South Africa is making improvements to repair the country’s weak state of saving. The changes have important implications for people planning for retirement.
Under the new system, the retirement component can never be touched or spent until you retire.
Withdrawals are not allowed until retirement age. This is intended to ensure that individuals will have sufficient funds to support themselves in retirement and, in turn, will give the South African economy a more stable and growing pool of savings to fund economic growth, and employment.
So basically they are holding the money in the retirement system hostage and are planning to give tax cuts to the wealthy - wonder what else is “funding economic growth and employment” is, because it always turns out that way.
Cue the govt 20 years later when they “have to raise the retirement age since the system is unsustainable”.
So basically they are holding the money in the retirement system hostage and are planning to give tax cuts to the wealthy - wonder what else is “funding economic growth and employment” is, because it always turns out that way.
Cue the govt 20 years later when they “have to raise the retirement age since the system is unsustainable”.
Hope I’m not right.
No taking it out early if you’re disabled or critically ill, huh? That’s pretty shitty.