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Two-pot withdrawal

Since September 2024 you can take money from your retirement fund's savings pot once a tax year, at least R2,000. It's added to your income and taxed at your top rate, and your fund may charge an admin fee.

You'd receiveR14,500Tax R5,200 (26%)
  • WithdrawalR20,000
  • Tax-R5,200
  • Admin fee-R300
  • You receiveR14,500
How it works, with your numbers
  1. Tax on your income without it: R56,172. With it: R61,372.
  2. The difference is the tax on the withdrawal: R5,200.
  3. R20,000 − R5,200 tax − R300 fee = R14,500.
Good to know
  • The fund withholds the tax using a directive from SARS, so the money you get is already after tax.
  • Every rand withdrawn now is a rand (plus growth) less at retirement.

Uses SARS rates for the 2027 tax year. For illustration only. This is a guideline to help you plan, not tax advice: a registered tax practitioner must review and approve the final figures before you file.

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