Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800k
Your explanation is by far and away the most comprehensible online. Well articulated. Enjoyed it so much I even watched the Zulu version and loved it just as much. Siyabonga sisi
I'm in a very tight financial situation right now that I thought this new retirement regime was gonna help me get out of, but the more information I get on this new 2 pot retirement system the more clearer it is to me that my financial troubles are far from over. It's really difficult 😭😭😭
And here I was thinking this new sudden 2 pot system is the government's way to source funding for NHI since they cannot hike tax rates which are already high, it helps to listen to a professional who has done extensive research to teach us😊. You explained the money not withdrawn so perfectly ❤ Thank you sis.
Honestly, thanks for this explanation and the Sars debt is the main reason am applying this Monday for my money so they can take what owe them because they are taking it from my salary anyways. I’ll eat whatever is left, I don’t care.
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
Firstly, thank you for explaining so clearly and including aesthetic visuals to follow along with!! Secondly, why are we paying tax on our withdrawals but we’ve already paid tax on our income!! Shew tax will defeat a person.
Contributions to pension funds are deducted from your income; therefore, you are taxed on withdrawals because they weren't "treated" as income when you were contributing
Thank you Nokuhle for your video 👌👌 According to how I view this two pot system is that it does not benefit employees , only the government benefit the most through taxes. emagine making withdrawal of R30000(from saving pot) and receive R21 000,meaning if I want R30 000 I must make withdrawal of R38/39 000 (Why not make it a tax free widrawal?) I think government just want a share from employees retirement savings
Beautiful lady please help me out with a clear understanding like if you can do a video and discuss what happens if you not interested in taking the funds??
Thank you for this Video i just need some clarity please , on the higher tax bracket, is that only for the withdrawals or it stays there even on your normal monthly salary ?
Very informative video, thank you Nokuhle! One question tho (on behalf of a family member), as someone who has been in a provident fund for 30+ years but has never filed any tax returns themselves, how will this affect their taxes for this 2024/2025 period? How does one declare this new once-off increase in income? Also by when should it be done? Who should they approach to ask for help?
Your beneficiaries will be the ones who will get access to benefits that’s why it’s very important to make sure that you nominate beneficiaries with your RA funds.🫂it’s the same thing if you had died yesterday it would be the same the benefits would have been paid to the beneficiaries.
What happens at retirement? Do you get 1/3 of the total of the the 3 pots or u get a 1/3 of (vested pot plus savings pot)? Because the vested pot will have its own rules at retirement.
My understanding is that, with Provident Fund you can access all your money when you retire or resign where as with Pension Fund - you get 1/3 upfront and then the 2/3 in drip & draps prior to the 01st September 2024. Please clarify that part.
Hi. So what happens if I have more than 5k available for withdrawal in the savings pot, but generally, my salary has not reached any tax level yet. When I withdraw, will I still be taxed and how since I have not reached any tax bracket yet?
Good morning, since they have introduced the 2 pot system, what happens to my money if I get fired/dismissed from work at the age of 31 years, do I get all my money since I am not going to another job?
No it’s not a scam…. You are wrong. Right now you are still marketable and young and you are able to find another job… Remember the main aim of this money is for your retirement ages when you are no longer energetic. Your company can die but your pension remains at the fund… Your company you work for is not the fund where your pension money is kept.
Did you say the retirement funds will only be accessible at the age of 65? Why 65 when early retirement age is 55? Again life expectancy in SA is 60 so this thing is unfair for the working class
What if you getting another income and it was less taxed and now you owe SARS because of it , would SARS gonna tax to according to it or according to your salary you getting from work since tax numbers are not the same ?
Not really - your retirement contributions actually decrease your taxable income (during your working years). So you only ever get taxed at retirement (but there are large rebates first, thus making that tax seem smaller) AND now you also get taxed at early withdrawal (since the amount had never really been taxed).
