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  1. #41
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    Default Re: Going on pension

    I'm not going to give financial advice but can tell my life lesson.

    The company I worked for went bust in 2010. Up to that point I believed belonging to a pension fund will be good enough for retirement. All of a sudden I was without a job and not sure what was happening to my pension fund.

    So from that point I made a effort to actively manage my retirement funds. I have a financial advisory to do some stuff but I trust no one but myself to make sure I'll have enough money to retire.

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  3. #42
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    Default Re: Going on pension

    Quote Originally Posted by HannesS View Post
    I'm not going to give financial advice but can tell my life lesson.

    The company I worked for went bust in 2010. Up to that point I believed belonging to a pension fund will be good enough for retirement. All of a sudden I was without a job and not sure what was happening to my pension fund.

    So from that point I made a effort to actively manage my retirement funds. I have a financial advisory to do some stuff but I trust no one but myself to make sure I'll have enough money to retire.
    yep, I resigned from Telkom back in 2004, and my Telkom Pension Fund went into an RA

    Now my current company has been bought out, and they want us to switch from AF to something else, and I'm trying to get my AF stuff released into my market related RA

    We'll see what we see.
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  4. #43
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    Default Re: Going on pension

    Plug in your data and see how long you live before your cash runs out !!
    Attached Files Attached Files

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  6. #44
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    Default Re: Going on pension

    Quote Originally Posted by mikealan View Post
    Plug in your data and see how long you live before your cash runs out !!
    That is a very depressing calculator. Makes you think though.
    Dont forget to calculate in your Income Tax contribution as well.
    Last edited by Diversions; 2019/10/16 at 02:27 PM.
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  7. #45
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    Default Re: Going on pension

    Quote Originally Posted by mikealan View Post
    Plug in your data and see how long you live before your cash runs out !!
    I'm fine, no way I'm making it to 80.
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  8. #46
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    Default Re: Going on pension

    Any opinions (and experience) on Fedgroup?

  9. #47
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    Default Re: Going on pension

    Everybody says work as long as you can. All company's have rules and pension dates, If you are a pen pusher its fine you can go on for ever. If you are technical, working with your hands its something else Standing is the easy part the next position is the floor and to get up is a mission on it self. Working on uneven ground or obstacles.... Who is going to hire me. Wait till you get there.

  10. #48
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    Default Re: Going on pension

    I started populating the "termination clearance voucher" at work this morning. Tomorrow is exit medical and Wednesday afternoon my farewell function. By Monday morning I'll be jobless and officially on pension.

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  12. #49
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    Default Re: Going on pension

    Quote Originally Posted by RoelfleRoux View Post
    I started populating the "termination clearance voucher" at work this morning. Tomorrow is exit medical and Wednesday afternoon my farewell function. By Monday morning I'll be jobless and officially on pension.
    Enjoy your retirement !

    still young in todays terms

    time to start thinking about a new career.

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  14. #50
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    Default Re: Going on pension

    Indeed. I am enjoying semi-retirement and keep myself busy with a couply things
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  16. #51
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    Default Re: Going on pension

    Quote Originally Posted by RoelfleRoux View Post
    I started populating the "termination clearance voucher" at work this morning. Tomorrow is exit medical and Wednesday afternoon my farewell function. By Monday morning I'll be jobless and officially on pension.
    Good luck. They say it is one of the most stressful events in your life journey; not knowing what to do the morning after. But I am sure with your skill set you will find something (if you have not already). I agree with the other comment - now is the time to start a new career!!


    Quote Originally Posted by Estee View Post
    Indeed. I am enjoying semi-retirement and keep myself busy with a couply things
    I'll bring you out of retirement
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  18. #52
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    Default Re: Going on pension

    Quote Originally Posted by Karol View Post
    Enjoy your retirement !

    still young in todays terms

    time to start thinking about a new career.
    Yes, I am still young.
    The big boss-man said I must come for coffee after my initial travels are done. Then we'll discuss my consulting options.

  19. #53
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    Default Re: Going on pension

    That's a great option to have. I would most certainly take him up on it.
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  20. #54
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    Default Re: Going on pension

    Quote Originally Posted by duncang View Post
    Get your SASSA card asap.
    Doesn’t SASSA do a means test and you can’t qualify if you have another pension?

    Answer

    You qualify for an older person’s grant if you:

    • Are a South African citizen or permanent resident or refugee.
    • Live in South Africa
    • Are 60 years or older
    • Are not living in a state institution
    • Are not receiving payments from another social grant
    • Your spouse must comply with the means test.
    • You must submit your identity document (ID)
    • not earn more than R82 400 if you are single or R 164 880 if married.
    • not have assets worth more than R1 174 800 if you are single or R2 349 600 if you're married.

