Woah for real? I'm super excited. Sonia christen strategy has normalized winning trades for me also. and it's a huge milestone for me looking back to how it all started
This system is just a scam, basically it's more money for the tax man than me as an individual. They could have just went to the credit union and list all your credits one has and use that money to pay off some of the credit's that are pulling you down financially so that one can be In a stable like financial position.
Hello sisters...may i ask f I owe SARS now & I want to withdraw from 2 pot system will they take what i owe to them & give me the balance or they going to withhold the money until I pay what o owe to them?
@@Emeritus63sthis was prior elections last year already ,it was approved 2 days before the elections,whichever party one voted for has its pros and cons ,it's a loosing game whichever way we look at it .
Even on the current system it will be taxed. What most people don't know is that thes a tax benefit on monthly payments to Retirement funds so you are currently paying less tax than what you should be potentially paying. I don't disagree entirely, it definitely feels like a "scam" but it's less than what it looks like
The most simplest explanation ever 👏👏 on the short term it can help with these increasingly tough economic siturations but on the long term misuse of this could lead to working up until 75+ because we wont "afford" to retire 🤔
This system wasn't created for the employees to benefit but for government to benefit when employees cash-out......but sadly most employees are heavily in debt and will end-up depending on this every year like an annual bonus.....
A strategy to get more tax from the already highly taxed South Africans. And they know that normal people are struggling and will opt to withdraw. Already people can’t afford retirement. Should be a last last resort
@@nomvanoduma9221 Consider the tax implications carefully. I understood from another video that the tax at a nominal rate means that your yearly tax could increase as the withdrawal could push you into a higher tax bracket when added to your annual salary. It's worth investigating. This is govt's strategy to tax the up to R550 000 that would have been your tax free entitlement upon retirement! People are not going to be left with that much cash out on retirement at all if they withdraw so they would have forfeited on getting R550 000 tax free. Smart govt, woe is us!
Thank you for the clarity Sis Nicolette. I was wondering about the tax side of things. I now know to leave that money as is,and never withdraw anything it's not really worth it 😅
The information I got from Alexander Fobes is that, If I resign after 1st of September, I can still withdraw all my previous contributions to my fund, but the ones I will contributed starting from September can never be touched.
'Every withdrawal you make from your savings component is added to your taxable income and will be taxed at a fixed marginal tax rate at the time of withdrawal', this is the elephant in the room. The government wants to make money more because they know people will be withdrawing from their savings.
But guys I'm also in the financial sector, but it still doesn't make sense that the amount was taxed prior being saved. Why is the government taxing it again
I’m with the employer and the amount that is saved in my pension is not taxed. My salary is only taxed after the deductions of my pension contributions hence the government taxes when we withdraw money from our pension funds. It might be different with you though.
This tax thing hurts my little heart because the money saved towards retirement is the money already taxed from your monthly salary over the years, I am not sure why it is being taxed as a lump-sum again when you withdraw. Our government is really milking us.
@@FinancialBunny That's not entirely true. Money contributed to an RA uses post tax amounts and you only get a refund when you do your taxes once a year.
@@AbsoluteInference Actually no, you get a tax deduction if you contribute to a pension fund or RAF. When you get a refund from SARS it maybe because you r contributions are not linked to your “salary/ payroll processing meaning that sars will only find out about it after the end of the year of assessment.
Never ever withdraw money from your retirement fund no matter how desperate you are, let's rather learn to save for emergencies. Only 6% retire comfortably in SA and with this system i forsee this number going even lower😢
If you intend on resigning, do so before the end of August 2024, otherwise you will only receive a portion and the rest you will receive on retirement age.
