Should I withdraw my pension early in order to settle debt?


Question:

My current pension fund credit is standing at R791k and I have 1 Old Mutual RA, 1 Liberty life cover with 6 years to go for early retirement (55 years). I want to resign due to circumstances and am on debt review as well. Your best advice!

Answer:

Thoorasamy,

Unfortunately, we cannot give yo financial advice without doing a financial needs analysis. But if you resign and cash in your retirement savings, this money can be attached by your creditors. Your retirement savings are protected from your creditors at present.

The information and answers supplied in this section do not constitute advice as defined by the Financial Advisory and Intermediary Services Act, 37 of 2002.


Get investment and saving tips straight to your inbox.

Related FAQ

How do I top up my TFSA using My10X?

You can make a top-up to your 10X investment on our member portal, My10X. To access My10X visit...

Related FAQ

How do I top up my RA using My10X?

You can make a top-up to your 10X investment on our member portal, My10X. To access My10X visit http...

Calculator

How much do I need?

We can help you plan your future. Use our calculator to see if you are on track for a comfortable retirement.

RA Calculator

Get started or switch to 10X today.