(Getty Images/ pinkomelet)
South Africa’s new two-pot retirement system launching in September aims to preserve savings by allowing access to funds in emergencies while safeguarding money for pension and retirement. Government and trade unions have praised the system for providing a “thirteenth cheque” to workers during tough financial times.
Retirement fund administrators are predicting substantial withdrawals, with estimates suggesting that R55 billion could be withdrawn from the pension fund industry, and more than R14 billion from Old Mutual. Staying informed about these changes is crucial for South Africans looking to secure a prosperous future.
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