money
Переглядів 2663 місяці тому
Are you ready to take control of your financial future? The @santaminsurance Insure Your Future Money Bootcamp is here to guide you through a transformative journey that will help you understand and master your finances. Hosted by Maya Fisher-French and @MapaloMakhu this podcast series is designed to help you build a solid financial foundation, no matter where you are on your money journey. In ...
Money Bootcamp: How to borrow responsibly
Переглядів 1113 місяці тому
Welcome to the @santaminsurance Insure Your Future Money Bootcamp with Maya Fisher-French and @MapaloMakhu. In previous episodes we have focused on budgeting and living within your means, but at some stage everyone will need to access credit. But how do you do that in a responsible and sustainable manner? We begin with a cautionary tale from Thato, one of our mentees, who illustrates how easily...
Navigating Tax Season 2024
Переглядів 1843 місяці тому
With SARS announcing the opening of tax season on 15 July, it's crucial to understand the complexities of filing tax returns and how to maximise any tax breaks. Joining us to unpack this topic is tax expert @AndreBothmaTax and Poobalan Govender, Acting Head of @oldmutual Rewards, who will explain how Old Mutual Rewards members qualify for discounted rates when using digital tax assistant TaxTim...
Two-Pot Retirement System: Savings Pot vs Retirement Pot
Переглядів 7864 місяці тому
The Two-Pot Retirement System is on track for implementation on 1 September 2024, but there are still many questions. One of the frequently asked questions I get is whether funds can be transferred from the Savings Pot to the Retirement Pot. I cover it in this video as this needs some careful planning. Watch my previous videos and read more on The Two-Pot Retirement System here: Two-Pot Retirem...
Money Bootcamp: Unlocking Financial Freedom
Переглядів 3544 місяці тому
Money Bootcamp: Unlocking Financial Freedom
Two-Pot Retirement System: What if you resign after 1 September?
Переглядів 3,8 тис.4 місяці тому
Two-Pot Retirement System: What if you resign after 1 September?
Are We Spending Too Much On Our Families?
Переглядів 2555 місяців тому
Are We Spending Too Much On Our Families?
Two-Pot Retirement System: What happens to your retirement fund?
Переглядів 3,4 тис.6 місяців тому
Two-Pot Retirement System: What happens to your retirement fund?
Can You Afford to Leave Home? The Real Cost of Independence.
Переглядів 2706 місяців тому
Can You Afford to Leave Home? The Real Cost of Independence.
When Love Doesn't Pay the Bills: Dating outside your financial league
Переглядів 3146 місяців тому
When Love Doesn't Pay the Bills: Dating outside your financial league
Unpacking the National Budget Where Your Taxes Really Go
Переглядів 3628 місяців тому
Unpacking the National Budget Where Your Taxes Really Go
Funding a Child's Education
Переглядів 3398 місяців тому
Funding a Child's Education
Women In Conversation: Creating Financial Equality In A Relationship
Переглядів 5508 місяців тому
Women In Conversation: Creating Financial Equality In A Relationship
Women In Conversation: Navigating Money Conversations In A Relationship
Переглядів 4438 місяців тому
Women In Conversation: Navigating Money Conversations In A Relationship
Women In Conversation: Protecting Your Family
Переглядів 2838 місяців тому
Women In Conversation: Protecting Your Family
Women In Conversation: Marriage Contracts
Переглядів 6888 місяців тому
Women In Conversation: Marriage Contracts
Tax 101 For Freelancers
Переглядів 1068 місяців тому
Tax 101 For Freelancers
Can We Trust The Banking System?
Переглядів 3609 місяців тому
Can We Trust The Banking System?
Retirement Funds March 2024: More Questions Answered
Переглядів 2,3 тис.Рік тому
Retirement Funds March 2024: More Questions Answered

КОМЕНТАРІ

  • @nontobekobongekilesithole2366
    @nontobekobongekilesithole2366 15 днів тому

    If you have opened a tax free saving account with a certain institution is it possible to change/ move to another institution if you feel like you made a wrong choice?

    • @mayaonmoney4043
      @mayaonmoney4043 12 днів тому

      Yes, you can move to another product provider. Just make sure in your next tax return that SARS shows it as a transfer and not a new investment.

  • @nontobekobongekilesithole2366
    @nontobekobongekilesithole2366 15 днів тому

    If you have opened a tax free saving account with a certain institution is it possible to change/ move to another institution if you feel like you made a wrong choice?

