Nedgroup Investments : guard against early withdrawals from retirement funding

Loading player...
Far too many South Africans grow old with absolutely no provision for retirement. Our government has become increasingly serious about encouraging people to save for old age by providing tax benefits to those who do save and rather harsh penalties to those who try to access the money early. Oneof these penalties is levied via the taxation of lumpsum benefits taken prematurely from a retirement fund whereby the penalty is actually quite onerous and means that you forfeit taking a very valuable and quite large tax free lumpsum when you do retire. Some of the other unintended consequences of dipping into your retirement funding is also a loss of capital growth and the power of compounding and all those good things that come to patient investors. The bottom line from Denver Keswell, senior legaladvisor at Nedgroup Investments is to try and avoid touching your retirement fund prior to retirement. - Candice Paine Learn more about your ad choices. Visit megaphone.fm/adchoices
24 Apr 2015 10AM English South Africa Investing · Business News

Other recent episodes

Neal Froneman on his bid to bring Formula One back to South Africa

He turned around mines others had written off and built Sibanye-Stillwater into a global giant. Now Neal Froneman wants to bring Formula One back to South Africa, on 600 hectares of Swartland farmland rather than at Kyalami. In conversation with Alec Hogg, the Blue Mountain Racing chairman explained why he…
27 Sep 11AM 43 min

Helen Zille on Joburg, coalitions and the price of power

She said she hadn't exchanged a single word with the ANC about a post-election deal. Helen Zille then told Alec Hogg who she thought was talking to them. The DA's Johannesburg mayoral candidate took on Corné Mulder's claim of a backdoor ANC pact and compared Gayton McKenzie's Patriotic Alliance to…
25 Sep 12PM 34 min

Why Jakkie Cilliers (ISS) guarantees Africa in 2050 will be far more stable than today

At a time when news headlines across Africa highlight political friction, economic distress and security concerns, a guarantee of better times ahead may sound almost provocatively optimistic. Yet Dr Jakkie Cilliers, founder of the Institute for Security Studies and head of its African Futures and Innovation Programme, bases that guarantee…
25 Sep 5AM 35 min

Andy Calitz on Eskom, the job he didn't get, and what came next

He was on the shortlist to run Eskom and lost out to André de Ruyter. Years later, Andy Calitz, who ran South Africa's transmission grid before a career that took him from Shell to Gazprom's control room and the helm of LNG Canada, still thinks about it most weeks. In…
25 Sep 3AM 55 min