Everything Counts | Episode 10: Understanding the Two-Pot Retirement System

Investec Focus Radio SA

Everything Counts is a podcast series dedicated to exploring the ins and outs of personal finance. Hosted by 702's Motheo Khoaripe, each episode brings together financial experts to tackle crucial topics like saving, debt management, investing, and smart financial habits. The goal is to empower listeners with the knowledge and tools they need to achieve financial wellness.
In this episode, we explore the newly implemented two-pot retirement system in South Africa. Our expert guests, financial advisor Kate Robson, consumer finance expert Nicolette Mashile, and Siphithi Sibego from SARS, unravel the complexities surrounding retirement savings. They discuss the implications of withdrawals, the importance of long-term savings, and the role of tax considerations.
Whether you’re approaching retirement or just beginning to save, this episode offers crucial insights to empower your financial journey.
Key moments:
00:00 Introduction
01:30 Why was the two-pot retirement system introduced?
03:30 What is the two-pot retirement system?
05:30 What is the conversation around the two-pot retirement system?
08:45 SARS and the two-pot retirement system
10:45 Tax implications of withdrawing from your savings pot
15:30 Hidden fees in withdrawals from your savings pot
18:20 Case study: Nkosi’s story
24:00 Understanding your own personal finance
26:00 Importance of a financial adviser
27:00 Understanding retirement savings Investec Focus Radio SA