    • @mayaonmoney4043
      @mayaonmoney4043 5 днів тому

      Yes, you can move to another product provider. Just make sure in your next tax return that SARS shows it as a transfer and not a new investment.

  • @SiphoMathiba
    @SiphoMathiba 24 дні тому

    When is the payment date?

  • @LeeDuPreez-d7w
    @LeeDuPreez-d7w Місяць тому

    No one knows anything about how to withdraw the funds. It's extremely difficult to get your money out of the GEDF fund compare to the private sector.

    • @mayaonmoney4043
      @mayaonmoney4043 Місяць тому

      @@LeeDuPreez-d7w this is the article I wrote www.news24.com/citypress/business/gepf-members-frustrated-by-delays-technical-issues-with-two-pot-system-20240929

  • @LeeDuPreez-d7w
    @LeeDuPreez-d7w Місяць тому

    The SANDF pension fund withdrawal from the two pot fund is always not working. Day or night this is discusting 😮and shocking

  • @XochiltLangel
    @XochiltLangel Місяць тому

    Thanks for the interesting content! 😍 Need some advice: 🙏 I have a set of words 🤷‍♂️. (behave today finger ski upon boy assault summer exhaust beauty stereo over). I don't know what they are. What should I do with them? 🤷‍♀️

  • @leniahdebilong148
    @leniahdebilong148 Місяць тому

    I wanna know if I have unclaimed benefits

  • @daisysesing9488
    @daisysesing9488 Місяць тому

    Hi Mapalo I'm currently overseas and I have a daughter in SA. I want to join the medical scheme for her. Was there medical scheme recommended to join?

  • @ThembikhayaQwela
    @ThembikhayaQwela Місяць тому

    My problem is you don't send me otp number what can I do to proceed my claim

    • @mayaonmoney4043
      @mayaonmoney4043 Місяць тому

      You will have to contact the GEPF directly for technical support - I do not work for the GEPF. This was an educational video series I did for GEPF members.

  • @CharmaineSeafield
    @CharmaineSeafield Місяць тому

    Can someone please clearly explain how to access this R30000 I'm working for Saps

  • @30_kilani
    @30_kilani Місяць тому

    Does the system affects your money when you got fired after the 1st of September 2024 ?

  • @stoneybeer1647
    @stoneybeer1647 Місяць тому

    What happens if you don't take the 2 pot system funds

  • @duckiebabe3844
    @duckiebabe3844 Місяць тому

    Quick Question: Should you withdraw and you annual income increases, will you be taxed thereafter or the months to follow on this new income tax bracket? Will your salary for the rest of the tax year be on this new income tax bracket?

    • @mayaonmoney4043
      @mayaonmoney4043 Місяць тому

      it is difficult to say. SARS will do the calculation and hopefully the full tax obligation will be deducted and not impact your next tax return. But it may still have some small impact. It will only affect your tax return end Feb 2025

  • @brendanleevandiar1464
    @brendanleevandiar1464 Місяць тому

    Thanks for the simple and clear explanation, This was really helpful.

  • @ThembakaziPoswa-g9n
    @ThembakaziPoswa-g9n Місяць тому

    What happens if I resign 8 months after 1 September and am not 55

    • @mayaonmoney4043
      @mayaonmoney4043 Місяць тому

      exactly as indicated in the video - your vested pot remains available so does your savings pot

  • @ripfumelomakaringe
    @ripfumelomakaringe Місяць тому

    But the vested pot is now divided in 2 which is vested benefit and non-vested benefit. What happens now when I resign?

    • @mayaonmoney4043
      @mayaonmoney4043 Місяць тому

      So that is confusing because members of provident funds prior to March 2021 have vested and non-vested pots. In this scenario both those are still part of the Vested Pot mentioned in the video so both are accessible on resignation

  • @Jaythonabriam
    @Jaythonabriam Місяць тому

    Hi Maya,Please explain the difference between - Inflation link Annuity , Living Annuity & With Profit Annuity.

  • @zinhledlamini591
    @zinhledlamini591 Місяць тому

    Hi Maya what happens if I choose not to withdraw for three years and withdraw in the fourth? will the money on my savings pot accumulate to R30 000 x 4yrs =R120 000, and will I be able to withdraw the entire accumulated amount on the savings pot after tax implications?

  • @rudivn1
    @rudivn1 2 місяці тому

    What if I emigrate?

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      @rudivn1 the current rules apply. You will have to be out the country for three years.

  • @rudivn1
    @rudivn1 2 місяці тому

    I would rather take 30grand a year and invest it elsewhere, rather having to deal with the insanity of an annuity which I do not care for.

