Scott Roebert News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Last week we discussed how accessible a pension fund is for someone whose funds are already invested in the scheme.

I often get asked by clients who are in debt if they should resign so they can get access to their pension funds to settle their debts and then start over again. My answer is always NO, and here is why: The provident fund or pension scheme we contribute to during our working lives is meant to build wealth for us to live off in our retirement years.

I received an email from a woman requesting some advice on how to get out of debt after retirement, after she had really stretched herself with a large debt and a small government grant. Her story is common and the advice I gave her can assist so many, so if you are feeling the pinch and can’t see the end of the tunnel, have a read and find a few practical steps to achieving financial stability.

Over the past few weeks, I have been working a lot with my Government Employees Pension Fund client base and something that has startled me is a common misconception around resigning to access one’s pension funds and then reapplying to start afresh.

We've been hit by so many financial storms over the past few years it may seem like there is no end to it. But there is real hope and the outlook for 2024 is positive, so hang in there — and please read this to understand what to do through the final push.