Latest news with #vanWyk
IOL News
a day ago
- Business
- IOL News
How fathers can avoid the financial pitfalls of retirement planning
Explore the financial challenges South African fathers face as they navigate retirement planning. This Father's Day, discover how conversations about long-term financial well-being can secure a brighter future for families Image: File photo. Despite admirable efforts, 94% of South Africans are unable to retire comfortably. That's the sobering reality captured in recent industry reports and one that strikes especially hard as families prepare to celebrate the fathers who make it happen. While Father's Day is typically filled with dad jokes, braais, and socks with slogans, it's also a perfect point to reflect on what it means to be a committed father in South Africa today, financially speaking. Being a provider is the role most fathers aspire to. But, more and more, this responsibility stretches well beyond day-to-day costs and monthly bills. JJ van Wyk, a financial adviser from Momentum Financial Planning, says, 'Being a father usually includes planning for a future in which they won't always be able to work, earn, or support their families directly. Yet, despite this, we see far too few fathers putting money away for retirement.' According to the 2023 South African Retirement Reality Report by 10X Investments, just 6% of South Africans are confident that they'll be able to maintain their standard of living in retirement. That means 94% are either financially unprepared or unsure of what their retirement will look like. 'This is indeed a national crisis, but it's also a deeply personal one for fathers who want to spare their children from future financial strain,' says van Wyk. This is where he believes retirement annuities (RAs) have become more than a simple financial product. They become an expression of long-term love and responsibility. 'A retirement annuity is much more than a tax-efficient savings tool,' says van Wyk. 'It serves as a declaration of your long-term vision – a commitment to growing old with dignity and providing your children with the freedom to soar, rather than being burdened by future obligations.' RAs are often overlooked in favour of short-term savings or everyday financial pressures. But they offer several unique advantages. They allow you to contribute regularly towards retirement in a way that's both flexible and consistent. They're ideal for self-employed fathers or those without access to a formal pension or provident fund. And importantly, contributions to RAs are tax-deductible, meaning you can effectively boost your savings while reducing your tax liability. 'The tax benefits alone can be a game changer for fathers looking to stretch every rand,' adds Visagie. 'Beyond the numbers, it's the mindset shift that matters. You're not just planning for yourself; you're protecting the people you love from one day having to take care of you.' In a country where the new generation is already under pressure to support ageing parents and young children, this shift is crucial. 'A father who takes charge of his retirement now can spare his family from tough choices in the future. Let them avoid that specific tax,' says van Wyk. Van Wyk urges South Africans to reframe how we think about financial planning, especially around milestone occasions like Father's Day. While it's wonderful to celebrate dad with a new gadget, fashion, or fragrance, perhaps the greatest gift is a conversation about long-term well-being and financial independence. 'Let's use this moment to talk about legacy,' says van Wyk. 'Retirement planning isn't just about wealth – it's about peace of mind. It's about making sure our children are free to pursue their dreams, not tied down by our financial anxieties.' As South Africa continues to grapple with economic uncertainty, rising living costs, and job market volatility, van Wyk urges fathers to prioritise retirement planning, not make it an afterthought. 'Retirement annuities offer a practical, powerful way to do just that. This Father's Day, start the retirement conversation for your family's future,' concludes van Wyk. PERSONAL FINANCE
IOL News
a day ago
- Business
- IOL News
How fathers can avoid the financial pitfalls of retirement planning
Explore the financial challenges South African fathers face as they navigate retirement planning. This Father's Day, discover how conversations about long-term financial well-being can secure a brighter future for families Image: File photo. Despite admirable efforts, 94% of South Africans are unable to retire comfortably. That's the sobering reality captured in recent industry reports and one that strikes especially hard as families prepare to celebrate the fathers who make it happen. While Father's Day is typically filled with dad jokes, braais, and socks with slogans, it's also a perfect point to reflect on what it means to be a committed father in South Africa today, financially speaking. Being a provider is the role most fathers aspire to. But, more and more, this responsibility stretches well beyond day-to-day costs and monthly bills. JJ van Wyk, a financial adviser from Momentum Financial Planning, says, 'Being a father usually includes planning for a future in which they won't always be able to work, earn, or support their families directly. Yet, despite this, we see far too few fathers putting money away for retirement.' According to the 2023 South African Retirement Reality Report by 10X Investments, just 6% of South Africans are confident that they'll be able to maintain their standard of living in retirement. That means 94% are either financially unprepared or unsure of what their retirement will look like. 'This is indeed a national crisis, but it's also a deeply personal one for fathers who want to spare their children from future financial strain,' says van Wyk. This is where he believes retirement annuities (RAs) have become more than a simple financial product. They become an expression of long-term love and responsibility. 'A retirement annuity is much more than a tax-efficient savings tool,' says van Wyk. 'It serves as a declaration of your long-term vision – a commitment to growing old with dignity and providing your children with the freedom to soar, rather than being burdened by future obligations.' RAs are often overlooked in favour of short-term savings or everyday financial pressures. But they offer several unique advantages. They allow you to contribute regularly towards retirement in a way that's both flexible and consistent. They're ideal for self-employed fathers or those without access to a formal pension or provident fund. And importantly, contributions to RAs are tax-deductible, meaning you can effectively boost your savings while reducing your tax liability. 'The tax benefits alone can be a game changer for fathers looking to stretch every rand,' adds Visagie. 