Two red-letter days are looming in 2015 if you’re contributing to a retirement fund. Finance Minister Pravin Gordhan, in his Budget, announced changes to how contributions to an employer-sponsored retirement fund will be taxed. And, if you belong to a provident fund, you might not be able to take your entire benefit as a cash payout when you retire. Retirement fund members are also going to find it more difficult to withdraw their savings before retirement. Read Personal Finance for the details of how these significant changes will affect your retirement planning, as well as how your existing rights to your retirement savings will be protected.
Personal Finance will bring you up to speed with measures in the Budget that will impact on how you budget, invest and save. Among other things, read about:
* Income protection policies to lose “special” tax treatment.
* Tax-free savings products.
* The rates at which your income, capital gains, medical scheme contributions and estate will be taxed.
* More people to qualify for social grants.
Personal Finance is published every Saturday in the Pretoria News Weekend, the Saturday Star, The Independent on Saturday and the Weekend Argus.