MyMoney Online, The Personal Finance series with Warren Ingram

Want to withdraw from your retirement fund? You’re not (even remotely) alone…

People are cashing in their pension funds like there’s no tomorrow.

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram for his weekly personal finance feature.

Ingram looked into retirement annuities and retirement funds and the rapidly increasing rate at which people are withdrawing from funds that allow such withdrawals.

He also answered other retirement annuity related questions.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

Old Mutual surveyed employees with retirement funds. In 2012 about 19% of people considered changing jobs to cash in pension funds. Last year that number went up to 35%.

Warren Ingram, Galileo Capital Financial Advisor

People earning R40 000 per month or more; 27% of them are having the same thought [cashing in their pension funds].

Warren Ingram, Galileo Capital Financial Advisor

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Article brought to us by Old Mutual.

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