HOW old-age pensioners survive on SASSA grants in 2024

Through all the trials and tribulations of an election year, and in the face of Mzansi’s rising cost of living, here’s how old-age pensioners survive on SASSA grants. June 2024 SASSA old-age pension disbursements will go ahead on Tuesday 4 June 2024.

Paid to approximately 4-million residents, the next government grant will be the first after the 29 May General Elections. A reminder that R2 180 is paid to over 60s and R2 200 to over 75s. These amounts will increase nominally again in October 2024 by R10, to R2 190 and R2 210 respectively. And so, again, we answer the question, how old-age pensioners survive on SASSA grants …

HOW OLD-AGE PENSIONERS SURVIVE ON SASSA GRANTS

How old-age pensioners survive on SASSA grants depends largely on their connection to the communities they’re in. Image: File

According to quantitative research conducted by The Conversation, roughly one-third of SASSA grant recipients multiply their stipends by working off-the-books in the South Africa’s thriving informal economy. Essentially, if you’re fit and able, you can continue to work in the field in which you specialised throughout your career well past retirement age.

Or if you’ve taken up a hobby in your twilight years that could generate a small income on the side. Just as long as it’s off the books and not declared to SARS, so you don’t pay tax. Likewise, your activity in your bank account still needs to satisfy South African Social Security Agency means and asset tests.

MZANSI’S INFORMAL ECONOMY

Staying fit and healthy means a better quality of life in your older age. Image: File

At last count, it was estimated that as many as 7 million out of the South Africa’s 62-million population are gainfully employed in the informal economy. Popular jobs, according to the research, include services like painting or plumbing. Work in a tavern/shabeen/betting parlour, or trading at a spaza shop.

Those who are well past retirement age are better suited to renting out a portion of their land/property (if possible), in-home care, babysitting, knitting and sewing or other forms of self-employment. You can think of it as the gig economy for the townships and it’s how old-age pensioners survive on SASSA grants. Also known as ‘survival-orientated businesses’, the monthly SASSA grants act as seed money.

CHALLENGES TO TOWNSHIP GIGS

Without sufficient retirement savings, many old-age pensioners are forced to work well beyond 60-years of age. Image: File

The biggest challenges to how old-age pensioners survive on SASSA grants through informal work, aside from a general lack of capital, are the following:

• Transport costs to work.
• No access to affordable, micro loans.
• Competition from large retailers.
• Poor financial literacy.
• Crime and violence in the townships.

ASSET AND MEANS TESTS

A straight government pension is not enough for most pensioners to survive on. Image: File

Don’t forget, if you do choose to work in the informal economy, you must still adhere to the agency’s asset and means tests. You will never have to apply for your SASSA old-age pension grant again. However, the government agency has the right to review it periodically. If so, it must alert you at least three months in advance for you to get your affairs in order. The limits are as follows:

• If you’re single, R86 280 per year or R7 190 per month.
• If you’re married, R172 560 per year or R14 380 per month,

Accrued assets in your name may not exceed:

• R1 227 600 (if single).
• R2 455 200 (if married).

SASSA PAY DATES REMAINING FOR 2024

Mark your calendar with the remaining SASSA old-age pension payout dates for 2024. Image: File

Take note of the remaining payment dates for the rest of 2024, so you know when your next old-age pension grants are due:

• Tuesday 4 June 2024.
• Tuesday 2 July 2024.
• Friday 2 August 2024.
• Tuesday 3 September 2024.
• Wednesday 2 October 2024.
• Tuesday 5 November 2024.
• Tuesday 3 December 2024.

What do you think of how old-age pensioners survive on SASSA grants? Do you agree that citizens in their twilight years should struggle so much to make ends meet? Be sure to share your thoughts with our audience in the comments section below. And don’t forget to follow us @TheSANews on X and The South African on Facebook for the latest updates. Click the links below to read trending stories in the last 24 hours on our website …