Hi Mcoco thank you very much for the valuable information but can I be nosy and ask you to show us the books in your shelf behind you there. It creates curiosity. I tried not to ask about it but hey, I just couldn’t keep it in anymore. I also wish I could one day be able to present myself to confidently. I first met you in 2017 or 18 and my life changed a lot. I also read “What’s your move” cover to cover. You are jewel sis. 🙏🌹
I've studied this system very closely & firstly there is 3 Pots ( Vested Pot ) not just 2 .People ...I'm speaking to the hard working , honest tax paying citizens that have actually contributed to the economy of this country irrespective of the financial crisis this country is in right now .People don't withdraw any money from your savings don't be tempted .Just leave it for now .Reason being is this whole two Pot system is not actually to benefit you .The masterminds let alone the people that run this country are milleniums away from constructing smart systems to bebefit you let alone this country .Invest your money offshore/property/gold if you can from now & be very wise about your savings .Do not touch your retirement funds .Give it one to two years to confirm what I'm saying .No more than that .
I agree with you regarding taking investments seriously and exploring other avenues, also not withdrawing means you don’t have to pay the withdrawal taxation which I think is a way for the government to gain from this. However , it’s not 3 pots for everyone , the 3rd pot only applies to those that already have a retirement fund , now this won’t apply to someone that doesn’t have a retirement annuity already (be it , they only start employment in September or after , or they have been working but not contributing anything to their retirement fund) .. those people will only have 2 pots and not the vested pot as much as they are also legal citizens who pay their taxes.
I actually asked someone about it, so I decided not to touch it, leave it there like an educational plan for my kids, but am not sure about the interests or the tax am going to pay when the day finally comes
So its a mechanism for releasing more money into the fiscus to be taxed so govt can pay the grants and pay their shortfall. There is no.proper vision forward.
absolutely bro,im very worried about this system,i wish it could fail so our money stand there till we retire,this is clear robbery,imagine the tax man,and a lot of instructions over there,people need money now,that's why robbery is escalating
i foresee a lot of people resigning before September, imagine being told you cannot access your money and you can only do so when you reach retirement age😅😅😅, i'm sorry but i for one cannot leave that up to the government(Steinof shandis). thank you for the video.
I'm still asking myself what will happen if i resign and stop working at 40 years, which is not retirement age... will government wait until I'm 55to give me my money
My sister was working for post office 30yrs,then there were retrenchments she was not retrenched she took early retirement because she is 55yrs in February,she's been waiting for her payout since and she's been asking the HR,they said they'll give her UIF which they gave to her as a salary in June.Now they want her to come back to work,they sent her a form to fill to confirm that shes coming back, she asked abt retirement payout,they just talking about UIF which she will get as a salary every month.Question is where is the pension money?Is it still there?
Hi Nicolette. My question is how will the interests be calculated between the two pots, will they be calculated separately or it will be a summed. And will it impact the compounding which would have been accumulated if savings remained in 1 pot?
I wonder which debts burden can be erased by 21k after tax ...since they say its gona be a relief to SA workers ..mxm...they had to squeeze the economy through stealing to be in such shambles...they knw well pp will be desparate ...disgusting nje.
If you make a withdrawal, it results in the loss of one year of service. For example, if you have 25 years of service and you make a withdrawal, it effectively means you lose a year of service, reducing your total service period. Additionally, the amount withdrawn will be subject to taxation.This means you could lose more than just the value of the withdrawal. For instance, withdrawing R30,000 could lead to a significant reduction in your retirement savings due to the loss of service and potential tax implications. Therefore, it is generally not advisable to make withdrawals from your retirement funds.
What then happens to the third pot ( the vested pot) after they have seeded the savings pot with 10% Will I have access to my vested pot upon resignation after September 2024? Is it also only available on retirement? How about upon retrenchment or dismissal? Or at the end of a fixed term contract? It would make sense to only lock the pot made up of the 2/3 contributions but not the vested pot. There’s really no benefit to this for the consumer. The government will be the biggest winner. They have finally found a creative way to dip their corrupt hands into our savings
Great idea for those of us with a 'do or die' attitude. We may as well enjoy the already plundered remains of the fruits of our labours while the body is able!
