What would you like to do?

Make important decisions on what to do with your benefits now that you are leaving {{memberModel.member.employerName}}.

My retirement savings summary

Need Help
Move the sliders to choose the amount you want to preserve, cash out or both.
Remember to consider the tax you will pay if you take cash.
Your total savings is currently: {{memberModel.totalRetirementSavings | currency : 'RSA' : 'R' : '1.0-0'}}
If you are not ready to make a choice yet, don't worry. You can keep all your savings invested in the {{memberModel.pensionOrProvString()}} Fund until you are ready to make a choice.

after tax {{memberModel.toNearestTen(pensionCalcService.model.penCashOut - pensionCalcService.model.pensionTax) | currency : 'RSA' : 'R' : '1.0-0'}}

Pension


best option for growth
tax free amount {{memberModel.toNearestTen(pensionCalcService.model.pensionTaxFreeAmount) | currency : 'RSA' : 'R' : '1.0-0'}}
estimated tax {{memberModel.toNearestTen(pensionCalcService.model.pensionTax) | currency : 'RSA' : 'R' : '1.0-0'}}

after tax {{memberModel.toNearestTen(pensionCalcService.model.provCashOut - pensionCalcService.model.providentTax) | currency : 'RSA' : 'R' : '1.0-0'}}

Provident


best option for growth
tax free amount {{memberModel.toNearestTen(pensionCalcService.model.providentTaxFreeAmount) | currency : 'RSA' : 'R' : '1.0-0'}}
estimated tax {{memberModel.toNearestTen(pensionCalcService.model.providentTax) | currency : 'RSA' : 'R' : '1.0-0'}}

Desired monthly retirement income

Based on your savings and previous answers

{{desiredIncome | currency : 'RSA' : 'R' : '1.0-0'}}
In today's money

{{desiredSavings | currency : 'RSA' : 'R' : '1.0-0'}}

Total savings required to reach your retirement income.

Taking a lump sum greatly reduces your estimated income.

Estimated monthly retirement income

Based on your savings and choices above

{{memberModel.toNearestTen(pensionCalcService.getMonthlyTotalRetirementSalary()) | currency : 'RSA' : 'R' : '1.0-0'}}
In today's money

{{memberModel.toNearestTen(pensionCalcService.model.totalPreserve) | currency : 'RSA' : 'R' : '1.0-0'}}

Total savings

Save 100% now and don't take a lump sum to reach your goal in future. In order to catch up to what you had, you would need to save an additional {{memberModel.toNearestTen(getAdditionalSavings()) | currency : 'RSA' : 'R' : '1.0-0'}}/month.

Your choices

Total retirement savings R {{memberModel.toNearestTen(pensionCalcService.model.totalPreserve) | currency : 'RSA' : '' : '1.0-0'}}
Total amount as a lump sum R {{memberModel.toNearestTen(pensionCalcService.model.totalCashout) | currency : 'RSA' : '' : '1.0-0'}}
Total estimated tax R {{memberModel.toNearestTen(pensionCalcService.getTotalTax()) | currency : 'RSA' : '' : '1.0-0'}}
Why do I have to 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.