Although fund managers have already paid out billions to millions of pension fund members who chose to withdraw funds from their saving pools under the two-pot retirement system, experts are still warning consumers who have not yet applied to withdraw to think twice before dipping into their saving pots.
Just like in the fairytale of the magic porridge pot that would not stop cooking, the two-pot lid is off and the proverbial floodgates are open. According to the latest report from the South African Revenue Service, more than R21.4 billion has already been withdrawn from members' retirement savings, with an excess of one million withdrawal applications approved and counting.
While consumers will use the majority of these funds to settle short-term debt, according to Momentum's financial advisors, there are some who will use the money for non-essential purposes, such as travel.
Denne historien er fra October 28, 2024-utgaven av The Citizen.
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
Denne historien er fra October 28, 2024-utgaven av The Citizen.
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
S63 is opulence overloaded
LUXURY STORM: LEARJET FOR THE ROAD MERCEDES-AMG
'Spurious' legal battle over port a threat
A \"spurious\" legal challenge by losing bidder Maersk for control of the Durban container port is holding up much-needed improvements at South Africa's busiest port, says winning bidder International Container Terminal Services Inc (ICTSI).
Get the fever in KZN
Bettors are faced with a tricky card at Hollywoodbets Scottsville today, but trainer Paul Lafferty could provide the most promising banker when he saddles Got The Fever in Race 2, a Maiden Plate for fillies and mares over 1600m.
SA trumped by lawlessness
Wholesale violation of property rights happens daily in South Africa, although not in the manner depicted in US President Donald Trump's vocal concerns about our country.
Adventure in a War Zone
The Bad Green-Eyed Woman from Paris decided to join me in Durban. It was 2°C in the 11th arrondissement and 31°C on my veranda. The monkeys lay sprawled on the tiles, expecting me to come to them with bananas. Nobody in their right mind wants to be in Durban in February.
Pirates need to keep on sailing
MABASA: IMPORTANT TO KEEP THE HEAT ON SUNDOWNS
Brawl over breathalyser
Chartered accountant Nicolaas van den Bergh has hauled the French government before the Western Cape High Court in Cape Town over what he says is a R244 million breach of contract to supply millions of breathalyser tests.
Jockey Moore is face of huge betting operation
Briton Ryan Moore, rated by many the best jockey in the world, has emphasised the importance of the racing world \"pulling in the same direction\" after signing up as ambassador for World Pool in 2025.
Mercedes gets in top gear
THREE-POINTED STAR: PLAN TO INTRODUCE SIX NEW MODELS TO ITS PORTFOLIO IN 2025
Long stay at helm stirs row
A standoff has ensued between the University of Limpopo (UL) and the parliamentary portfolio committee on higher education after university management failed to explain the extended term of principal and vice-chancellor Prof Mahlo Mokgalong and council chair Pandelani Nefolovhodwe, in violation of university policy.
