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Two-pot retirement system: keep your hands out of this cookie jar!

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A few extra rands to spend over the festive season should not come from your savings pot under the two-pot retirement system.
The article from Citizen.co.za discusses the introduction of South Africa's two-pot retirement system, set to begin on September 1, 2024. This new system allows retirement fund members to access a portion of their savings before retirement, aiming to provide financial relief in emergencies without completely depleting their retirement funds. Under this system, one-third of contributions will go into a "savings pot" which can be accessed once per tax year, while two-thirds will be allocated to a "retirement pot" that remains locked until retirement. The article emphasizes the importance of not treating this savings pot as an easily accessible "cookie jar," warning against the temptation to withdraw funds for non-emergencies which could jeopardize long-term financial security. It highlights the need for financial discipline, suggesting that while the system offers flexibility, individuals should consider the long-term implications of accessing these funds prematurely.

Read the Full The Citizen Article at:
[ https://www.citizen.co.za/business/personal-finance/two-pot-retirement-system-keep-hands-out-of-cookie-jar/ ]