Lifelines for South African pensioners in 2024
Sadly, the plight of South African pensioners in 2024 is only worsening. But here are FIVE lifelines that can ease the burden.
The reality for many South African pensioners in 2024 is that the nest egg they’ve built for themselves over the years is insufficient to survive on today. The ever-rising cost of living in Mzansi means that even sizeable retirement funds are simply not enough for South African pensioners in 2024.
Electricity tariffs have just been hiked by 12.8% and municipal services will be increased to above-inflation rates in July 2024. All this makes day-to-day living more expensive, which is difficult when you have no extra income. But never fear, because there are ways and means of easing the burden for South African pensioners in 2024.
SOUTH AFRICAN PENSIONERS IN 2024
Below are five most effective ways you can bolster your finances and lessen your monthly expenses if you’re an old-age pensioner (OAP):
1. SECURE A SASSA GRANT
The first and most appropriate way is to apply for a South African Social Security Agency old-age pension grant. You must be over 60 years of age and meet the qualifying criteria to be eligible. This includes proving to the agency that you don’t have sufficient means and assets in your twilight years.
Through all means of income you cannot earn more than R7 190 per month (R86 280 per year). If you’re still married, your combined household income may not exceed R13 740 per month (R164 880 per year). In terms of assets (house, property, etc) the threshold is R1 227 600 if single and R2 349 600 if married for combined assets.
You can click HERE for more on securing a SASSA Older Persons grant. If and when you do qualify, you can add R2 180 (over 60) or R2 200 (over 75) to your monthly income.
2. INDIGENT BENEFITS
With the ever-rising cost of living in Mzansi, most local municipalities over indigent benefits to South African pensioners in 2024. Just like SASSA grants, there are a few qualifying factors. And these differ from province to province. But rebates on electricity, water, sewage, refuse removal and other municipal services can be secured.
The reason for this indigent benefit to South African pensioners in 2024 is to assist elderly homeowners – with an income of less than R7 500 per month – to help maintain their property. If you think you qualify you can click HERE for more detail on how to secure indigent benefits for yourself or a loved one.
3. REDUCE MEDCAL AID COSTS
One of the best ways for South African pensioners in 2024 to ease their financial burden is through finding the right medical aid. All the major medical aid providers offer pensioner-specific packages. Some are more affordable, while others are more comprehensive. We compared the top five HERE. These can help save money and ensure you’re never without the chronic medication you require.
4. CONTINUE TO WORK
As difficult as it may be, many South African pensioners in 2024 are continuing to work to earn money in their chosen profession well after they reach retirement age. If you’re an expert in a particular field, why should your knowledge go to waste? Depending on what you do, remote working opportunities are more prevalent than ever since the COVID-19 pandemic.
Trained professionals like engineers, lawyers, accountants, etc, are working and teaching well into their 60s. And if you have a keen interest in cooking, baking, needlework, carpentry and jewellery making, you can turn that into a money-generating venture, too. Click HERE to find out more about the OAP organisations that can assist you with support.
Similarly, if you own a house or property, you should consider renting out part of it to earn some extra income on the side. Just don’t exceed the monthly income threshold (R7 190 per month) if you’re on a SASSA pension or indigent support.
5. JOIN A STOKVEL
Finally, a great outlet for South African pensioners in 2024 is contributing to a community stokvel. Best of all, stokvels are a proudly South African phenomenon and started for the very reason to help sustain elders (usually women) in informal communities.
To keep the industry accountable there is a National Stokvel Association of South Africa (NASASA). At last count there are more than 1-million active stokvels with 12-million members and an estimated R50 billion in accrued savings each year. Click HERE to learn more about stokvels.
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