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10X Investments
27Four
Abacus Life
Abax
ABSA Life
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Allan Gray
Apex Group
Argon Asset Management
Ashburton Investments
AVBOB
Bateleur Capital
Bidvest Life
Boutique Collective Investments
BrightRock
Bryte Life
Cadiz
Camissa Asset Management
Capitec Life
Catalyst Fund Managers
Centriq
Ci Collective
Citadel
Coronation
Discovery
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Fairtree
Fedgroup
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FNZ
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GenRe
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GTC
H4 Investments
Hannover Re
Hollard Life
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Khumo Capital
King Price
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Liberty Holdings
M&G Investments
Matrix Fund Managers
Mazi Asset Management
Mergence
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Nedbank Wealth
NewFunds Capital
Ninety One
Novare
Oasis
OIG Invest
Old Mutual
Outsurance Life Insurance
Peregrine
Perpetua
Personal Trust
PPS
Prescient
Prime Financial Services
Prowess Investments
PSG
Rezco
RGA Re
RMA Life
SA-H2 Africa
Sanlam
Sasfin Asset Management
SCOR
Swiss Re
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All you need to know about two-pots and retirement
All you need to know about two-pots and retirement
Laura du Preez | 08 July 2024
Laura du Preez has been writing about personal finance topics for more than 20 years, including eight years as personal finance editor for two leading media houses.
The new two-pot retirement system is just a few weeks away.
This presents a great opportunity to give your retirement savings and financial plans a review.
The new savings pot seeded with some of your existing savings will provide a pot of money that you may be tempted to access. But before you do, you should know exactly what you can access, what it will cost you to do so and if accessing it makes sense financially.
Smart About Money has created a new section with educational articles aimed at helping you to make these decisions.
In addition, we have a collection of articles and tools to help you consider your options on financial decisions such as repaying debt or financing things you want or need.
What you need to know about two-pots
In our new two-pot retirement section you can learn:
- What is the two-pot retirement system?
- How will the savings pot be seeded from my existing retirement savings?
- How will the two-pot system work in defined benefit funds?
- As an older provident fund member, will I be included in the two-pot system?
- How much will the two-pot system allow me to withdraw?
- What can I withdraw from each pot when I leave employment and the fund?
- Does withdrawing from the savings pot affect my cash lump sum at retirement?
- How much tax will I pay on withdrawals from my savings pot before retirement?
- Should I withdraw from my retirement savings pot when the two-pot system allows?
- Latest: Frequently asked questions
You can also download and share our infographics with other retirement fund members:
- INFOGRAPHIC: What is the two-pot retirement system?
- INFOGRAPHIC: How will the savings pot be seeded from my existing retirement savings?
- INFOGRAPHIC: As an older provident fund member, will I be included in the two-pot system?
Consider your retirement plan
Before you raid your retirement savings, you should have a good idea about how much you will need to fund your retirement. Here are some articles that will help you:
- How much do I need to save for retirement?
- What should I think about when planning my retirement savings?
You can also check if you are on track with your retirement savings using our Retirement Savings Calculator
Make an informed decision
If you are thinking of withdrawing from your retirement savings to repay debt or to fund something you need, be sure you make an informed decision after considering all the options.
You should know whether there is an alternative way to manage your debt or to fund something you need. Then weigh up the implications of choosing that alternative or withdrawing from your retirement savings, given what withdrawing will do to your retirement plan and what it will cost you in tax and lost savings. Read more: Should I withdraw from my retirement fund under the two-pot system?
Related topics
What is the two-pot retirement system?
How will the savings pot be seeded from my existing retirement savings?
How will the two-pot system work in defined benefit funds?
How much will the two-pot system allow me to withdraw?
As an older provident fund member, will I be included in the two-pot system?
What can I withdraw from each pot when I leave employment and the fund?
Does withdrawing from the savings pot affect my cash lump sum at retirement?
How much tax will I pay on withdrawals from the savings pot?
How much do I need to save for retirement?
What should I think about when planning my retirement savings?
What can I do if I have a debt problem?
How do I set savings and investment goals?