The two-pot floodgates are open

  • Thread starter Thread starter Kirsten Minnaar
  • Start date Start date
I don't get it. You can only withdraw a maximum of what... R33k once off? That's hardly a huge sum for many professionals.
 
Messugga said:
I don't get it. You can only withdraw a maximum of what... R33k once off? That's hardly a huge sum for many professionals.
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Exactly. If R30k will cause you financial ruin then you have bigger problem. I think the real value of this new system is that you can't touch the bulk of your retirement savings till retirement. So no dipping into retirement fund when you change jobs.
 
modern10 said:
Exactly. If R30k will cause you financial ruin then you have bigger problem. I think the real value of this new system is that you can't touch the bulk of your retirement savings till retirement. So no dipping into retirement fund when you change jobs.
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Sorry seems neither of you understand the new legislation.
As of the 1st of September the max amount would be R30k but as of October, November etc, the R30k would increase with new contributions added.
 
modern10 said:
Exactly. If R30k will cause you financial ruin then you have bigger problem. I think the real value of this new system is that you can't touch the bulk of your retirement savings till retirement. So no dipping into retirement fund when you change jobs.
Click to expand...
You can still access your retirement fund, as per the amount it was on the 1 September, but any contributions afterwards will be locked in until retirement
 
MaisonP said:
Sorry seems neither of you understand the new legislation.
As of the 1st of September the max amount would be R30k but as of October, November etc, the R30k would increase with new contributions added.
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I understand it 100%. Read what I said properly
 
modern10 said:
Exactly. If R30k will cause you financial ruin then you have bigger problem. I think the real value of this new system is that you can't touch the bulk of your retirement savings till retirement. So no dipping into retirement fund when you change jobs.
Click to expand...
Sorry it seems from your comment you saying that now you cannot dip into your retirement savings pot, which is incorrect. If your retirement savings are worth R500k as of 1 September and you resign, you can still withdraw the R500k.
Any new contributions from 01 September onwards, cannot be touched and only be available once you reach retirement age.
 
MaisonP said:
Sorry seems neither of you understand the new legislation.
As of the 1st of September the max amount would be R30k but as of October, November etc, the R30k would increase with new contributions added.
Click to expand...
Oh sweet, so I will be able to rustle up enough money for the new iPhone Pro after tax!
 
3WA said:
Oh sweet, so I will be able to rustle up enough money for the new iPhone Pro after tax!
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lol you get discount on vitality because your a Discovery client so no need for withdrawing from 2 pot. You already know that.
 
  • Haha
Reactions: 3WA
MaisonP said:
lol you get discount on vitality because your a Discovery client so no need for withdrawing from 2 pot. You already know that.
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Didn’t they cancel the iPhone benefit? :crying:
 
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