VAAL TRIANGLE - Allan Gray legal adviser Jaya Leibowitz has warned that withdrawals from the savings component of the two-pot retirement system are subject to taxation. She stresses the need for careful financial planning, suggesting that individuals should establish a separate emergency fund instead of solely relying on the new retirement system. Starting from September 1, this system allows access to a third of savings, with contributions divided into retirement and savings components. Leibowitz says withdrawals from the latter can potentially push individuals into higher tax brackets.
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