South Africans will soon be able to access large parts of their pensions before retirement, but Discovery Invest says consumers should instead use other savings products for shorter-term needs.
A third vested pot will hold most of the retirement savings until the two-pot system is launched and will follow current legislation. “As an example, due to compound interest, money that is put away at age 30 will have 5-6 times the buying power at age 65 compared to money that is not saved,” said Sher.
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