![[isiZulu Version] Yini i-Retirement Two Pot System ? 🇿🇦 || HOW To Withdraw || South African Tax Laws](http://i.ytimg.com/vi/WuS99sxCZrk/mqdefault.jpg)
![[isiZulu Version] Yini i-Retirement Two Pot System ? 🇿🇦 || HOW To Withdraw || South African Tax Laws](/img/tr.png)
Retirement is now more difficult than it was in the past. I've been saving for a long time instead of investing, and right now I only have about $400K. considering all the inflation, i'm thinking of investing in stocks, i dont just have idea on market strategies.
The increasing prices have impacted my plan to retire at 62, work part-time, and save for the future. I'm concerned about whether those who navigated the 2008 financial crisis had an easier time than I am currently experiencing. The combination of stock market volatility and a decrease in income is causing anxiety about whether I'll have sufficient funds for retirement.
This is precisely why I like having a portfolio coach guide my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a portfolio coach for more than two years, and I've made over $800k
Mind if I ask you to recommend this particular coach you using their service?
Her name is Patricia Strain. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
I can already imagine high school teachers using this video to explain to the students thank you for this clear explaination
l should have been a teacher😂
2:05 do i have to pay back any money of i two-pot?
Why would they explain to students? Students don't have pension funds
Your explanation is by far and away the most comprehensible online. Well articulated. Enjoyed it so much I even watched the Zulu version and loved it just as much. Siyabonga sisi
SARS trying to also access our money now rather than later. SARS always benefits. Thank you for this informative video. ❤
🎉finally someone recognised it
these thieves
I'm in a very tight financial situation right now that I thought this new retirement regime was gonna help me get out of, but the more information I get on this new 2 pot retirement system the more clearer it is to me that my financial troubles are far from over. It's really difficult 😭😭😭
Very informative and easy to understand. I will use your link to calculate. Nice to see our own CA taking responsibility to clarify things out. 🙏👍
Okuhle is the girl that she thinks she is and I love it for us
You really should consider being in academia, this was an amazing explanation. Thank you 🥰
Such an informative video. Thank you so much.
🙌🙌🙌🙌you are truly amazing wow,you are an asset to the accounting industry 👏👏👏 thank you so much for this
Thank you so much for this; I have been asking what is this two pot system and no one could give me a clear answer.
And here I was thinking this new sudden 2 pot system is the government's way to source funding for NHI since they cannot hike tax rates which are already high, it helps to listen to a professional who has done extensive research to teach us😊.
You explained the money not withdrawn so perfectly ❤
Thank you sis.
This was very informative and easy to comprehend. Thank you Nokuhle😉
Thank you. Well explained! Very insightful and educative.👏👏
Thank you very much sister. The tax man is everywhere. Not helping us. We should be disciplined that is the key.
Always a professional, many thanks for your informative posts!!!
Thank you for simplifying it for me. I have a better understanding now.
Honestly, thanks for this explanation and the Sars debt is the main reason am applying this Monday for my money so they can take what owe them because they are taking it from my salary anyways. I’ll eat whatever is left, I don’t care.
Your withdrawal makes sense. But then again while at it, find out how you get to owe sars so that you can fix that in the future. All the best.
I feel you 🫂
Thanks Nobuhle for educating us regarding this matter ❤
This makes so much sense now. Thank you so much for the detailed explanation ❤.
Very informative Nokuhle, Thank you 🙌
Very informative, thanks
Wow you are really good at your career and simplifying it.
This is a wonderfully clear explanation. Thankyou
Nkosi yam. Cisho ngabhayiza. Thixo wase George Koch!
You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months and now they are multi millionaires. I pray that anyone who reads this will be successful in life
You are so intellegent Sis omuhle , thank you this is gold information..
Your smile’s so warm! 🥺 what an informative video also, thanks ma’am ❤️
Life saver once again asibonge 🙏
Thank you Nokuhle! Your explanation 👌🏾.
What a blessing you are❤️
Thank youuuu😌
Thank you !!!
