What to consider and what to look out for at Resignation ?
1. Preservation of retirement savings A tax-free transfer from the Pension Fund to a Preservation Fund. You choose the underlying fund in which units will be purchased and you can change the fund in future. You are allowed one withdrawal, subject to tax, before the minimum retirement age (typically 55). Pros: No tax at transfer […]
What to consider and what to look out for at retirement ?
Income from annuities will be taxable. SARS allows for a maximum lump sum of one third (1/3) of your retirement savings value ate retirement. The first R 500 000 is tax free, therefore tax is applied according to SARS retirement tax table (see tax table below). This benefit is available only once in your lifetime. […]
The sandwich generation
What is it? The term nuclear families refer to two generations living under one roof, while the term sandwich generation refer to persons who are caring (emotionally, physically and / or financially) for their ageing parents as well as their own children. The generation in the middle is sandwiched between their parents and their children. […]
