We’re about 10 days away, from South Africans BEING ABLE TO ACCESS a PORTION of their Retirement Savings.

 

So there will be 2 pot:

One pot, from where you can WITHDRAW when you want to.

And the other pot, will REMAIN LOCKED - and you can only ACCESS it, when you are at least 55 years old.

 

On the 31st of August; a ONCE OFF TRANSFER will be made.

10% of your Retirement Savings - up to a Maximum of R30 000 - will be TRANSFERRED to your Savings Pot.

So, if 10% of your Retirement Money is less than R30 000 - let’s say R20 000… they’ll put R20 000.

But 10% of your Retirement Money is R30 000 or more - they’ll put in R30 000 in your Accessible Savings Pot.

 

From the 1st of September - the money you pay every month towards your Retirement - will be SPLIT into 2.

1 third will go into the ACCESSIBLE Savings Pot.

And 2 thirds will go into the LOCKED Retirement Age Pot.

So, if your monthly contribution is R300 - R100 will go into the Savings Pot and R200 will go into the Retirement Pot.

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