Two-Pot Retirement Tax Calculator
Calculate how much tax you'll pay on your retirement fund withdrawal under South Africa's new Two-Pot system
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Understanding the Two-Pot System
The Two-Pot system divides your retirement savings into two components:
- A savings component (one-third) that you can access annually
- A retirement component (two-thirds) preserved until retirement
Important Tax Considerations
- Withdrawals are added to your annual taxable income
- Higher withdrawals may push you into a higher tax bracket
- Outstanding tax returns must be filed before accessing funds
- Existing tax debt will be deducted from your withdrawal
Frequently Asked Questions
When can I access my savings pot?
You can make one withdrawal per tax year from your savings component.
What's the maximum initial withdrawal?
The seeded amount is limited to 10% of your retirement savings up to R30,000.
How is the tax calculated?
The withdrawal amount is added to your annual taxable income and taxed at your marginal rate.
What should I consider before withdrawing?
Consider administrator fees, tax implications, previous withdrawals, and ensure SARS tax compliance.