“Not Very Smart to Take Money Now”: SA After Woman Claims Old Mutual’s Long Queue Is for 2-Pot Funds

• A young TikTokker recently shared a video of the long queue outside an Old Mutual office building
• The social media user claimed that the long line of people were there to receive their money via the two-pot pension fund
• Members of the online community headed to the post's comment section to share their thoughts

Since the announcement of the two-pot pension fund, many South Africans have shown an interest in the possible money they would claim. With the system in full effect, some taxpayers are already going to their investment companies with hopeful hearts.

Trying to score big

TikTok user @gomo1707 uploaded a clip on the video-sharing platform showing other app users the long queue of over 20 people she saw outside a local Old Mutual branch.

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@gomo1707 laughed and claimed that the people were there to apply for the money they would receive from the two-pot pension fund.

Watch the video below:

Mzansi reacts to possible 2-pot queue

Many social media users felt it was not a good idea to withdraw money meant for retirement immediately.

@maphumari0 wrote in the comment section:

"Government is going to be rich."

@fumanicollins told the online community:

"People will cry. They will have no money for retirement."

@zeusieboyiamdog had the same thought, saying:

"Not very smart to take the money now. People should leave it. What happens when you retire? You need that money."

A concerned @levi_m_cancerian said:

"The number of people who don't understand the two-pot system is alarmingly huge."

@com44421 wondered in the comments:

"Do they even know how much they will be taxed?"

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After the news of local teachers facing job cuts made headlines, @linkoinkosi assumed:

"I'm sure 92% of them are teachers."

@lameesa6 jokingly commented:

"Festive is starting early this year."

Man complains about 2-pot system's high tax

In a related article, Briefly News reported about a local man who shared a screenshot of the amount he wanted to withdraw from his two-pot system pension fund.

The picture also showed the total tax deductions for a R30 000 withdrawal, which the man was not too pleased with.

Source: Briefly News