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Old Mutual On The Money Chats to Michelle Acton about Retirement

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Listen to the Old Mutual On the Money Podcast, hosted by Head of Financial Education, John Manyike, as Michelle Acton takes us through facts around effective retirement preparation, the pros and cons of retirement, and the new Pension Act around the two pot system.
Chapters
  • 00:09 Introduction to our guest speaker, Michelle Acton
  • 01:07 What is retirement? How is our definition of retirement changing?
  • 02:54 What is a normal retirement age in South Africa? How do we compare with the rest of the world?
  • 04:29 The possibility that someone will outlive their money
  • 05:59 The outlook on high unemployment amongst young South Africans and entering the job market at a late stage
  • 07:49 The challenge of not all employers offering retirement benefits
  • 09:12 What do you do if your salary is low, and you are struggling to save?
  • 10:25 Are there countries where offering a retirement benefit is compulsory for employers? Is this feasible in South Africa?
  • 12:40 How much do you need to save to retire comfortably in South Africa? Demystifying the myth that just because you’re saving, you’ll be fine
  • 16:17 What is the retirement replacement ratio and what do we mean by that?
  • 19:04 How does still having a bond when you retire impact your retirement replacement ratio?
  • 21:43 Why is government concerned about people who resign in order to access their pension funds? Why are changes being made?
  • 23:55 The changes being proposed by government around accessing pension funds – a two pot system – and how it will work
  • 27:01 Can a person being retrenched access their retirement pot?
  • 28:28 Is the retirement pot accessible upon early retirement?
  • 29:36 How the savings pot will work and how we would define an emergency
  • 34:37 When will the two pot retirement savings system come into effect?
  • 36:02 What are the changes happening to pension funds right now?
  • 38:15 The recent changes to pension and provident funds
  • 40:16 What preparations do employers need to make in anticipation of the new laws? And what should people do to prepare properly for retirement?
17 Aug 2022 English South Africa Business

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