The Two-Pot Retirement System explained with example!
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- เผยแพร่เมื่อ 11 เม.ย. 2024
- The Two-Pot Retirement System explained with an example!
The Woman & Finance Podcast
Take a listen to the podcast with Sheila-ann Robey: open.spotify.com/episode/3BQC...
podcasts.apple.com/za/podcast...
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She definitely has the gift of impartation. She took a complex concept and broke it down into digestible parts. Teacher Mapalo, your learner understood you. Thanks Teacher!!
🥹🥹🥹Thank you
To anyone planning to take the 30k before retirement, think again while you still have time. I like the fact that you mentioned that Govt is going to benefit thru taxes. So true that.
You explained it so so well
Thanks A Lot for explanation Mapalo.
Now I would like to hear about Anuity from You.
Not her pulling out a calc to calc 1/3 of R1000 😂 love this softness . I’m not using my brain, not today! ❤
Lovely explanation. Thannk you :-)
Our government is like a business, soo good at tax collection and finding ways of getting more money from us the citizens. We need to look out for ourselves 🤞🏾
started today following you and will not stop, brilliant and helpful information
Awesome, thank you! And welcome to the Tribe ❤️🙌🏾
Amazing!💥
Do not be tempted in any way to take this money - get on with your life and leave this money there for when you cannot work AND do not allow the government to take more money out of your pocket
The 30K is only applicable for the first year of implementation but from next year you will be able to withdraw everything up to a minimum of 2K
Thank you so much for this 😢
Thanks for this detailed video. Appreciate it
Woow. Well explained. Thank you so much
Thanks for this
Thank you so much for the simplest explanation!
Thank u .i didn't understand this 2 pot system until nw. U have simplified it
Thank you Mapalo for simplifying this. Very useful and eye opening
Straight, simple to the point, thank you
Loved it..... Well done!
Thank you for making finance education easier 🙏 🙌 😊
Thank you Mapalo 👏🏽👏🏽👏🏽well explained
Glad it was helpful!🙌🏾
Thank you for an eye opening presentation 👏
Thank you for the explanation...on the savings pot I did not hear anything about the seed fund...I thought 10% of the 830k will be deposited to the savings pot but the total amount you can access annually is capped at 30k.
Thanks Mapalo this was the simplest and very informative way 4 me 2 understand this pot system. I felt so lost bt ur video just lightn the information🙏
Great to hear!🙌🏾❤️
Wow that is mind blowing ! Thank you for always coming through Mapalo! 🤣🤣you’ve been holding me down since I started working. I hope that second book is coming soon!
My pleasure!! ❤️
I like what they did for the ones resigning. I know people that resigned, they had already accumulated R2m worth of pension. They took the money wasted it and went straight to poverty. That is so sad to watch.
It’s their money,it should be their choice
@@kevinmabuza-ed2dl Well not according to Govt, they are tired of giving ppl grants. Pension money is for pension.
Thank you so much Mapalo for doing this video. I now fully understand the two pot systems. I like the 2/3 where you have to buy an annuity. Atleast we won't be broke when on retirement.
Right! I think they hit the nail on the head with that part
But how do u know you'll get to see retirement age?
@@jamatsotetsi5949 from my lips to God's ears definitely I am going to live till 120 years. I know
Thank you Mapalo 😊, very informative, this deserves more views. Few questions, will this stand a legal challenge for people that want to access all their money, i.e. is it constitutional for the government to withhold money you have worked for without your consent. 2nd question, what happens to the retirement pod when you get divorced? 3rd, what happens when I lose my job at age of 45 and can't find a job after a search, does it mean I will struggle though I have R2m in my retirement pod. Honestly I don't think this is constitutional and I think it will fail once people start taking government to the courts.
Thank you for this video. I understand this whole thing better.
The 10% you speak of, on the GEPF website it says its a "once off non-taxable transfer." So why will it get taxed with my salary?
Thank you Mapalo for such a clear breakdown on a complex upcoming change.
I have one query. In the event where someone is immigranting to another country and they resign from their employer in South Africa, are you going to be allowed to withdraw all your contributions (vested fund + 2-pots systems full funds contributed)? Or just the vested funds + 1/3 of 2-pots systems contributions? Thank you.
