If not used wisely, you may end up having to rely on your family to support you
![Spending Your Pension Money](https://magarticles.magzter.com/articles/2494/249845/59fb044eda151/Spending-your-PENSION-MONEY.jpg)
EVERY month, you work hard and contribute money to your pension fund. You hope to live a good and comfortable life when you retire and no longer earn a monthly salary. Some people buy expensive cars and go on holiday, while others invest the money they get from their pension fund. Find out what you should really be doing with your pension money.
According to the South African Labour Guide, the aim of a pension or provident fund is to provide benefits for its members when they retire. The difference between a pension fund and provident fund is that if a pension fund member retires, the member gets only one third of the total benefit in a cash lump sum and the other two-thirds is paid out in the form of a pension over the rest of the member’s life. A provident fund member can get the full benefit paid in a cash lump sum.
BAD SPENDING
According to financial advisor, Simmone Swartz, spending your retirement savings before consulting with a professional, who can advise you on the most appropriate post-retirement options for your unique situation, is irresponsible. Another bad decision is spending your retirement money before you officially retire.
Denne historien er fra 8 November 2017-utgaven av Move!.
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Denne historien er fra 8 November 2017-utgaven av Move!.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
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Brothers On And Off Screen
The Ifalakhe actors on their characters’ sibling rivalry and their shared love of music
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I'm Coming For Everything
Dineo Ranaka is ready to kick 2020 off with a bang – from TV and music to helping others and love
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Make This Staple The Star Of Your Meal
Make this staple the star of your meal with these easy and affordable recipes
Healthy Habits For 2020
They don’t cost a cent but their benefits can last a lifetime. All you need is a little bit of discipline
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What's Your Sexual Style?
Here’s how your lifestyle affects what happens between your sheets
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Vital vaccinations
Immunising your children not only protects their health – it reduces the risk of disease for everyone else as well
Welcome to my PALACE
This self-taught builder likes the finer things in life so he built his own piece of heaven in his township
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From rags to riches AND RAGS AGAIN
I Blew It is back for a second season and the stories are just as jaw-dropping
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Men moving forward
The men in this club enjoy each other’s company and help each other in times of need
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Rowlene's Making Her Mark
Songstress’ passion for music pays off