Planning for your retirement is one of the most important considerations when planning for your financial future. The vast majority of South African’s don’t have enough savings to cover their costs comfortably during retirement. That is why it is really important to start saving for your retirement when you first start working.

Watch this video to learn more about the benefits of saving for your retirement. 

Retirement savings are long-term savings methods that provide an income when a person retires. The money is saved while a person is still employed.

Because retirement is a long-term financial goal, you can save and invest your money and watch it grow over a longer period. By investing early and keeping your retirement savings until you retire, your retirement savings will earn compounded growth over the years which helps you to build your wealth.

Click here to read more about the four main kinds of retirement investments.

On 1 September 2024 the new Two-Pot Retirement System will come into effect.  This new system will enable employed people who are members of retirement funds to access a portion of their retirement savings prior to retirement if they encounter financial emergencies. This System will ensure that only a small part of their retirement savings is available for emergencies and the majority of their retirement savings are preserved until retirement to protect their financial needs in the future.  

Click here for Infographic: What is the Two-Pot Retirement System? Rules for before and after 1 September 2024.

Click here for a brochure on the Two-Pot Retirement System.