Certainly. Exchange-Traded Funds (ETFs) are popular for long-term investments due to their diversified nature. ETFs offer exposure to a wide range of assets, such as stocks, bonds, or commodities, which can help reduce risk. Some top choices for long-term investing include broad market index ETFs, sector-specific ETFs, and bond ETFs, as they provide potential for growth and income over an extended period while minimizing the risk associated with individual stocks.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 4years+ and I've netted over 2.8million.
Kindly share the details for reaching your advisor. With inflation negatively affecting my funds, I'm in search of a more lucrative investment strategy to optimize their performance.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Leticia up and send her a message. You've truly motivated me. God's blessings on you.
Even if the system is good in general, but stakeholders that will benefit in this set up is business financial institutions and government and keep on suppressing the workers.
Most will be looking to find new jobs before September. satafrika can't be trusted with our monies😂. This government is making us suffer. 😅...we are suffering today, not at 55 Suka😅😂😂😂. Most won't see 55 with all the stress of loadshedding, unemployment, black tax, inflation, corruption and crime.
Im 44 years old with 19 years of service,but hey I'm not tempted at all,I feel like this could be just a way out government wants to chow our money,should you take that 30 K,taxed and you take home 22Ks,then come retirement time,and you look at that pocket it will look like you took 300ks.this will benefit amaqabane ka Thambo.
Nna I'm going to withdraw cause I'm not sho if I'll be alive at the age of 60. Just look at how beneficiaries chow our money when we are dead they even call it their money n Wena ur dead
Regarding the savings pot, I currently have R14k, I only wish to withdraw November 2025, my understanding is that I will be able to withdraw upto the maximum of what will be available in the savings pot at November 2025, meaning my current R14k plus contributions from Sept2024 till lets say October 2025. But a financial Agent says that a first withdrawal is limited to R30k, it does not matter if you withdraw in the year 2027 for the first time, you will be limited to R30k as a first withdrawal. meaning I can have R70k in the savings pot in 2027 and because I never did any withdrawal, I will be limited to R30k as a first time withdrawal. Is this true?
Does this mean I can take my savings pot at 55 and still work in other word taking the 550000 tax free and still continuing with what's left of my pension working up to 60 years
No, the savings pot is always subject to tax when withdrawn from. It only falls under the total R550 000 tax exemption amount when it is taken at retirement. (Coupled with the totals of the vested pot). Plus when you take what's in your savings pot ,that amount gets added to your total earnings for that year and pushes up your tax bracket for that year accordingly. If you have as much as R550 000 in your savings pot when you choose to withdraw at 55yrs old, can you imagine how high that amount will take your annual earnings for that year and the astronomical taxes you will pay as a result. Also, what no one talks about is how withdrawing from the savings pot affects one's years of service as calculated in a defined pension fund. In this case , the monthly pension you receive after retirement is also affected (lowered) as the savings pot cash is also translated to service years lost. Edit: Also keep in that if you have at any time in the past resigned and taken cash from your pension fund, you have already used up ( either in full or partially) the R550 000 tax free allowance.
If I recall it is according to your tax rate. Yes, you're correct. Under the Two-Pot Retirement system in South Africa, when you choose to withdraw from your retirement savings, it is subject to tax according to your individual tax rate. However, remember that the portion withdrawn before retirement may be counted as part of your taxable income for the year it's withdrawn, which could possibly put you into a higher tax bracket. Retiring should ideally be a time of relaxation and reward for years of hard work. So, planning wisely around tax matters can help ensure you make the most of your retirement funds. 💰👌 Remember, details regarding taxation can varied and sometimes complex, hence, you may want to consult with a financial advisor or tax specialist for personalized advice. Keep asking great questions!
I'm also surprised now.😮 My understanding was that the vested pot could be fully withdrawn from (subject to tax and tax free allowance) upon resignation before retirement.
If i retired in 2016 do this rules apply to me or can i get all my provident fund as the rules set down by NUMSA and SIEFDS when the provident fund were introduce
people with 1o years service are better off than those who just started working before the system comes to effect, because each withdrawal from the savings pot reduces 4 months of your service, which will prolong you getting to 10 years and also restricting your pension's growth.
I'm also contributing to my private Retirement anuity.How will it affe ct my finances when I retire after September .I planned to transfer my pension fund into Retirement anuity .My contact is that they pay 1/3 one third the rest monthly pay
I hope you are using bank for retirement anuity cz this other staff like old mutual, sanlam,metropolitan etc ,to get ur money from them its a big problem.
Is not meant to help us,if it was the case,we were supposed to get a certain amount from the money you already accumulated,like if you have 600k,maybe get your 150Ks,not this nonsense of everybody will get 30Ks,it's just ANC shenanigans to eat out money and they tried before to borrow from our GEPF and failed,saying they want to help Eskom
Accessing of the funds on the saving pot, is it annually? Ones a year every year? If I withdraw R30 000 this year, will I be able to withdraw the same amount on the following year?