According to information from my side, you can only withdraw all your previous contributions in case you resign or get retreached after 1st of September but any other contributions from the 1st going, you can not touch it. Information from Alexander Fobes.
Employees need to understand the capped amount and the tax implications. For me it is really not necessary to take the R30k now unless you have an emergency and don't have an alternative.
@@mokolaericaphamuli355 you can only contribute to the savings pot via a retirement fund and only 1/3 of it goes into the savings pot and the 2/3 into the retirement pot
So what happens to your vested pot from next financial year .you will have access to saving pot.will you have access to your vested pot?or only a 3rd of it.
Please explain further. My understanding is that 10% and up to R30K of your existing funds will be seeded into your savings component and that’s what you can withdraw
@@Penuel_Matlala I don’t think that is accurate. If your current fund has R300K, only 10% or up to R30K of it will be used to fund the savings component. That’s the amount you can withdraw and you must have a min of R2000. That’s my understanding
@@FinancialBunny Hi , I think the 'Vested ' portion needs more exploration here. Is it correct to say that the vested pot, is the ENTIRE funds existing on September 01, which then 'seeds' the Savings pot ? Hence , 10% up to a max of R30 000 of the 'vested' pot goes into savings. My understanding is that apart from this, nothing in the vested pot is subject to one thirds. Please explain what happens to the vested pot on resignation? Is it fully accessible subject to tax? What happens upon retirement? The same?
How does this affect the growth of the money when they separate the funds? Will they all have the same interests or be separate? eg savings 8% growth retirement 8% ?
@FinancialBunny So should one resign before 1 September you can withdraw all your pension contributions? After 1 September you can’t access your pension until retirement age? Kindly please clarify. Please and thank you ❤
I am entangled in a situation, in summary; i left my job in 2021 took all my pension money deposited into my RA. Now, still unemployed i cant contribute towards my RA. Will this affect me when i want to withdraw?
From a layman's perspective I wouldn't think you will be affected in anyway. Remember the RA money is still your money which suppose to grow in interest whether you are contributing more to it or not. The change that the current pension law amendments seek to do is to enable you to withdraw some of your saved money, which you could not ordinarily do before. I hope that I am right.
But still no one is telling is how to withdraw the money.whwre do u go what do u do.can u do it on giur phone must u go to offices does your hr do it for u.no one is telling us what to do
Can you leverage a loan against your RA for a loan for an income bearing project like buying lanf and building a residence for rental. Its seems unfair that a finance corporation can use our funds to buy property but as an individual you cant and be taxed again if you withdraw full amount
Yes you can get a loan or surety for a loan if you use the funds to buy, build or renovate your home. This is heavily regulated by your fund's rules and the board of trustees have to decide if they will allow you to do so. There might also be tax implications. Many funds do not allow this.
My question is what happens if you never withdraw and reach retirement age, How is your money then distributed back to you. Will you ever see your money
This two pot retirement systems must be put to test first.the calculations have been done. right,done deal,the problem is,is the system going to run smooth.without giving people problems.
Eskom gave us R10000 bonus and it was taxed 39% according to my grading, so definitely if i i take this R30000 ill be getting R18300😢😢😢 nope ill pass unless something advise otherwise. Siyadliwa 😢😢😢
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 17k in last month 2024
Wow that's huge, how do you make that
much monthly?
Honestly speaking.... I will continue to trade / and stick to Sonia/ daily analysis and guides as long as it works well for me.
The first time we had tried, we invested $4000 and after a week we received $15,400. That really helped us a lot to pay our bills.
Woah for real? I'm super excited. Sonia christen strategy has normalized winning trades for me also. and it's a huge milestone for me looking back to how it all started
She's on telegrams mostly, using the user name.
This system is just a scam, basically it's more money for the tax man than me as an individual. They could have just went to the credit union and list all your credits one has and use that money to pay off some of the credit's that are pulling you down financially so that one can be In a stable like financial position.
