Old Mutual On The Money Chats to Michelle Acton about Retirement

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?