From what I have read on GEPF document vested port will continue to be governed by old rules, meaning when you resign you will get it together with savings port.
The R30K is the limit that will be used to “boost” the savings component. So it’s 10% of your existing fund capped at R30K. You can withdraw the whole R30K but remember you won’t get all of it because of Tax
@@mbuyixeketwane5481this is just another way of the government to benefit from tax payers. The unfortunate part is many people will be opting for the -R30k which will be taxed because people are highly indebted 😢
This disaster will prove to be the downfall of millions of South Africans.... People are going to withdraw half of their pension savings to buy BMWs, which they won't be able to afford to insure, maintain and service.... They will retire with very little and be dependent on a bankrupt state....
Kushawa edonsayo, this is very informative. SARS is going to make a lot of money
Absolutely. Government is going to milk those withdrawals
Thats why they arent discouraging them
@@TalkingMoneyWithNozi
Ewe
True Sars is a lion it roars for every sent we gain
Certainly. Exchange-Traded Funds (ETFs) are popular for long-term investments due to their diversified nature. ETFs offer exposure to a wide range of assets, such as stocks, bonds, or commodities, which can help reduce risk. Some top choices for long-term investing include broad market index ETFs, sector-specific ETFs, and bond ETFs, as they provide potential for growth and income over an extended period while minimizing the risk associated with individual stocks.
I agree, that's the more reason I prefer my day to day investment decisions being guided by an advisor seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using my advisor for over 4years+ and I've netted over 2.8million.
Kindly share the details for reaching your advisor. With inflation negatively affecting my funds, I'm in search of a more lucrative investment strategy to optimize their performance.
Leicia Zavala Perkins is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Leticia up and send her a message. You've truly motivated me. God's blessings on you.
This was an amazing show, I would wish for the next show to talk more about marriage, finances, and debts.
Let me see if I can get Bellz
Since this is affecting workers I believe that we should have a referendum to accommodate the worker's view.
A guest I'm actually familiar with thanks to SAFM 🎉
Jimmy is a gem 💎
Great show Nicolette, I am learning a lot from you. Your knowledge is out of this world. You blow fish out of water. Keep it up lady.
Great video. So informative. Thanks Financial Bunny and Jimmy.
I heard nothing 😭😭I need this explained to me like I'm 5 years old..
Amazing video, dankie kakhulu, very informative. I think we need to start thinking about the next steps now.
Thank you for financial education. Very informal.
Lol im going to pretend that money doesnt exist 😂😂 . I pray I never have a need for it. Because no way SARs is chowing that money so early
That's a good idea
Why are we being controlled over our monies that we worked hard for
I want to withdraw r100k mos we are in so much debts😢😢😢😢
Good information, morwa wa Moyaha...re botje ka setlokwa
Even if the system is good in general, but stakeholders that will benefit in this set up is business financial institutions and government and keep on suppressing the workers.
Thank you for this c'thandwa sam ❤
The curveball is in losing a job before 55, struggle to find another one & can't get all your money
Yhooo 😮
Thanks Nicolette for yet another educational segment❤
Thank you for clarifying so many questions out there. 😊
Thank you for clarity on this 2pot system.. rsa is risking with people's cash 😢
Of course
Excellent , thank you
You are welcome!
You're appreciated Nicolette.
That was insightful. Thank you Jimmy! 🫡
So the vested and retirement pots cant b touched...till 55+yrs.only savings can be accessed per year with tax
VESTED CAN BE TOUCHED AS WELL
Tnx Nicolette for the important advice/information.
Most will be looking to find new jobs before September. satafrika can't be trusted with our monies😂. This government is making us suffer. 😅...we are suffering today, not at 55 Suka😅😂😂😂. Most won't see 55 with all the stress of loadshedding, unemployment, black tax, inflation, corruption and crime.
Very informative show, but I'm curious. Does this two pots retirement system applies to Retirement Annuities as well?
This was very helpful. Thank you
Im goin be 55 in oct im taking all my money out. I dont want no pot. God will provide.😊
😂😂 lucky you.
Remember it's only 5 years money 🤔 i think the catch is after the 5 years you eating the Government 🤝🤞
😂 you just made my day
Many thanks Nicolette ,very informative 👍
You’re welcome 😊
Day light robarry, this money was taxed now. I want it. They taxed it again, xaaa sokaman😢😢I can't wait to withdraw muulaaa
It wasn't taxed, it's only taxed when you withdraw and when you receive the annuity payments
Im 44 years old with 19 years of service,but hey I'm not tempted at all,I feel like this could be just a way out government wants to chow our money,should you take that 30 K,taxed and you take home 22Ks,then come retirement time,and you look at that pocket it will look like you took 300ks.this will benefit amaqabane ka Thambo.
