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    #PODCAST Finance experts react to the Pension Fund Amendment Bill, was signed into law by President Cyril Ramaphosa #sabcnews

    enJuly 22, 2024
    When will South Africans access their retirement savings?
    What types of funds are included in this program?
    Why should people avoid withdrawing retirement funds if stable?
    Who is this measure intended to help?
    What are the potential long-term consequences of early withdrawals?

    Podcast Summary

    • Retirement savings accessSouth Africans can access retirement savings from Sept, but it's a last resort for those in need, as long-term financial impact can be significant.

      Starting from the first of September, South Africans who belong to Provident pension or retirement annuity funds will be able to access a portion of their retirement savings as part of government's response to the economic hardship. However, it's important to note that this money should only be used as a last resort by those who are truly in need, as withdrawing funds before retirement can significantly impact one's financial situation in the long run. For those who are financially stable, it's advised to avoid touching these savings to ensure they have enough income during retirement. For those in dire straits, this can serve as a temporary buffer to help rectify financial difficulties. Overall, while this measure may provide relief for some, it's crucial to consider the long-term consequences before making a decision.

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