Financial advisers should understand the broader implications on tax planning, retirement savings, and investment strategies to guide their clients effectively.
More than 60% of two-pot withdrawal applicants have come from low-income groups, according to Momentum’s latest figures.
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The type of fund to which a member belongs may improve or undermine the preservation of retirement fund assets, says Allan Gray.
Coronation looks at whether a life or a living annuity is more likely to protect a retiree’s income if we enter a high-inflation environment.
Retirement fund members must ensure their fund has their correct details and they are registered as a taxpayer with SARS.
Funds that cannot pay withdrawals because their rules are invalid must inform members why they may not be allowed to access their benefits.
Old Mutual’s learnings about what people know or expect, based on its interactions with customers and advisers.
Preservation must be encouraged, but the reality is that a retirement fund is many South Africans’ only source of savings, says Alexforbes.
Withdrawing early effectively means you are borrowing from your future self over a fixed term at your expected rate of return on your RA investment.
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Members particularly need to understand pre-retirement withdrawals, and the implications of these withdrawals, including tax and liquidity at retirement.
The Actuarial Society of South Africa urges retirement fund members to check their benefit statement to see whether they will qualify for a withdrawal.
Simply setting an initial low percentage drawdown and hoping for the best is unlikely to result in a stable income in real terms, ASSA finds.
A trend that has emerged over the past three reports is that more South Africans are being forced to retire before they want to.
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