You voted for this nonsense 😂
I like the idea 💡
Hello sisters...may i ask f I owe SARS now & I want to withdraw from 2 pot system will they take what i owe to them & give me the balance or they going to withhold the money until I pay what o owe to them?
@@Emeritus63sthis was prior elections last year already ,it was approved 2 days before the elections,whichever party one voted for has its pros and cons ,it's a loosing game whichever way we look at it .
There isn’t much benefit to this. Imagine you have to be taxed, whereas we already get taxed in our salaries. This is a rip off
But you also don’t have to withdraw
Sad, cause we need it.
@@FinancialBunnyTimes are tough, so 70% of people are going to withdraw
@@phumimabanga962I am definitely withdrawing
Even on the current system it will be taxed. What most people don't know is that thes a tax benefit on monthly payments to Retirement funds so you are currently paying less tax than what you should be potentially paying. I don't disagree entirely, it definitely feels like a "scam" but it's less than what it looks like
Thanks a million times for the clarity and the caution you gave on tax 🙏
Well said ,please keep on educating our people ,we really appreciate your knowledge
Proper consultation needs to happen across the country
The most simplest explanation ever 👏👏 on the short term it can help with these increasingly tough economic siturations but on the long term misuse of this could lead to working up until 75+ because we wont "afford" to retire 🤔
Absolutely and hence why we shouldn't withdraw just because we can please
This system wasn't created for the employees to benefit but for government to benefit when employees cash-out......but sadly most employees are heavily in debt and will end-up depending on this every year like an annual bonus.....
serious😂😂😂😂
A strategy to get more tax from the already highly taxed South Africans. And they know that normal people are struggling and will opt to withdraw. Already people can’t afford retirement. Should be a last last resort
Also, it helps to have another retirement plan. I'm definitely withdrawing mine because why should I suffer now when tomorrow is not promised.
@@nomvanoduma9221 Consider the tax implications carefully. I understood from another video that the tax at a nominal rate means that your yearly tax could increase as the withdrawal could push you into a higher tax bracket when added to your annual salary. It's worth investigating. This is govt's strategy to tax the up to R550 000 that would have been your tax free entitlement upon retirement! People are not going to be left with that much cash out on retirement at all if they withdraw so they would have forfeited on getting R550 000 tax free. Smart govt, woe is us!
Thanks, Nicollete, for sharing this info with us. It is very helpful 🙏
Thank you for the video, I have learned and appreciate that I know what next step to take
Mapalo’s channel explains this nicely with examples if you need practical examples
Thank you Sis ❤
I have a problem with being taxed twice, our salaries and pension
Well; that is why GOD is calling us out of this world to be citizens of a far better one than this.
At the end weather is retirement or now, dt money will b taxed nothing is tax free in SA sadly
You explained this so much better than that SABC guy thank you.
I wish the new government that will be in power from 30 may 2024 consider this new thing that has been imposed to us .
Not only constructive financial advise but you're beautiful too. Thank you lady. Your counsel have been invaluable🙏🙏🙏
Siyabonga Nkosazane ngokuhlaziya lendaba yamabhodwe amabili.
Thank you for the clarity Sis Nicolette. I was wondering about the tax side of things. I now know to leave that money as is,and never withdraw anything it's not really worth it 😅
Remember you use tax free funds to contribute to a retirement fund unless it’s an RA.
The information I got from Alexander Fobes is that, If I resign after 1st of September, I can still withdraw all my previous contributions to my fund, but the ones I will contributed starting from September can never be touched.
Is what I heard also sis
That's my understanding too
My understanding to
Cool dts better dear, tnx for d info
Thanks a lot. Very educative and enlightening. Keep up the good work!
After retirement poverty is now certain. But again we are working hard and still living in debts!
'Every withdrawal you make from your savings component is added to your taxable income and will be taxed at a fixed marginal tax rate at the time of withdrawal', this is the elephant in the room.
