New pension system in South Africa – avoid this big ‘don’t’

  • 📰 BusinessTechSA
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 61%

South Africa Headlines News

South Africa Latest News,South Africa Headlines

South Africans may soon be able to access funds from their pensions before retirement – but this can have severe consequenes for members.

South Africans will soon be able to access large parts of their pensions before retirement, but Discovery Invest says consumers should instead use other savings products for shorter-term needs.

A third vested pot will hold most of the retirement savings until the two-pot system is launched and will follow current legislation. “As an example, due to compound interest, money that is put away at age 30 will have 5-6 times the buying power at age 65 compared to money that is not saved,” said Sher.


Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 24. in ZA

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Africa: African Games - South Africa Overtakes Nigeria On Medals TableWhile Team Nigeria added three silver and four bronze medals, it wasn't enough to maintain their second-place position.
Source: allafrica - 🏆 1. / 99 Read more »

South Africa Emerges as America's Largest Trading Partner in AfricaSouth Africa has become America’s largest trading partner in Africa, with over $20-billion of two-way trade of goods. More than 600 American businesses now operate in South Africa. Africa's population is expected to grow significantly by 2050, presenting opportunities for investment. US Secretary of the Treasury Janet Yellen visited South Africa to strengthen ties between the two countries and continents.
Source: dailymaverick - 🏆 3. / 84 Read more »

Africa: Ghana, South Africa Formalise Multi-Sectoral Engagements At Bi-National CommissionThe President of the Republic, Nana Addo Dankwa Akufo-Addo, has on behalf of the government and people of Ghana formalized engagements on education, health and mining under the Bi-National Commission.
Source: allafrica - 🏆 1. / 99 Read more »

South Africa: Taps Run Dry in Africa's Richest CityResidents of Africa's richest city, Johannesburg, are experiencing a severe water shortage in the middle of a summer heat wave.
Source: allafrica - 🏆 1. / 99 Read more »

Former South African Striker Marks Maponyane Highlights Striker Crisis in South AfricaMarks 'Go Man Go' Maponyane, a former Bafana Bafana, Kaizer Chiefs, and Orlando Pirates striker, expresses concern over the lack of goals from strikers in the Premier Soccer League. He calls on coaches to address the issue and discusses the decline of South African strikers in recent years.
Source: KickOffMagazine - 🏆 36. / 51 Read more »

‘Ready Steady Cook South Africa’: Moshe Ndiki hosts new showSouth African media personality Moshe Ndiki will be hosting cooking show 'Ready Steady Cook South Africa'.
Source: TheSAnews - 🏆 25. / 59 Read more »