Great content, keep it up! Really enjoyed simplicity👌
Firstly, thank you for explaining so clearly and including aesthetic visuals to follow along with!!
Secondly, why are we paying tax on our withdrawals but we’ve already paid tax on our income!! Shew tax will defeat a person.
Contributions to pension funds are deducted from your income; therefore, you are taxed on withdrawals because they weren't "treated" as income when you were contributing
You're literally the best🎉
Thank you 💕 fot the clarity
Thank you so much for the Info❤
U make very simple fo me
She's so beautiful. Thanks for the information ❤❤
Kudlalwa Ngathi😢 Thank you Sisi Nokuhle
Thank you Nokuhle for your video 👌👌
According to how I view this two pot system is that it does not benefit employees , only the government benefit the most through taxes.
emagine making withdrawal of R30000(from saving pot) and receive R21 000,meaning if I want R30 000 I must make withdrawal of R38/39 000
(Why not make it a tax free widrawal?)
I think government just want a share from employees retirement savings
Beautiful lady please help me out with a clear understanding like if you can do a video and discuss what happens if you not interested in taking the funds??
I understand now ,thanks ❤
Syabonga Sisi, imina obese chazela abantu after ukubuka ma video akho'
Very informative. Thank you
thank you Nokuhle , beautiful smile by the way
Informative, thank you so much .....
Beautiful thanks for the knowledge
Thank you for this Video i just need some clarity please , on the higher tax bracket, is that only for the withdrawals or it stays there even on your normal monthly salary ?
Thank you so much.
You the best
Thank you cc
Very informative video, thank you Nokuhle!
One question tho (on behalf of a family member), as someone who has been in a provident fund for 30+ years but has never filed any tax returns themselves, how will this affect their taxes for this 2024/2025 period? How does one declare this new once-off increase in income? Also by when should it be done? Who should they approach to ask for help?
Thank you for the clarification, though it left me hopeless...can I get the link for calculations
Great video thank you❤
13:06 Does the vested POT not become the new Retirement POT
Minus the 10% of course for the savings POT?
This decision to give access to the pension in the way of two pots... comes at a cost
Can you please explain as to why tax these pension funds? Because on my understanding, this is not an income, nor a new income...
May I please ask why tax money that was taxed every month with your salary?
When you contibute to a retirement fund - that contribition is deducted before calculating you tax for the year.
👏👏👏👏👏🥰
hmmmm, I like how you speak!
What if you resign after 01 September 2024. Do you get the full amount on the vested pot at 21 August 2024?
Thanks Nobuhle, but yhoo SARS is like a double tax because monthlh tax and now you access your money tax again yhoo SARS
Now what if I die before 65? Hai ngeke kuningi…. And we dying
I hate this 😂
Your beneficiaries will be the ones who will get access to benefits that’s why it’s very important to make sure that you nominate beneficiaries with your RA funds.🫂it’s the same thing if you had died yesterday it would be the same the benefits would have been paid to the beneficiaries.
😂😂😂😂😂Sis😂😂😂😂,even the tax bracket is not discouraging you 😂😂😂
The ones left will bhubhudla it😂😂
uyalingeka, ungayikhiphi😂😂
I learn so much laykhaya bandla thank you Nokuhle
Question: is this 10% start-up a once off or will it be added annually (beginning of each financial year) to the savings pot?
Hi cc Nokuhle so do UIF holders quality for this 2 pot system?
What of us who do not earn enough to pay tax. Are we also going to be taxed should we choose to claim from the savings pot.?
Hi my beautiful sister, is it possible to withdraw from two different fund administrators. EG: MIBFA-VESTED and Sanlam current?
Does this mean at retirement one will not get the one third of his retirement when he retire if he had been withdrawing the money all the years?
What happens at retirement? Do you get 1/3 of the total of the the 3 pots or u get a 1/3 of (vested pot plus savings pot)? Because the vested pot will have its own rules at retirement.
can u make a video where we change our passwords
My understanding is that, with Provident Fund you can access all your money when you retire or resign where as with Pension Fund - you get 1/3 upfront and then the 2/3 in drip & draps prior to the 01st September 2024. Please clarify that part.
