Sooner rather than later. Here’s what you need to know:
With any financial obligation, it is always advised to get it started or completed sooner rather than later. For South Africans, the number of those who will be able to maintain their standard of living is low. Research shows the estimation of 6-25% of South Africans could maintain their current lifestyle 30 years after their retirement.
It is never late to start saving for your retirement. Even if you start a bit later – for example, in your 30s – you still have a significant number of working years ahead of you to put money into a retirement plan. Ultimately, anything you can save is better than nothing.
How do you calculate how much you need for retirement?
Once you start thinking about retirement, your first question is likely to be along the lines of “How much do I need to retire?”
In planning for retirement in South Africa, you need to make sure you have enough to achieve your goals and take care of your health. If your goal is to travel the world during your golden years, you shouldn’t have to shelve those dreams due to a lack of funds. Start saving now so you can maintain the same quality of life, pay your bills, and enjoy whatever adventure you choose to pursue.
You’re probably asking yourself:
- How can I save for my retirement?
- How much money do you need to start a retirement fund?
- What happens to my retirement savings when I die?
- How do I get started on planning for my retirement?
Planning for your retirement is one early start that will offer great rewards. Our Financial experts have been unpacking and providing practical advice on the best ways to preserve YOUR financial freedom. Contact our Financial Advisors to ensure that you are receiving Shariah-Compliant advice.
Anglowealth is an Authorized Financial Service Provider (FSP Number: 46755)