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National TreasuryGovernment Employees Pension Fund (GEF)Instructions for completing form Z894: Updating the Bank
Particulars for a beneficiary of a benefit payable by the GEF
1. This form can be completed
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01
Determine how much you need to save for retirement by estimating your future expenses and income needs.
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What is your retirement saving is?
Retirement savings refer to the funds that an individual sets aside for their retirement in order to ensure financial security during their retirement years.
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Individuals who have retirement savings accounts such as 401(k), IRA, or pension plans are required to file their retirement savings on their tax returns.
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Individuals can fill out their retirement savings by reporting the total amount saved in their retirement accounts on their tax return forms.
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The purpose of retirement savings is to provide financial security and stability during the individual's retirement years when they are no longer earning a regular income.
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The total amount saved in retirement accounts such as 401(k), IRA, or pension plans must be reported on the tax return forms.
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