'Beyond the numbers, it's the mindset shift that matters. You're not just planning for yourself; you're protecting the people you love from one day having to take care of you.' In a country where the new generation is already under pressure to support ageing parents and young children, this shift is crucial. 'A father who takes charge of his retirement now can spare his family from tough choices in the future. Let them avoid that specific tax,' says van Wyk. Van Wyk urges South Africans to reframe how we think about financial planning, especially around milestone occasions like Father's Day. While it's wonderful to celebrate dad with a new gadget, fashion, or fragrance, perhaps the greatest gift is a conversation about long-term well-being and financial independence. 'Let's use this moment to talk about legacy,' says van Wyk. 'Retirement planning isn't just about wealth – it's about peace of mind. It's about making sure our children are free to pursue their dreams, not tied down by our financial anxieties.' As South Africa continues to grapple with economic uncertainty, rising living costs, and job market volatility, van Wyk urges fathers to prioritise retirement planning, not make it an afterthought. 'Retirement annuities offer a practical, powerful way to do just that. This Father's Day, start the retirement conversation for your family's future,' concludes van Wyk. PERSONAL FINANCE
The South African
21-05-2025
- The South African
Police apprehend 362 Zama zama nationwide
On 21 May 2025, the South African Police Service revealed that they had arrested 362 suspected Zama zama across the country, in the past week. The suspects were arrested during the nationwide Operation Vala Umgodi. During the nationwide operation, police seized four unlicensed firearms and 91 rounds of ammunition collectively. Police in KwaZulu- Natal also recovered vehicle parts that belong to a car that was reportedly hijacked near eMpangeni. 'These suspects were arrested for illegal mining related offences and various other crimes that include, among others; attempted murder, possession of an unlicensed firearm and possession of drugs' said SAPS spokesperson, Colonel Amanda van Wyk. During the operation, police destroyed equipment they found at the various crime scenes. SAPS said they believe the equipment was used for illegal mining. According to van Wyk, the illegal mining equipment that was destroyed included phendukas [a cylindrical machine turned by hand and used to process gold ore], phenduka pots, gas bottles and generators. She said the items were seized from suspects in different parts of Ekurhuleni District. The police also seized 21 vehicles that include TLB's, trucks, bakkies and sedans in different parts of the country. An excavator was also found at one of the scenes and it was confiscated by the police. SAPS said they received a tip-off in the Northern Cape and were led to two suspects in Port Nolloth. The pair were found with unpolished diamonds in their possession. According to SAPS, in a separate incident, six suspects were arrested in the Free State after being caught partaking in illegal mining. van Wyk said an additional 12 suspects were arrested in Limpopo while another 15 alleged illegal miners were arrested in Baberton, Mpumalanga. Equipment seized during Operation Vala Umgodi. Picture supplied by SAPS 'Community members are reminded that illegal mining is a criminal activity that is a contravention of the country's laws and forms part of many other economic related crimes that are afflicting our society', van Wyk concluded. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
17-05-2025
- Health
- The South African
Police bust sellers of expired goods
On 17 May 2025, The National Joint Operational and Intelligence Structure (NATJOINTS) Priority Committee on Food borne Illness and Illicit Trade set up operations in Pretoria West. They visited multiple warehouses to inspect whether any illicit sale of expired consumable goods was taking place. The multi-disciplinary NATJOINTS team comprised of members of the South African Police Service and Department of Home Affairs officials. Labour inspectors, municipal health inspectors, Tshwane Emergency Management Services and Crime Prevention Wardens were also part of the operation. 'The operation led to the arrest of twelve suspects for contravention of the Immigration Act. Two business owners were fined for employing these undocumented foreign nationals', said SAPS spokesperson, Lieutenant Colonel Amanda van Wyk. During the operation, municipal health inspectors identified warehouses that were in contravention of health and safety regulations. 'The team closed down four warehouses and seized a large consignment of illicit goods and expired consumables', said van Wyk. According to van Wyk, fines and notices were also issued to the owners of the warehouses. They were for non-compliance of health and safety regulations. In 2024, more than 23 children of primary school-going age died after consuming snacks and food they had bought at local spaza shops. Many others were hospitalised, also from food poisoning related illnesses. The deaths caused national outcry and the Minister of Health, Dr Aaron Motsoaledi, identified Terbufos (an organophosphate) as the cause of death. According to a report by the Health Department, Terbufos is normally used by farmers as a soil insecticide. They use it to control various pests in crops like corn, sorghum, and sugar beets. The insecticide mostly kills soil insects such as corn rootworm, wireworms, and white grubs. Spaza shops were also on the receiving end of public scrutiny, as many claimed the deaths were as a result of the sale of expired and poisoned goods. van Wyk said SAPS are doing their best to keep citizens safe and avoid what happened last year. She urged South African's to also play their part. 'SAPS encourages all community members to form part of the fight against food borne illness and illicit trade by reporting suspected non-compliance to relevant authorities', said van Wyk. She said the operation that took place in Pretoria today, is part of an ongoing multi-disciplinary law enforcement operation. She said police are pouncing at various places across the country daily. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
13-05-2025
- IOL News
Operation Vala Umgodi leads to the arrest of nearly 2,000 suspects
The South African Police Service (SAPS) said it has yielded significant results in April as nearly 2,000 suspects were arrested nationwide during Operation Vala Umgodi. The operations led to the arrest of a total of 1,857 suspects of different nationalities. The police spokesperson, Lieutenant Colonel Amanda van Wyk, said the suspects were arrested for illegal mining-related offences and various other crimes such as murder, attempted murder, unlawful possession of explosives, and possession of counterfeit goods. 'More than 100 unpolished diamonds, which include suspected diamond stones, were seized during three separate Vala Umgodi operations in and around the areas of Kleinzee and Port Nolloth, Northern Cape, leading to the arrest of 15 illegal miners,' van Wyk said.