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      @rudivn1 that won't help because the amount you can withdraw is paid to you as a lump sum at retirement not an annuity. The two-thirds you can't withdraw are used to purchase an annuity.

    • @rudivn1
      @rudivn1 2 місяці тому

      @@mayaonmoney4043 I'm leaving the country soon, so would rather take out what I can.

    • @kelvinmarwizi8769
      @kelvinmarwizi8769 Місяць тому

      ​@@mayaonmoney4043This is pure cheating 😢😢

  • @rudivn1
    @rudivn1 2 місяці тому

    This is really terrible. I would like to have full access of 100% of all my future money after 1 Sept. Insanity and unfair

  • @reshmiseerparsad8143
    @reshmiseerparsad8143 2 місяці тому

    What if I resign after 1 sept 24 and I’m not 55

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      @@reshmiseerparsad8143 the video explains that

    • @brendanleevandiar1464
      @brendanleevandiar1464 Місяць тому

      You will still have access to the money you've accumulated from the time you were working you will still get a percentage that's tax free play tax on the rest of it. The money that goes into your retirement pot will only start from the 1st of September no money from your existing vested pot will be transferred to your retirement pot.

  • @jabulawrence6269
    @jabulawrence6269 2 місяці тому

    ....if I don't resign and withdraw my money till my pension will I get my cash or monthly to monthly as installment

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      @@jabulawrence6269 you will receive both a lump sum (gratuity) and an income

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      This video explains

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      ua-cam.com/video/qGozgbuJXJ8/v-deo.htmlsi=ZJJpVALGlkwN9CdG

    • @Jasonprins86
      @Jasonprins86 Місяць тому

      If I resign over a year will I get full pension ?

    • @MncediMekuto
      @MncediMekuto Місяць тому

      I just check my GEPF statement. Why resignation benefit is more than the combined amount of vested pot and saving pot? Is the resignation benefit not reflect the actual amount you will receive if you resigns? If so vested plus savings should be equal resignation benefit value. Can you please clarify that portion please.

  • @IvanKatelro
    @IvanKatelro 2 місяці тому

    I resign before 1 of September waiting for my pansion payout am I still affected with this new law

  • @shirleyratau5352
    @shirleyratau5352 2 місяці тому

    But how is 22k going to assist, like school fees alone is 32k. Government is joking.

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      @shirleyratau5352 you definitely should not be using your retirement to fund school fees.

  • @ritarethabile3743
    @ritarethabile3743 2 місяці тому

    Wow, very clear, I thought we need to resign now

  • @aimyluv
    @aimyluv 2 місяці тому

    When I do choose to transfer my benefit to an approved retirement fund as you suggest and I want to access it afterwards does it get taxed?.

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      @aimyluv if you want to withdraw before retirement tax will apply. At retirement there is a bigger tax break.

  • @MalebogoShomolekae
    @MalebogoShomolekae 2 місяці тому

    Do i qualify 6604020785088

  • @zandilesibanyoni4750
    @zandilesibanyoni4750 2 місяці тому

    Hi Maya, thank you so much for making us understand the 2 pot system. What I still don't understand is the seeded capital since it will be taken from my Vested post, which have its on regulations. Does then this mean that if I withdraw the firsr R30 000, the one taken from my invest pot, it won't have any effect on my years in service or what? I hope my question makes sense.

  • @delanicyrillatha7836
    @delanicyrillatha7836 2 місяці тому

    There is nothing significant one can do with R30 000 withdrawal.

  • @mgodoyikzn
    @mgodoyikzn 2 місяці тому

    If you don't draw money in the savings pot what happens?

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      @@mgodoyikzn it grows in value. The point really is not to withdraw and keep it for retirement

    • @nzondienkebetwana3700
      @nzondienkebetwana3700 2 місяці тому

      I don't understand this really where did this gps coming from,we worked for our money but now yhu guys decide about our money how to handle it this is pain what are we going to do with this little money we accounts needs everything 😭😭

  • @vanillasa3508
    @vanillasa3508 2 місяці тому

    We are struggling to Authenticate information when the GEpf can’t relate to our ids

  • @ThobileHadebe-i2k
    @ThobileHadebe-i2k 2 місяці тому

    Thank you. I can now say I understood this system after your short video. It seems like a scam to me 😢

  • @Paulmazuk
    @Paulmazuk 2 місяці тому

    Eish from this I feel like I’ve already made many mistakes

  • @LaqeeshaLennox
    @LaqeeshaLennox 2 місяці тому

    Hi if you are not working for goverment do we also fall in the 2 pot

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      Yes absolutely. You can watch these videos ua-cam.com/video/5dgfTgmYk-Q/v-deo.html&pp=gAQBiAQB

