Decide today, where you’d like to be tomorrow.
No two people are alike. But there are certain things we all have in common-and one of those is that when we retire, we will want to change the way we live and the way we earn our pension.
Gone are the days when you can simply retire and do nothing. Some people choose to travel… some embark on new business ventures; others simply try to maintain a comfortable lifestyle as the time rolls by.
DID YOU KNOW?
- Around 94% of South Africans DO NOT enjoy a financially care-free retirement.
- You need around 70% of your final salary as a MINIMUM income.
- You need a lump sum of around 10 TIMES your highest annual salary at retirement.
- After 40 years with the same company, you could retire on 60% of your final salary – a 40% DROP ININCOME!
- INFLATION in retirement is your greatest threat.
- You could live more than 30 years in retirement, with NO SALARY!
Will you have enough money to live until the age of 90?
What are the implications of delaying to save for retirement?
Looking at this chart, shows that for every 10 years that you delay to save for retirement, you need to almost double the amount you need to save.
Managing money during retirement is very different to managing money before retirement.
- % of salary you need to save to retire with 90% of your income.