The government wants to make money more because they know people will be withdrawing from their savings.
This is exactly what I thought.
I suspect the 15 billion they are trying to raise
I read that R27500 is tax free. I don't have a lot of information on it though
Very true man
@@sasashongwe They said most ppl will pay about 9k in tax on the amount of 30k
this was clear, well explained, for us people who just joined the finance industry
But guys I'm also in the financial sector, but it still doesn't make sense that the amount was taxed prior being saved. Why is the government taxing it again
Very good question, wonder if it was ever raised in the decision making process and answered truthfully 🤔
My question exactly!!!
I’m with the employer and the amount that is saved in my pension is not taxed. My salary is only taxed after the deductions of my pension contributions hence the government taxes when we withdraw money from our pension funds. It might be different with you though.
RA and Pension funds are not taxed, instead, you get a tax refund when you file your taxes
We are being robbed
This tax thing hurts my little heart because the money saved towards retirement is the money already taxed from your monthly salary over the years, I am not sure why it is being taxed as a lump-sum again when you withdraw.
Our government is really milking us.
Money contributed to retirement fund is before tax.
Yeah retirement money only gets taxed when you excess it.
@@FinancialBunny
That's not entirely true. Money contributed to an RA uses post tax amounts and you only get a refund when you do your taxes once a year.
@@AbsoluteInference Actually no, you get a tax deduction if you contribute to a pension fund or RAF. When you get a refund from SARS it maybe because you r contributions are not linked to your “salary/ payroll processing meaning that sars will only find out about it after the end of the year of assessment.
@@AbsoluteInferenceFact check before replying, you're misleading others
Thank ngwanesho for simplifying this for us, so eloquently
Thank you brother
What if i resign and cash out before September 2024, can i get my entire lump sum? Tax will be steep however i really don't trust this government
Never ever withdraw money from your retirement fund no matter how desperate you are, let's rather learn to save for emergencies. Only 6% retire comfortably in SA and with this system i forsee this number going even lower😢
Exactly, more problems are coming. Money will run out before a person dies 🤞🏾
A lot of people, especially government employees, die before they "enjoy" their retirement funds. It's a tricky one.
@@nkosinathindala4745 it's not deep bro, don't over analyze it.
I resigned and withdrew the entire thing and went back to school. This “never ever withdraw money” you are saying really doesn’t cut it unfortunately!
Life is not a fits one fits all glove.
Thanks for the video. I am glad there’s a limitation on the amount that can be withdrawn.
Thank you Coco. Very clear 🙏😉
Yes this is for government to benefit not us
Really needed this video cause wow 😅thank you! 🙌🏽
I'm resigning. Changing jobs won't give me a cashout I'm resigning.
That's hectic that we have to resort to such 😢😢😢😢
Be careful dont let easy come easy go impoverish you ,when you retire.That is not a wise decision at all.
If you intend on resigning, do so before the end of August 2024, otherwise you will only receive a portion and the rest you will receive on retirement age.
Me too I'm going
Hi Mcoco thank you very much for the valuable information but can I be nosy and ask you to show us the books in your shelf behind you there. It creates curiosity. I tried not to ask about it but hey, I just couldn’t keep it in anymore. I also wish I could one day be able to present myself to confidently. I first met you in 2017 or 18 and my life changed a lot. I also read “What’s your move” cover to cover. You are jewel sis. 🙏🌹
I've studied this system very closely & firstly there is 3 Pots ( Vested Pot ) not just 2 .People ...I'm speaking to the hard working , honest tax paying citizens that have actually contributed to the economy of this country irrespective of the financial crisis this country is in right now .People don't withdraw any money from your savings don't be tempted .Just leave it for now .Reason being is this whole two Pot system is not actually to benefit you .The masterminds let alone the people that run this country are milleniums away from constructing smart systems to bebefit you let alone this country .Invest your money offshore/property/gold if you can from now & be very wise about your savings .Do not touch your retirement funds .Give it one to two years to confirm what I'm saying .No more than that .
