We often receive interesting questions from Moneyweb readers which we believe would be helpful and informative for you, our client as well.
We recently received the following question from a Moneyweb reader which we would like to share with you:
“I have a provident fund with Old Mutual, which will pay out at 65 or I have an option for an early pay out at 55. I enquired about stopping payment and having the money paid out to me now as I want to use it towards an immovable property. I have a provident fund through my employer, so this was one I paid myself.
I was informed that I cannot withdraw the money. I can stop payment towards it, and it will not grow any further, but I cannot withdraw the money. How is this possible?
If I stop paying, I must wait until at least 55 to withdraw the funds whereas I can use the money now. I am 37 years old so I must just leave my money there for years? Could you please advise me regarding this?”