How to Retire in Namibia From South Africa

What is retire?

Retirement is the withdrawal from one’s position or occupation or from one’s active working life. A person may also semi-retire by reducing work hours or workload. Many people choose to retire when they are old or incapable of doing their job.

Where and how to Retire in Namibia From South Africa

If you want to retire in Namibia from south Africa, you have to decide when to start your security service so that you will not suffer in life, sign up for Medicare and then you check your retirement benefits. You have to take advantage of last-minute benefits at work and consider rolling over your 401(k) to an IRA. You have to make a financial plan and decide on what to do next.

Frequently Asked Questions

Can I retire in Namibia?

According to Hishekwa, the bulk of demand for Namibian retirement residency permits came from German nationals. While the Namibian cabinet has approved the establishment of the retirement residency programme, the nature and value of the investment requirement is presently still under consideration.

Can a South African live in Namibia?

South Africans in Namibia are a part of our community, calling cities such as Tsumeb, Lüderitz, Windhoek, and many others home. You can use InterNations to look for fellow South Africans in Windhoek, for example.

What is the retirement age in Namibia?

The legal retirement age in Namibia is 60 years. Early retirement on reaching the age of 55 is also possible on the approval of the prime minister.

How much is the old age pension in Namibia?

Namibia’s old age social pension, renamed in 1998 as Basic Social Grant (BSG), guarantees all Namibia’s residents over 60 years of age a monthly unconditional allowance of 1 100 Namibian dollars (N$) per month. It corresponds approximately US$ 78 per month lifting the grant beneficiary well above the poverty line.

Can I withdraw all my pension in Namibia?

If you have a defined contribution pension, you’ll have built up a pot of money which, from the age of 55, you can use to withdraw from as you want. This includes the option of taking the whole amount as a single lump sum.

Who pays the old age pension in Namibia?

The State Pension (Contributory) is paid to people from the age of 66 who have enough (PRSI) contributions. It is sometimes called the old-age pension. The State Pension (Contributory) is not means tested. You can have other income and still get it.

How many pensioners are there in Namibia?

Only 120,000 out of some 500,000 economically active Namibians are covered by formal contributory pension schemes, such as the Government Institutions Pension Fund (GIPF) and about 400 private pension funds in existence.

What is social security in Namibia?

Social Security Commission (http://www.ssc.org.na/), managed by a tripartite board of directors, administers social insurance cash sickness and maternity benefits, and pays benefits through the Maternity, Sickness and Disability Fund.

What age can you take early retirement in Namibia?

When you can take money from your pension pot will depend on your pension scheme’s rules, but it’s usually after you’re 55. You may be able to take money out before this age if either: you’re retiring early because of ill health.

Can I take 25% of my pension tax-free every year?

Pension tax calculator. If you’re 55 or older, you can withdraw some or all of your pension savings in one go. You can take 25% of your pension tax-free; the rest is subject to income tax.

How many years does a pension last in Namibia ?

Under a period-certain life plan, your pension guarantees payouts for a specific period, such as five, 10 or 20 years. If you die before the guaranteed payout period, a beneficiary can continue getting payments for the remaining years.

How many years do you have to work to get full pension in Namibia?

You’ll usually need at least 10 qualifying years on your National Insurance record to get any State Pension. You’ll need 35 qualifying years to get the full new State Pension. You’ll get a proportion of the new State Pension if you have between 10 and 35 qualifying years.

How can I retire early with no money in Namibia?

  • 1 Know What You Want to Do Once You Retire.
  • 2 Be Clear About When You’d Like to Retire.
  • 3 Create and Stick to a Budget.
  • 4 Invest Your Money.
  • 5 Get Rid of Debt.
  • 6 Create a Regular Income Stream to Retire at 50.
  • 7 Get in Touch with a Financial Advisor.
  • 6 Plan Your Withdrawals

Do pensions count as earned income in Namibia?

Earned income does not include amounts such as pensions and annuities, welfare benefits, unemployment compensation, worker’s compensation benefits, or social security benefits.

Can I take 25 of my pension and leave the rest invested in Namibia?

25% of your pension pot can be withdrawn tax-free, but you’ll need to pay income tax on the rest. You can choose whether to withdraw the full tax-free part in one go or over time.