Pros and cons of withdrawing money from your pension fund: Eunice Sibiya

Following the comments made by Minister Tito Mboweni with regards to accessing a portion of their retirement funds, we look at the personal finance aspect by asking: Is it a good idea to withdraw money from your pension when you're still working. What are the risks of doing this? How can/ should the money be managed should it be accessed? Should people be stopped from accessing their pension - is it just a bad idea? Eunice Sibiya - Independent Financial Educator and Coach. For more news, visit sabcnews.com and also #SABCNews #Coronavirus #COVID19News on Social Media....(read more)

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REVEALED: How To Invest During Inflation
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Saving for retirement is one of the most important financial decisions you’ll make in your life. One of the benefits of saving for retirement, whether through a pension fund, a 401(k) plan, or an individual retirement account, is the availability of money when you retire. But, what if you need to access that money before retirement? In this article, we’ll review the pros and cons of withdrawing money from your pension fund. Pros: 1. Emergency expenses: Life is unpredictable, and unexpected expenses can occur at any time. If you need money for an emergency such as a medical emergency, you can withdraw money from your pension fund. 2. Debt repayment: If you want to pay off your debt, withdrawing money from your pension fund can be a good idea. 3. Investment opportunities: You can use the money to invest in real estate, stocks, or other financial instruments, which can help you achieve your financial goals. Cons: 1. Tax implications: Withdrawing money from your pension fund before retirement comes with tax implications. You will have to pay taxes on the money you withdraw. Additionally, you'll pay a 10% penalty for withdrawing money before reaching retirement age. 2. Reduced retirement income: If you withdraw money from your pension fund, you will have less money saved for retirement. This can result in a lower income when you retire. 3. Lost compound interest: When you withdraw money from your pension fund, you lose out on compound interest. Compound interest is when your money earns interest on the interest earned, which can significantly grow your savings. 4. Possible early withdrawal penalties: Most pension funds impose early withdrawal penalties, which can be costly. In conclusion, withdrawing money from your pension fund should be a last resort. It's important to carefully consider the pros and cons of withdrawing money, and weigh the immediate financial needs against the potential long-term impact on your retirement savings. If you feel that you have no other option but to withdraw money from your pension fund, it’s advisable to speak to a financial advisor before making any decisions to understand the implications and decide what's best for your financial future. https://inflationprotection.org/pros-and-cons-of-withdrawing-money-from-your-pension-fund-eunice-sibiya/?feed_id=77680&_unique_id=640eb900860ab #Inflation #Retirement #GoldIRA #Wealth #Investing #actuality #coronavirus #Covid19 #COVID19Lockdown #COVID19News #localnews #SABCNews #worldnews #RetirementAnnuity #actuality #coronavirus #Covid19 #COVID19Lockdown #COVID19News #localnews #SABCNews #worldnews

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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