Hi Mapalo, thank you so much for sharing, very simplified and easy to understand😍. Please do the video on the annuity, the life & living annuity. so, I hear you say the savings pot will accumulate🤔, will it also earn interest though? or does it depend on where it will be sitting, but it sounds like it will not be much. and 😑I just realized I have 18 years to retirement and a 4-year-old...I'm shook right now, need to tighten the belt and pull up the socks ASAP! thank you for always sharing these money nuggets🤗
Thank you Mokgo 🤗🤗🤗❤ the savings pot will still be invested, earning you interest but not sure which funds it will be invested in since it is for emergencies - meaning that it has to be in liquid funds i.e cash, bonds etc that is a concern for me because what if I don't want to access those funds and yet they are not invested aggressively enough!
Only now, it make sense ❤❤
I have watched so many videos and this was so simplified. I love seeing things visually as well. My question is: The max of 30K, is it before or after tax? Not that I am thinking of withdrawal. I still have to increase my monthly contribution to an RA I opened last year in addition to the one I have at work.
The R30K if you choose to withdraw it, will be taxed at your marginal tax rate (your income tax tables)
🙏🙏🙏
Thanks for this, but i need clarity - i have 400K right now and aged 34 years old, am i going to get my 370K as a withdrawal when i decide to resign from my employer in December 2024?
No one is answering this part of the two-pot system nor being fired or retrenchment and I'm livid. I work in a mentally stressful career and I do not think I will stay in it till retirement age. So I do plan to resign at some point so I want to know, will I get my money while I figure life out? Or want to use it to move to another country? Yho 😢
Hi Mapala.. thanks once again but my question now is how are the fees structured, especially considering that there is a vested pot.. not sure if I make sense!
Actually gov debt alover the world is been a problem since the economic collapse.So gov needs an economic boost. So they know youll be tempted to use the cash because nowadays people dont keep cash savings lying around... people find use for that cash. So the gov will tag along its taxes n that will boost revenue targets. They will use pension money for gov development schemes.
Hi dear so what happen if I die before my retirement, will my beneficiaries get remaining money?
Hi Sis, what happens when I take early retirement just after or before 1 September. Can I take all cash if I have less than R500k? . How is buying an annuity going to help me if you take into account how much the monthly income Is going to be?
So whats happened to my vest component if i lost the Job after September?
If you have both RA and Provident, is it R 30k across both or R 30k each?
Thanks Mapalo for this. My question is with regards to the savings pot. Do I have the option to carry over the R30K to the next year? Meaning, I don't take it this year, then next year I take double which is R60K?
Hey Lebo, you don’t have to withdraw the R30K, you can leave it there in the savings pot to grow. I also want to clarify for you: after the R30K that you can access now, the rule is that every financial year, you can access (but do not have to) funds in the savings pot- there is no limit
Thanks lots sis Mapalo,❤ . Please explain why we're taxed when money goes into Retirement instruments and when you take the invested money especially at retirement?
What happens if you resign or get dismissed ? Are you allowed to withdraw the vested and savings capital?
How does the two pot system work in respect to a DB fund?
How this system will work if I get fired?
Is 10% or 30k on vested pot once off withdrawal?
Hw much is tax percentage in south africa
What if im dismissed and i took the saving
Always a catch with government 😂😂
What happens to the retirement pot if you die?
You will never get a response to that question because they know the truth. If you are unmarried and have grown up kids, all your money goes back to government
The money will be paid out according to the nominee form that you have signed. A nominee form is where you specify who should be paid (and how much or what percentage) in case you die. If you have not completed a nomination form, then the trustees of your retirement fund, will decide how the money gets paid. If you have no spouse or kids or any beneficiaries, then the money will form part of your estate.
But its unfair that i cant touch 60% of my savings, this sux cause what if i wamt to retire and open my own business, they want to keep us serving masters nxa
So..if I leave my employer in 2025...will I be able to get my whole vested pot?
It is true that beyond 62 years gepf stop grwing
who wants R30k kanti🥺