He is my dear cousin and has been a teacher for just over 30 years. He phoned me to let me know that he had taken the early retirement package that Government is offering to public servants and now that he had the money in his bank account, he wanted me to help him invest it. I got a shock of my life as I knew that he had just paid about
R1million to SARS. I explained to him that he was supposed to inform me so that I would make sure he completes the Z1525 form.
WATCH THIS VIDEO https://youtu.be/nU6fHHMh0fo
I realized that he did not know that he was going to pay so much in taxes and that it was possible for him to reduce the tax liability. What even made me more sad is that after paying close to a million in taxes, he was still going to use some of the funds to settle his debts. In the end he gave me just R1 million to invest for him. I gave him a voluntary life annuity so that he would get a pension for the rest of his life. This was going to be just R8 700 a month and if only he had let me assist him to complete the Z1525 form, he would have had at least R17 400 per month and still be debt free. I knew that I had to do something to help other public servants avoid the mistake that my cousin had made. So I started addressing teachers and nurses and other public servants then I decided to record a video to share with those who could not make it to my seminars.
In this short video , I outline the key topics that I address as I go around the country conducting retirement seminars. I am addressing public servants who want to take the early retirement package and also those who are at retirement age. I hope that the seminars will help everyone to make informed decisions about their retirement and also to save a lot of money in taxes. To book a retirement seminar with Phumelele, send your request firstname.lastname@example.org. Our next public seminars will be taking place in Marianhill on Saturday, 3 August at 10am and at Queen Nandi on Wednesday the 7th of August at 13h30. Contact Nonhlanhla Ngcobo on 083 677 1504 for more details.
Next week we will share the video with you entitled “ Is it a good idea to take the early retirement package?”
The Z1525 is the Government Employees Pension Fund (GEPF)EXTERNAL TRANSFER TO AN APPROVED FUND form.