    • @antoniofrancisco3018
      @antoniofrancisco3018 2 місяці тому

      Everyone will fall into the scheme Sars will make lekker money on taxation

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      @@antoniofrancisco3018 only if they withdraw. That is the point, to encourage people to keep their retirement money for retirement

    • @shirleyratau5352
      @shirleyratau5352 2 місяці тому

      But what was the purpose of withdrawing

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      @shirleyratau5352 great question. From what I understand the unions wanted to provide an opportunity for members facing financial stress a once off opportunity for withdrawal. Hence the seed capital. But it really makes no sense to withdraw- just ignore it and leave your money

  • @SphiweNgcobo-z2j
    @SphiweNgcobo-z2j 2 місяці тому

    If you have R270,000 10%=

  • @MosesChabalala-u4i
    @MosesChabalala-u4i 2 місяці тому

    How can this 2 pot sytem going to work and can i withdraw before 31 august

    • @mayaonmoney4043
      @mayaonmoney4043 2 місяці тому

      The videos do explain how it will work. You can only withdraw from a pension fund before 31 August if you resign.

  • @tshidiso9653
    @tshidiso9653 3 місяці тому

    This is a nonsensical system. What will one do with a max of 30k. This only benefits the government through tax.

  • @YaJairajaimes-ih6dz
    @YaJairajaimes-ih6dz 3 місяці тому

    How to declare a balloon payment.

  • @SpartanOnePunchMan
    @SpartanOnePunchMan 3 місяці тому

    Thank you! The explanation i needed to hear!

  • @diliesifumba-vb9pb
    @diliesifumba-vb9pb 3 місяці тому

    Explained perfectly

  • @gregmackay8068
    @gregmackay8068 3 місяці тому

    What if you resign after 1 Sept say in Dec. Can you withdraw the full amount or is it 1/3 lump sum and 2/3 monthly pension

    • @mayaonmoney4043
      @mayaonmoney4043 3 місяці тому

      You can elect to have your vested pot paid out and your savings pot. The retirement pot will be preserved until retirement age which is 55

  • @thembekastali2296
    @thembekastali2296 3 місяці тому

    Thank you 😊💕

  • @AndreaKammies
    @AndreaKammies 3 місяці тому

    Kramer Land

  • @paulinaleballo9915
    @paulinaleballo9915 3 місяці тому

    Hi Maya. Lets say the date is , 2 September 2024 and I decided to resign from my Job, can I withdraw as cash from my vested pot?

    • @mayaonmoney4043
      @mayaonmoney4043 3 місяці тому

      The vested pot is left to grow and can be accessed if you resign after 1 September. This video explains it in more detail. ua-cam.com/video/OXQDwofVZ4U/v-deo.html

  • @SithLord690
    @SithLord690 3 місяці тому

    Does Reg 28 apply to the 3 pots as a single entity or does each pot have to be Reg 28 compliant?

    • @mayaonmoney4043
      @mayaonmoney4043 3 місяці тому

      They will all be treated the same. Most likely they will all be invested in exactly the same fund - it will just be a separate accounting on the benefit statement.

  • @dumisanigawulana1951
    @dumisanigawulana1951 4 місяці тому

    Thanks for keeping us updated Maya. I love your channel ❤

  • @patnaidoo5533
    @patnaidoo5533 4 місяці тому

    A Gepf member's savings pot is invested how? If you are aware of same. Tif

    • @mayaonmoney4043
      @mayaonmoney4043 4 місяці тому

      No difference in how it is invested. It will be calculated based on years of pensionable service and the usual actuarial calculations applied

  • @JuanitaMoolmanMoney
    @JuanitaMoolmanMoney 4 місяці тому

    Fantastic advice, there is still so many unanswered questions around the implementation and 1 September is coming up fast. Thanks for keeping us informed on the questions being raised.

  • @zoemerson-davies1556
    @zoemerson-davies1556 4 місяці тому

    Maya, your fab video doesn't talk about the vested pot balance of R470k . also i am interested to establish what is your response to people wanting to resign as they believe they wont have access to any of their savings on resignation/retrenchment/dismissal.

    • @mayaonmoney4043
      @mayaonmoney4043 4 місяці тому

      The vested pot is left to grow and can be accessed if you resign after 1 September. This video explains it ua-cam.com/video/OXQDwofVZ4U/v-deo.html