Teryl @ Work

Does anybody really have enough retirement income? Okay, the really rich, but for most people today, there will definitely be a cutting back after retirement. And that’s the crux.   If you are used to living a certain way, it is not easy to change your patterns when you stop working. A combination of the new Liberty Life ad and an excellent presentation to Accsys clients and staff by Professor Jackie Arendse, got me thinking. Liberty says that the average monthly earner receives 480 payslips in their lives.  If you retire at 60 and live until 85, you will have 300 months when you don’t earn a salary!   That is a frightening thought. When you consider that the average age keeps rising, and retirement ages have not been increasing at the same pace, planning for retirement becomes more critical than ever. Rumour has it that the first person to live to 150 has already been born.   What do you think her retirement age will be? Retireme...

Still in National Payroll Week, there is a lot happening in South Africa that affects Payroll Administrators.    Cathie Webb and I talked about the issues around Retirement Reform. Both the Payroll Author’s Group (PAG) and South African Payroll Association (SAPA) have held information sessions on the topic, and Cathie has found that not everyone is aware that the 1 st March 2015 heralds a change in the way in which our retirement funds are dealt with ·          by our employers while we are working, ·          by government (department of finance) once we retire. The change is said to be because of the South African culture of not saving for retirement adequately, which is creating increasing pressure on government to care for us post-retirement. These changes were announced in 2013. While the impact may not be great on all employers, it is worth determining the impact, if...