Everyone needs financial security, especially during their retirement years. It is important to make informed decisions about your retirement savings, so that you are supported in the next phase of your life. Speaking to a financial advisor on your retirement benefit options, will afford you peace of mind and financial security.
As members of the Motor Industry Retirement Funds (MIRF), you are provided with financial benefits when you retire. Our retirement benefit counselling is offered at no additional costs and provides you with information about the options available.
As a valued member of MIRF, planning for a secure and comfortable retirement is one of the most important financial decisions you’ll make. To support you on this journey, MIRF offers a default annuity product that provides a retirement income tailored to your personal needs and circumstances
Ill-Health Retirement Benefits
Ill-health retirement allows members who are permanently and continuously unable to perform their usual motor industry job to retire early and access their benefits.
Beneficiary Nomination
The loss of a loved one is challenging, and financial issues can worsen the situation if proper planning isn’t in place. Having a valid and up-to-date Nomination of beneficiaries form is essential to prevent delays in distributing death benefits from MIRF
Accessing your Savings Component
Since 1 September 2024, retirement fund members are able to withdraw from their savings component of a South African two-pot retirement system once every tax year, with a minimum withdrawal amount of R2,000. These withdrawals are taxed at your marginal tax rate and are meant for emergencies, as taking money out reduces your overall retirement savings.
Making Wise Financial Decisions
Losing a loved one is never easy, and during this emotional time it can be overwhelming to make important financial decisions.
RESOURCES
A range of material on planning for retirement.
