In this episode of Smart Money, we discuss whether the Two-Pot Retirement System's investment design adequately protects members from timing risk. Michelle Acton, Chief Customer Officer at Old Mutual Corporate, shares insights from the company's research, revealing that most withdrawals are being used to cover day-to-day living expenses, emergencies, and debt, highlighting the financial pressures many South Africans face. We also explore the risks of accessing retirement savings during volatile market conditions, how employers and trustees can balance short-term liquidity needs with long-term retirement outcomes, and why investment strategies that reduce volatility without sacrificing growth are becoming increasingly important. Michelle explains how Two-Pot is improving preservation rates and why financial education remains a critical part of helping employees achieve better retirement outcomes.