Would your kids get your retirement fund money if you pass away?

If you're saving for retirement in a retirement annuity or in your employer’s retirement fund, you may wonder what would happen to this hard-earned pot of savings if you passed away. Giving your options some consideration is important to ensure your wishes are respected.

What happens when your retirement fund matures: a refresher
“When you retire, you are allowed to take up to one third of your retirement savings as a lump sum,” says Waldette Stoffberg, a Business Development Manager at Glacier by Sanlam. “With the remaining two thirds, you need to buy an annuity that will provide you with a regular retirement income.” There are some exceptions to this rule which your financial adviser can outline.

But what happens if you pass away on or before retirement? Do your family or dependants automatically receive your retirement savings?

How beneficiary nomination works...

Full article: https://www.glacierinsights.co.za/blog/retirement-insights/would-your-kids-get-your-retirement-fund-money-if-you-pass-away

June 13 2023 By Glacier - Retirement Insights