❤t, Thank you
Which are off sure company to invest our money
I agree with you regarding taking investments seriously and exploring other avenues, also not withdrawing means you don’t have to pay the withdrawal taxation which I think is a way for the government to gain from this.
However , it’s not 3 pots for everyone , the 3rd pot only applies to those that already have a retirement fund , now this won’t apply to someone that doesn’t have a retirement annuity already (be it , they only start employment in September or after , or they have been working but not contributing anything to their retirement fund) .. those people will only have 2 pots and not the vested pot as much as they are also legal citizens who pay their taxes.
I actually asked someone about it, so I decided not to touch it, leave it there like an educational plan for my kids, but am not sure about the interests or the tax am going to pay when the day finally comes
True it is a scam
So its a mechanism for releasing more money into the fiscus to be taxed so govt can pay the grants and pay their shortfall. There is no.proper vision forward.
absolutely bro,im very worried about this system,i wish it could fail so our money stand there till we retire,this is clear robbery,imagine the tax man,and a lot of instructions over there,people need money now,that's why robbery is escalating
Thank you so much for this explanation
i foresee a lot of people resigning before September, imagine being told you cannot access your money and you can only do so when you reach retirement age😅😅😅, i'm sorry but i for one cannot leave that up to the government(Steinof shandis). thank you for the video.
True, the government is bad at investments, their borrowing habits are also questionable, yet they see it fit to parent us on our finances
I'm still asking myself what will happen if i resign and stop working at 40 years, which is not retirement age... will government wait until I'm 55to give me my money
My sister was working for post office 30yrs,then there were retrenchments she was not retrenched she took early retirement because she is 55yrs in February,she's been waiting for her payout since and she's been asking the HR,they said they'll give her UIF which they gave to her as a salary in June.Now they want her to come back to work,they sent her a form to fill to confirm that shes coming back, she asked abt retirement payout,they just talking about UIF which she will get as a salary every month.Question is where is the pension money?Is it still there?
@KofuJuiceBar bayidlile laba imali yethu🤬
me already planning
what going to happened on my previous provident fund when these two pots systems kicks in
What happens on first pot (money that i have naw before September)do i get intrest .does it grow or remains the same?
Hi Nicolette. My question is how will the interests be calculated between the two pots, will they be calculated separately or it will be a summed. And will it impact the compounding which would have been accumulated if savings remained in 1 pot?
Important question and nobody I have watched is answering these types of questions that most of us have.
This is great for people who want to invest on a business venture instead of just waiting for retirement. Otherwise Robson Savage; here we come.
I wonder which debts burden can be erased by 21k after tax ...since they say its gona be a relief to SA workers ..mxm...they had to squeeze the economy through stealing to be in such shambles...they knw well pp will be desparate ...disgusting nje.
Thank you ever so kindly!
Sars is loving this....
If you make a withdrawal, it results in the loss of one year of service. For example, if you have 25 years of service and you make a withdrawal, it effectively means you lose a year of service, reducing your total service period. Additionally, the amount withdrawn will be subject to taxation.This means you could lose more than just the value of the withdrawal. For instance, withdrawing R30,000 could lead to a significant reduction in your retirement savings due to the loss of service and potential tax implications. Therefore, it is generally not advisable to make withdrawals from your retirement funds.
Needed this clarity thank you
Thank you so much for explaining so well
What then happens to the third pot ( the vested pot) after they have seeded the savings pot with 10%
Will I have access to my vested pot upon resignation after September 2024? Is it also only available on retirement? How about upon retrenchment or dismissal? Or at the end of a fixed term contract? It would make sense to only lock the pot made up of the 2/3 contributions but not the vested pot.
There’s really no benefit to this for the consumer. The government will be the biggest winner. They have finally found a creative way to dip their corrupt hands into our savings
How do one check the balance?
