Getting old not and being able to work is one of the problems. We have to face the fact that we won't be as active for ever. It's one of those situations that we say that they are part of life. As we grow we need to make sure that we money saved up for retirement. We can't always dependent on the government for everything. When you are a old and no body to look after you. This can be costly to have someone who will look after you because they will need to be paid. We always need to be ready for such a stage. Unfortunately not all of us can manage to be that ready. Not having a job that can give you a proper retirement is one of them.
South Africa’s proposed new retirement-savings system has the potential to triple pensioner income and should allow for early access of funds, according to modeling by the nation’s Actuarial Society.The new plan would allow a portion of savings to be accessed ahead of retirement while the balance is reserved for the longer term. The government has said the objective is to encourage a better savings culture in the nation.Some initial controls are needed to avoid this, Huggett-Henchie said, such as limiting the number of withdrawals and capping the rand amount.
If two-thirds of the funds are put away for longer that should improve the outcome threefold, actuary Natasha Huggett-Henchie said in a statement on Thursday. “Access to the one-third should therefore be available to all retirement fund members regardless of need,” she said.The reforms have been on the agenda for almost a decade, but gained momentum after coronavirus lockdowns battered the economy and pushed the unemployment rate to a record high. That’s led to mounting calls on the government to make retirement provisions more readily accessible — a step that could have dire consequences if mishandled and pensions are squandered.
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