Are you sure?

You have chosen to take {{memberModel.toNearestTen(pensionCalcService.model.totalCashout) | currency : 'RSA' : 'R' : '1.0-0'}} from your retirement savings as a lump sum.

Have you thought about the impact on your retirement lifestyle?

You have chosen to take {{memberModel.toNearestTen(pensionCalcService.model.totalCashout) | currency : 'RSA' : 'R' : '1.0-0'}} from your retirement savings and
your total estimated tax is {{memberModel.toNearestTen(pensionCalcService.getTotalTax()) | currency : 'RSA' : 'R' : '1.0-0'}}.

This can have a direct impact on the income that you will get when you retire. You will also have to pay tax on the lump sum you withdraw.

Why do I pay tax?

You will pay tax on the lump sum that you take from your retirement fund because you get a tax deduction every month on your contribution.

If you have been retrenched, the estimated tax amount shown above will assume that you qualify to have the first R500 000 taxed at 0% of taxable income. SARS will confirm this when your claim is processed.