No, it does not matter whether you have a provident fund or a pension fund, you will receive 1/3 upfront as a lumpsum and 2/3 as an annuity
There is always a catch yoh mxm
What happenes when i get fired/ resign, do I also get the vested pot?😮
What if my salary is not enough to be text but I I'm contributed does it mean also my 30000 going to be taxed?
Can you please tell me ngabe kukhona yini lapho okuku affect khona if unga claimed lama pot
If I resign will I get my Savings Pot as a lumpsam?
So lemali ethathwa uSars uyakwazi ukuthi uphinde uyi claim next year masekwenziwa ama returns akwa Sars?
Hi. So what happens if I have more than 5k available for withdrawal in the savings pot, but generally, my salary has not reached any tax level yet. When I withdraw, will I still be taxed and how since I have not reached any tax bracket yet?
Okuhle please answer some of our questions please please. are the any age restriction for beneficiary
And if one has pension fund and retirement annuity can you assess from both?
Good morning, since they have introduced the 2 pot system, what happens to my money if I get fired/dismissed from work at the age of 31 years, do I get all my money since I am not going to another job?
Hi I want to understand if I claim my two pot savings and after claiming I get dismissed.will I still be able to claim the rest of my money?
What happens if one doesn't make any withdrawals from the savings pot till retirement
She covers that question towards the end of the video. She said, all that money will be paid out as a lump sum at retirement
It's a scam if I'm fired or the company is no more I won't be able to get my retirement money I must starve till retirement age... Or am I wrong?
No it’s not a scam…. You are wrong. Right now you are still marketable and young and you are able to find another job… Remember the main aim of this money is for your retirement ages when you are no longer energetic. Your company can die but your pension remains at the fund… Your company you work for is not the fund where your pension money is kept.
Did you say the retirement funds will only be accessible at the age of 65? Why 65 when early retirement age is 55? Again life expectancy in SA is 60 so this thing is unfair for the working class
Is it for government only or with private sector as well ?
The fact that it pays any dues owed to them defeats purpose of emergency 😂
The only thing I don’t understand is why does this amount have to taxed as well? We already work hard and do get taxed. Why do savings get taxed?
And how ong is the process once you make the withdrawal application?
What if you getting another income and it was less taxed and now you owe SARS because of it , would SARS gonna tax to according to it or according to your salary you getting from work since tax numbers are not the same ?
This two pot system is a scam, the only person benefiting here really is SARS aka government and it’s sad cause we are really financially distressed 😢
That’s soo true, it’s the biggest scam
I feel you..yooh
My thoughts exactly 😢
Good morning how will it benefit the migrate who wants to go back to their home
On the second example(Thando) how is she able to withdraw or request to withdraw R38something, isn't the maximum R30000? Please clarify 🙏
On the second example the withdrawal was in January of following year not in September
@micado_m3 okay, so from January next year withdrawals of more than R30000 are allowed?
No it accumulates money
I have retirement gepf and old mutual annuity i will withdraw from retirement and save some on easy equities and pay medical bills😢
What happens if one dies just a few months/years after retirement? What happens to the remaining amount?
I have 1 question my dear, if you withdraw from the savings pot does is the years of service also affected?
Yes, they do get affected if I am not mistaken
But why are we taxed twice if you wanna withdraw coz we already paid tax on that amount.😢
Not really - your retirement contributions actually decrease your taxable income (during your working years).
So you only ever get taxed at retirement (but there are large rebates first, thus making that tax seem smaller)
AND now you also get taxed at early withdrawal (since the amount had never really been taxed).
Yes we are taxed twice cause we are taxed now accessing the saving and we will be taxed again on retirement
What about those whose provident funds is only 340 every month?
Sinifisela inhlanhla kks engath ningawthola umndeni wakomalume