Nna I'm going to withdraw cause I'm not sho if I'll be alive at the age of 60. Just look at how beneficiaries chow our money when we are dead they even call it their money n Wena ur dead
Is it allowed to just withdraw just once and never again?
Thank you.
The comment she made at 16:46 was felt by every working class citizen! 😩
My uncle retired at 55 that was 2021 working for the gov.and hes getting paid everymonth...is he allowed to take this pot bcz he want to pay his debts
Great show but can you please put time stamps next time.
Does this two pot retirement system apply to a pension preservation fund that one is no longer contributing to after resignation?
Hi Nicollette, can I just leave everything as it is. Just continue to contribute monthly without doing anything to my retirement fund?
Yes Ma’am
Regarding the savings pot, I currently have R14k, I only wish to withdraw November 2025, my understanding is that I will be able to withdraw upto the maximum of what will be available in the savings pot at November 2025, meaning my current R14k plus contributions from Sept2024 till lets say October 2025. But a financial Agent says that a first withdrawal is limited to R30k, it does not matter if you withdraw in the year 2027 for the first time, you will be limited to R30k as a first withdrawal. meaning I can have R70k in the savings pot in 2027 and because I never did any withdrawal, I will be limited to R30k as a first time withdrawal. Is this true?
Nee jiirrrrre we in a quagmire here ! 😮
If you have about R40000 and you get affected by retrenchment, how much will you be able to get from that R40000?
I should resign before vbs ports beginn.
What I’m getting from this is that it’s not worth making a withdrawal
Not unless you need it
Yes, 100% correct! SARS stands to benefit from this in my opinion.
Yhooo I fear uSARS
Does this mean I can take my savings pot at 55 and still work in other word taking the 550000 tax free and still continuing with what's left of my pension working up to 60 years
Yes
No, the savings pot is always subject to tax when withdrawn from. It only falls under the total R550 000 tax exemption amount when it is taken at retirement. (Coupled with the totals of the vested pot). Plus when you take what's in your savings pot ,that amount gets added to your total earnings for that year and pushes up your tax bracket for that year accordingly. If you have as much as R550 000 in your savings pot when you choose to withdraw at 55yrs old, can you imagine how high that amount will take your annual earnings for that year and the astronomical taxes you will pay as a result. Also, what no one talks about is how withdrawing from the savings pot affects one's years of service as calculated in a defined pension fund. In this case , the monthly pension you receive after retirement is also affected (lowered) as the savings pot cash is also translated to service years lost.
Edit: Also keep in that if you have at any time in the past resigned and taken cash from your pension fund, you have already used up ( either in full or partially) the R550 000 tax free allowance.
Imagine being retrenched and having people tell you, you cannot access your pension
This is absurd, how can one survive while waiting to get another job if you are still within the employable age. Will UIF sustain me until I'm 55😢
I know
The time you start to understand about 2 ports, someones coming and say they are 3 where is the other one?
What happens if I'm resign by November 2024. Will government keep n third of my quarter of my pension?
How much will the tax be? Are we taxing according to the individual package? For example 31% on the R30k? Or standard tax amount?
If I recall it is according to your tax rate. Yes, you're correct. Under the Two-Pot Retirement system in South Africa, when you choose to withdraw from your retirement savings, it is subject to tax according to your individual tax rate. However, remember that the portion withdrawn before retirement may be counted as part of your taxable income for the year it's withdrawn, which could possibly put you into a higher tax bracket. Retiring should ideally be a time of relaxation and reward for years of hard work. So, planning wisely around tax matters can help ensure you make the most of your retirement funds. 💰👌
Remember, details regarding taxation can varied and sometimes complex, hence, you may want to consult with a financial advisor or tax specialist for personalized advice. Keep asking great questions!
My understanding of the vested pot is that one can withdraw from it when they change jobs. What cannot be withdrawn is the 66%.
I’m of the same view about the vested pot, that’s it will not be affected by the new system.
I'm also surprised now.😮 My understanding was that the vested pot could be fully withdrawn from (subject to tax and tax free allowance) upon resignation before retirement.
@@dabeezkneez8716100%
@@dabeezkneez8716 THATS TRUE. vested is accessible at resignation/retrenchment. the retirement is only pot locked until 60 years.
I will be 60 iin October 2024. I have more than 10 years service. If i retire will i get all my money as a lumpsum?
Great show. Are the withdrawals taxed using the SARS tables?
Yes each withdrawals Sars is there hungry
Interesting. I would like to hear your views about finance and marriage one day when you guys are both married. Thanks for the discussion
Thanks for the idea! Let me see if in the meantime i can get someone who can discuss finances and marriage with me
@@FinancialBunny Thanks
Very Informative
Glad you think so!
