In this episode, we explore the newly implemented two-pot retirement system in South Africa. Our expert guests, Kate Robson (co-head of Investec My Investments), Nicolette Mashile (Financial Bunny), and Siphithi Sibeko (media spokesperson at SARS), unravel the complexities surrounding retirement savings. They discuss the implications of withdrawals, the importance of long-term savings, and unpack the tax considerations.

Whether you’re approaching retirement or just beginning to save, this episode offers crucial insights to empower your financial journey.

Everything Counts is a podcast series dedicated to exploring the ins and outs of personal finance. Hosted by 702's Motheo Khoaripe, each episode brings together financial experts to tackle crucial topics like saving, debt management, investing, and smart financial habits. The goal is to empower listeners with the knowledge and tools they need to achieve financial wellness.

KEY MOMENTS:

00:00 Introduction

01:30 Why was the two-pot retirement system introduced?

03:30 What is the two-pot retirement system?

05:30 What is the conversation around the two-pot retirement system?

08:45 SARS and the two-pot retirement system

10:45 Tax implications of withdrawing from your savings pot

15:30 Hidden fees in withdrawals from your savings pot

18:20 Case study: Nkosi’s story

24:00 Understanding your own personal finance

26:00 Importance of a financial adviser

27:00 Understanding retirement savings Investec Focus Radio SA