Thank you for clarifying sisi, however I will be withdrawing come rain or shine. Times are tough and I doubt I will reach retirement age anyway
What makes you say that
@@krazzyvibestv8657 I have a chronic illness
Yoh Phumi😢
Haibo,I rebuke your own words,you will see retirement years and flourish and enjoy it...please watch your words over your own life,you work too hard.😅
How much do they taxe the amount and starting from 1st for September if you resign you are not getting funds?
About 9k for most ppl if you take 30k
Yoh id honestly withdraw for travel nothing else. Cause my youth years wont come back in retirement 😂
Great idea for those of us with a 'do or die' attitude. We may as well enjoy the already plundered remains of the fruits of our labours while the body is able!
100% the plan
Me too 😅
You should go to SABC News and explain this all journalists failed 😂😂... Your explanation is crystal clear ❤
I am so happy to hear that. thank you
Thanks Nico
So what will happen t my retirement funds ,when I get fired or get retrenched .
😂😂
What happens to my provident fund that existed before 01 September....can I cash it all out if I resign after Sept 1?
According to information from my side, you can only withdraw all your previous contributions in case you resign or get retreached after 1st of September but any other contributions from the 1st going, you can not touch it. Information from Alexander Fobes.
What happens when one is retrenched? Do they still hold your pension till your retirement age? This would be disastrous for a lot of people
Honestly, cz that wasn't ur choice but that of the employer thus u should be able to claim all of it.
Becoming a hobbo, until you reach your retirement age, if you ll still be alive.
@@kumaranpoonen 🤣😂
How does it work if you are retrenched
why they introduce something that is going to affect people with tax while we pay tax every month on our salary???
Thank you so much for the information.
Is this for civil pension as well...im getting monthly a pensioen of my late husband
Mina I need my money. Life after pension not guaranteed
You can't receive your retirement money while you are still working. You only receive your retirement money when rich the required age
@@diphalepashe5361 I mean that small portion.
What if you live? What are you going to live off?
@@bgonya06 I will cross the bridge when I reach there. But this 30K portion. I will take it all
Yes 😂😂😂
What means do employees have to collectively fight this new rule?
Can't I withdraw all of it? 😢
Employees need to understand the capped amount and the tax implications. For me it is really not necessary to take the R30k now unless you have an emergency and don't have an alternative.
Totally agree if there is no reason to take the money don’t do it
Seeing that there is a savings pot instead of requesting money can I add something like R500 to that pot.
@@mokolaericaphamuli355 you can only contribute to the savings pot via a retirement fund and only 1/3 of it goes into the savings pot and the 2/3 into the retirement pot
@@mokolaericaphamuli355why would you willingly give government your money
Exactly 🤣 @@philasandeb
So what happens to your vested pot from next financial year .you will have access to saving pot.will you have access to your vested pot?or only a 3rd of it.
How much is the admin cost and how much % tax they will deduct?
You can only withdraw 10% of 1/3 of your funds, not 10% of the whole amount. Please update accordingly.
Please explain further. My understanding is that 10% and up to R30K of your existing funds will be seeded into your savings component and that’s what you can withdraw
@@FinancialBunny let's say the total funds are R300k, you'll only be able to withdraw 10k (10 % of a 3rd of the whole ie 300k)
@@Penuel_Matlala I don’t think that is accurate. If your current fund has R300K, only 10% or up to R30K of it will be used to fund the savings component. That’s the amount you can withdraw and you must have a min of R2000. That’s my understanding
@@FinancialBunny Hi , I think the 'Vested ' portion needs more exploration here. Is it correct to say that the vested pot, is the ENTIRE funds existing on September 01, which then 'seeds' the Savings pot ? Hence , 10% up to a max of R30 000 of the 'vested' pot goes into savings. My understanding is that apart from this, nothing in the vested pot is subject to one thirds. Please explain what happens to the vested pot on resignation? Is it fully accessible subject to tax? What happens upon retirement? The same?
