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I live on a disability pension but would have extra which I would like to save for retirement. Can I open a 3a account for these savings?
Hi there,
Unfortunately, only individuals who earn an income which qualifies for social security old-age contributions are entitled to contribute to 3a private retirement savings and claim tax deductions. Because a disability pension does not qualify, you cannot open a 3a account or contribute to an existing account.
If you work part time, you can make 3a contributions based on your salary - but not your disability pension income.
If you are at least 70% disabled and receive a full disability pension from social security, you may be required to close existing 3a savings accounts and withdraw assets - particularly if you want to claim additional subsidies.
Best regards from Moneyguru
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