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As the new tax year begins, Alexforbes reports a significant rise in retirement fund withdrawal claims, highlighting the financial pressures faced by many South Africans
Two-pot retirement system withdrawals must be considered from several perspectives before being accepted as a solution for financial challenges.
Alexforbes has reported an uptake of the two-pot system retirement with claims valued at R7 billion.
Sars reveals that over two million taxpayers have accessed their savings pot, with R 43. 42 billion paid out to date.
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The South African retirement system has undergone a significant overhaul, with the introduction of the two-pot retirement system.
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The FSCA said that thousands of employers have defaulted on their mandatory pension fund contributions, totalling R5. 2 billion.
Track the status of your two-pot retirement system application with ease through WhatsApp or the Sars USSD service.
South Africans who retire overestimate their savings while underestimating their costs, resulting in major financial challenges throughout their golden years.
The SARS yesterday updated the total figures for tax directives received concerning withdrawals from the Savings Withdrawal Benefit under the Two-Pot system.
The Two-Pot Retirement System has been overwhelmingly welcomed by many South Africans who find themselves grappling with the rising cost of living and limited access to affordable credit, writes Zamani Letjane.
It say there has been over 2 million applications received and R49. 58 billion in directives issued, highlighting the challenges faced by taxpayers.
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Sars said it had received 1. 2 million applications for tax directives for withdrawals and a total gross lump sum of R21. 4 billion for two-pot withdrawals had been paid out to date.
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Before a final amount is paid to the applicant, the pension fund will be informed to also deduct any outstanding debt on behalf of SARS before any payout is made to the member.
Fund members need to remember that the money that they withdraw from the two-pot retirement system will be taxed.
Since the implementation of the two-pot retirement system, middle-income earners have made the most claims.
Thousands of employers exposed for non-compliance, ‘stealing from the poor’ in unpaid pension fund contributions
Finance Minister Enoch Godongwana said the repeated complaints of withdrawal benefits and non-payment of contributions by employers remained a great concern.
From paying for education fees to settling debts, this is how people are using their two-pot retirement system money on.
Cosatu has campaigned for comprehensive reforms of our pension laws to ensure the needs of workers are placed first and their savings are protected from abuse.
It seems that older people are risking their retirement plans and partaking in the two-pot retirement system.