    The means test
    Only people who have a monthly income below a certain level can get the grant. The test to decide this is called a means test.
    Because social assistance like state grants is meant for people who can't support themselves, the South African Social Security Agency(SASSA) looks at the income and assets of the person applying for a social grant to determine whether a person qualifies to receive a grant or not.
    Last edited by Gungets Tuft; 2020/02/24 at 08:16 PM.
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  22. #55
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    Default Re: Going on pension

    Not the place to discuss applications.
    Just read up and apply. You paid in all those years.
    There is no task too simple for some people to complicate !



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  23. #56
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    Default Re: Going on pension

    Quote Originally Posted by duncang View Post
    Not the place to discuss applications.
    Just read up and apply. You paid in all those years.
    If you have an income of more than R6,867 a month (the lowest tax threshold if Iím not mistaken) then you ainít going to get it, and its a whole R1,780 a month. Better than a kick in the head I suppose but if youíre an mlungu theyíre going to check, you can bet on that.
    Love your neighbour. Thatís about it, itíll be the world we want.

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  25. #57
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    Default Re: Going on pension

    Quote Originally Posted by RoelfleRoux View Post
    I started populating the "termination clearance voucher" at work this morning. Tomorrow is exit medical and Wednesday afternoon my farewell function. By Monday morning I'll be jobless and officially on pension.
    I envy you. Another 23 months to go for me. Then it's farming full time
    Last edited by Tweeling; 2020/02/24 at 10:25 PM.
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  26. #58
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    Default Re: Going on pension

    Quote Originally Posted by Tweeling View Post
    I envy you. Another 23 months to go for me. Then it's farming full time
    It goes quicker than you think

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  28. #59
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    Default Re: Going on pension

    Just as a matter of interest. I have been retired for 15 years. At the outset I decided that I will do my own thing without the help (or costs) of a financial adviser. Interesting to note that if I used a financial adviser who charges an annual fee I would have paid in the vicinity of R 1 800 000 in fees to this person during this period, and I very much doubt that he would have found some secret hideout for my money that would have justified those fees.

    Just another thought - You have to keep yourself busy, or you will be dead before your time. The last thing I do at night before I fall asleep is to think about the nice things I will be doing tomorrow. That ranges between the internet, the book I read at the moment, my woodwork tools, outdoor cooking, my camera equipment, my fishing gear, the herbs and veggies I grow in pots, a trip around our suburb on my bicycle in the afternoon, our caravan (one week per month) to a lesser degree now, and, also to a lesser degree because of the fuel price, our 4x4. The two things that will eventually spoil this lifestyle is health or finances, and the latter is the biggest threat. I am thankful fot my innings thus far, prudence probably being a big factor to blame.
    Last edited by Poen; 2020/02/25 at 04:36 PM. Reason: spelling
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  30. #60
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    Default Re: Going on pension

    Quote Originally Posted by Poen View Post
    Just as a matter of interest. I have been retired for 15 years. At the outset I decided that I will do my own thing without the help (or costs) of a financial adviser. Interesting to note that if I used a financial adviser who charges an annual fee I would have paid in the vicinity of R 1 800 000 in fees to this person during this period, and I very much doubt that he would have found some secret hideout for my money that would have justified those fees.

    Just another thought - You have to keep yourself busy, or you will be dead before your time. The last thing I do at night before I fall asleep is to think about the nice things I will be doing tomorrow. That ranges between the internet, the book I read at the moment, my woodwork tools, outdoor cooking, my camera equipment, my fishing gear, the herbs and veggies I grow in pots, our caravan (one week per month) and to a lesser degree now, our 4x4. The two things that will eventually spoil this lifestyle is health or finances, and the latter is the biggest threat.
    Gotcha!
    And aligns to quite a large degree with my own experience.
    I am now into the 12th year of (early - due to medical issues mainly) retirement.

    For us, the biggest issue by far is MEDICAL costs.

    But we must be thankful for what we have done, experienced when we could still do it do it and the amazing places we have traveled through and visited.
    That goes for both medical and financial constraints.

    I believe that we have done just so much more than the "average" person (If such an entity exists at all.)

    We are thankful for that.
    But, Eish!, we are still aiming for (very maybe) just ONE more overland trip.
    Answering the call of the wild is just so much beter than answering the telephone.
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