How does this affect the growth of the money when they separate the funds? Will they all have the same interests or be separate? eg savings 8% growth retirement 8% ?
I don't understand how we are allowing this to happen against our will.
I don't understand this democracy we're living in. We're supposed to have voices but then we don't.
@@prominencenhlapo2789 😢😢 we are not really free, there's no democracy
@FinancialBunny So should one resign before 1 September you can withdraw all your pension contributions? After 1 September you can’t access your pension until retirement age? Kindly please clarify. Please and thank you ❤
Imagine..this is soo wrong
great explanation mama. thank you.
You made this very clear. I didnt understand it before but now i do
I am glad I could help
After withdrawal from my Savings component. How long should I wait until it reflects in my bank account?
Yho it depends on the service provider
Any suggestions where to put our money now like annuity before the 1Sept
Explanation is very clear dear
If they fire me after the 1st , will I get all the money from before the 1st
Our HR don't understand some of the things
What happens to the savings if you don't withdraw
I think we need to confront government about this tax like Kenyan did to they government
What is non-vested?
And then what happens to the Vested pot funds ke moving forward, after the 1st 30K has been seeded once...
I am entangled in a situation, in summary; i left my job in 2021 took all my pension money deposited into my RA. Now, still unemployed i cant contribute towards my RA. Will this affect me when i want to withdraw?
From a layman's perspective I wouldn't think you will be affected in anyway. Remember the RA money is still your money which suppose to grow in interest whether you are contributing more to it or not. The change that the current pension law amendments seek to do is to enable you to withdraw some of your saved money, which you could not ordinarily do before. I hope that I am right.
Thank you so much ❤
@financialbunny, If I have already withdrawn 25K 16yrs ago tax free, will I be taxed again if i decide to withdraw again with this new change?
Yes, anything you withdraw is taxable income. Remember you contribute to retirement funds before tax
But still no one is telling is how to withdraw the money.whwre do u go what do u do.can u do it on giur phone must u go to offices does your hr do it for u.no one is telling us what to do
Yoooo very informative, thanks gal!❤
Can you leverage a loan against your RA for a loan for an income bearing project like buying lanf and building a residence for rental. Its seems unfair that a finance corporation can use our funds to buy property but as an individual you cant and be taxed again if you withdraw full amount
Yes you can get a loan or surety for a loan if you use the funds to buy, build or renovate your home. This is heavily regulated by your fund's rules and the board of trustees have to decide if they will allow you to do so. There might also be tax implications.
Many funds do not allow this.
Daylight robbery it's our money we must decide what we want to do with it not be dictated to
What we wanted a straight ⅓ of our provident/pension and NOT this rubbish these thieves are coming up with. Dictatorship...
But you can't go there if you see dangerous because you're not forced by someone to withdraw your retirement fund.
My question is what happens if you never withdraw and reach retirement age, How is your money then distributed back to you. Will you ever see your money
So there is no need for RA then i cannot double save for the uncertain future, nowaday you can never be sure of what the future hold.
Thanks dear
Perfect,simple explanation
For thise with both Pension and RA. Can one withdraw the 10% from both or are we limited to just withdrawal from one vehicle?
What I wonder with regards to the retirement portion is, in a divorce, will they no longer give the former partner part of your 2/3s?
Afternoon will i get my pention money when i go on early 55 years pention or they will allow me to take it and give me my pention when I'm 60 years
This two pot retirement systems must be put to test first.the calculations have been done. right,done deal,the problem is,is the system going to run smooth.without giving people problems.
Was disappointed to hear that the amount one will have access to, is capped at R30 000 only (less tax)😩.
Eskom gave us R10000 bonus and it was taxed 39% according to my grading, so definitely if i i take this R30000 ill be getting R18300😢😢😢 nope ill pass unless something advise otherwise. Siyadliwa 😢😢😢