Everybody needs to stop working at some stage in their life. Some people choose to retire at a relatively early age, while others work for as long as possible.
Generally, the usual retirement age is 55, 60 or 65, but this can vary from company to company. It is best to find out your company’s retirement age by looking at the rules of your company's provident or pension fund, or at company policy.
When you retire, you will usually rely on a pension or provident fund as a source of income.You can either draw from a state pension or from your private pension or provident fund.
A private pension or provident fund:
Is established by an employer to facilitate and organise the investment of employees' retirement funds contributed by the employer and employees. if you are a full-time employee, you should have access to your company's pension or provident fund. if you are a casual or half-time employee, this is usually not the case. If you are self-employed, you have to establish your own pension or provident fund arrangements.
A state pension fund:
Is paid out by the government.
Find out about the State Old Age Grant.
Find out all about state Minimum Wages for all official sectors.