If i retired in 2016 do this rules apply to me or can i get all my provident fund as the rules set down by NUMSA and SIEFDS when the provident fund were introduce
Wanna know what will happen if I resign
I am also interested as I don't think is a good idea to resign
So when I retire, will I withdraw all my funds
people with 1o years service are better off than those who just started working before the system comes to effect, because each withdrawal from the savings pot reduces 4 months of your service, which will prolong you getting to 10 years and also restricting your pension's growth.
I keep hearing that money will be taxed but no one is saying how much the percentage is....
Normal tax percentage
I'm also contributing to my private Retirement anuity.How will it affe ct my finances when I retire after September .I planned to transfer my pension fund into Retirement anuity .My contact is that they pay 1/3 one third the rest monthly pay
I hope you are using bank for retirement anuity cz this other staff like old mutual, sanlam,metropolitan etc ,to get ur money from them its a big problem.
One of my colleague is still waiting for his money from old mutual since 2019 upto date
Is this system meant to help us or just another money making skeem sars cooked
Is not meant to help us,if it was the case,we were supposed to get a certain amount from the money you already accumulated,like if you have 600k,maybe get your 150Ks,not this nonsense of everybody will get 30Ks,it's just ANC shenanigans to eat out money and they tried before to borrow from our GEPF and failed,saying they want to help Eskom
@@siyathembasiazmatshaya7074not to help at all instead SARS will benefit a lot
How can I contact Jimmy Moyaha? Yes, I tried Linked-in, just a Follow on his profile and no MESSAGE option.
Does my vested pot keep growing since nothing is going in there anymore?
SOME LITTLE PERCENTAGE
It should be growing since its invested somewhere with the required rate of returns
What if i retire and want all my money because im relocating to another country?
This two-pot systems meaning that when you reach 60-65 you no longer allowed to get SASSA grant for old age?
Even the current one ( one pot system) doesn't allow you to get SASSA when you retire.
I'm 62. Can I make a withdrawal , I'll be retiring at 65
What happens when you divorce?
22:20- 23:00 does the frozen amount (kept till one is 55) does it accumulate interest? Thank you for such an informative discussion
yes
It's frozen in the sense that you're not allowed to touch it unless you want that R550 000 withdrawal which is tax free.
Accessing of the funds on the saving pot, is it annually? Ones a year every year? If I withdraw R30 000 this year, will I be able to withdraw the same amount on the following year?
as long as its not more than 10% of your savings pot.
You will get 30k taxed maybe going home with 25K,then every year you can only apply for R2000.
Aaaai daylight robbery
I took R300000 in 2016 when i retired can i still get the other R300000 tax free from my annuity fund know to make it 1/3 of my lump sum
Very informative sessions, more of this please kgaetsedi
SARS cant wait for September 1st-
Dude, but there will be delays
What happens if i resign before the age 55 and decide that i dont want to work anymore, will i receive all my funds?
No. You will only receive your vested pot after 55 when you buy annuity.
From what I have read on GEPF document vested port will continue to be governed by old rules, meaning when you resign you will get it together with savings port.
I wanna retire this year when I turn 55 will I get all my provident fund at once?
Daylight robbery people must decide what fits them best if they choose to withdraw their money not dictatored to by our government
What does "to purchase an annuity" mean ? 😂
It means purchasing a product that pays you a monthly income
And every receipt you get is subject to tax at your ruling tax bracket by definition of income i e its revenue in nature @@reinethmonareng2981
if you take 30k by sept you get tax almost 10k thats how they get you so you end up with 20k to pay your debt
This guy sounds like Trevor Noah..😅
Very true hey😂
Kinda looks like him too hahahah
Was thinking the same 👌🤝
English is not my mother tongue,they need to explain this in our language.
So Nicollette, its not us withdrawing R30000, the R30000 its just a booster you may only withdraw 10%? Yoh!😮
The R30K is the limit that will be used to “boost” the savings component. So it’s 10% of your existing fund capped at R30K. You can withdraw the whole R30K but remember you won’t get all of it because of Tax
@@mbuyixeketwane5481this is just another way of the government to benefit from tax payers. The unfortunate part is many people will be opting for the -R30k which will be taxed because people are highly indebted 😢
This disaster will prove to be the downfall of millions of South Africans.... People are going to withdraw half of their pension savings to buy BMWs, which they won't be able to afford to insure, maintain and service.... They will retire with very little and be dependent on a bankrupt state....
You can only access on savings pot, you won't be able to touch pension pot.😊
They won't,they only allowed to withdraw R30 000, after tax it's R24 000.maybe you can buy a Tazz or RunX
@@siyathembasiazmatshaya7074 I see...
So true
I stopped listening when they mentioned Millions. 🥲