You won't have enough money to retire.
I know I sound like the harbinger of doom, but it's a reality that you and most South Africans need to face up to.
Now you might be asking, why am I saying this about you? Well, I am only looking at the statistics.
The Financial Planning Institute of South Africa says less than a quarter of South Africans can afford to retire. If you think that's ... ››› more
Planning for retirement isn't an easy thing to do. There are so many choices about how you can save and invest for your future.
One option you have is to contribute to a retirement annuity.
So what exactly is a retirement annuity? And how do they work?
Read on to find out more…
What is a retirement annuity?
A retirement annuity is a way to save for your retirement.
You can... ››› more
There isn't an easy way to prepare for retirement. You'll have to make a lot of choices along the way.
If you're contributing to a pension or a retirement annuity, it's good to add some diversification by looking at other ways of saving for your retirement.
And you could do this by using your tax-free savings account.
Read on to find out more…
Investing for retirement with a tax ... ››› more
Planning for your later years is no easy task. There are so many decisions to make.
You know you need to make provisions and save for retirement, but what are your options?
Read on to find out more about five ways you can fund or top up your retirement savings…
How to plan for your retirement
Planning for retirement is a time consuming task. Of course, the earlier you start the be... ››› more
Endowments, also known as endowment policies or endowment plans, are essentially savings vehicles provided by life assurance companies.
Endowments can be a good option for you to consider for providing additional income once you reach retirement if you sit in a higher tax bracket.
Let's take a closer look at endowments…
What are endowments?
Endowments are targeted savings plans. T... ››› more
A retirement annuity is a popular way to save for your retirement.
Since their launch in 1960, many people use them as a way to save for their later years as retirement annuities come with tax benefits.
So how does a retirement annuity work? Who are retirement annuities for? And what are the benefits of using a retirement annuity for saving for retirement?
Read on to find out...
How... ››› more
It's probably not a surprise to learn that many South Africans haven't adequately prepared for retirement and have little or no savings.
Saving for retirement is something that you need to do. How else are you going to support yourself when you're older?
You may think you don't have enough money to save towards retirement, but chances are you do.
Read on to find out more…
Stop was... ››› more
Your financial aspirations may differ from your friends or family. But one thing you'll no doubt have in common is you want to build a solid financial backing, especially by the time you reach retirement.
Having a solid financial backing gives you independence and peace of mind.
So how can you achieve financial freedom by the time you retire?
Read on to find out…
How much you need... ››› more
Once you know how much money you need in your retirement savings when you stop work, have you checked if you're going to achieve it?
And what is the best way of checking?
Read on to find out…
Are you saving enough for retirement?
Once you know how much money you need in your retirement savings (read this article if you don’t), it’s vital to check you’ll achieve this goal.
... ››› more
Depending on how close you are to retirement and what you wish to do during the golden years, you can be on the right track or not.
Planning for retirement means looking out for yourself. You can't rely on state pensions and employer benefits if you want to live comfortably during retirement. You need to take charge of your retirement by saving regularly and investing at your own comfort level... ››› more
Are you knowingly neglecting saving for retirement? Do you often feel guilty about it, but your behavior remains the same?
If you find yourself with almost no retirement savings whatsoever and feel that time is not on your side, then it's time to analyze your behavior and stop the excuses that are keeping you from saving.
How do you justify your lack of effort? You may find that the followin... ››› more
Retirement is a process that requires adequate planning. For many, retirement planning is not a priority, especially not in their younger years. But failure to plan ahead and, more importantly, save enough for retirement can cost you dearly.
Soon-to-be retirees cannot afford to make any mistakes when it comes to planning for their future since time is not on their side.
To avoid feeling overw... ››› more
You know what they say: the sooner you start saving for retirement, the better off you will be in your golden years.
What happens when you feel like you are running out of time when it comes to saving for retirement?
When time is not on your side, you have to take immediate action.
You may need to rethink your entire retirement planning. For instance, if you had planned on retiring at ag... ››› more
How do you know if you're saving enough for retirement? That's a tough question to answer. Because no one can tell you how much you need to save - it largerly depends on your lifestyle, current income, and on your future plans for retirement.
One thing is for sure: most people postpone saving for retirement, thinking they will have plenty of time to save later, and instead focus on living well ... ››› more
Planning for retirement can become quite frustrating at times, especially if you start saving late or can't afford to save enough each month.
However, you can always play catch up on your savings and you can make sure you don't make the following five mistakes that could ruin your retirement plan.
Retirement mistake #1: Withdrawing money from your retirement account
If you’re in despe... ››› more
Everyone wants to retire comfortably, but many people get stuck somewhere along the way.
Saving enough for retirement takes time, discipline, and sacrifice.
Once you've managed to save enough to live comfortably during retirement, another problem emerges: being able to stretch out your retirement savings so you don't run out of money.
Many retirees are faced with a dilemma: how much of t... ››› more
Planning for retirement is something that should be on everyone's mind. However, most people don't think about retirement until they're in their 40s or 50s.
How should you plan for retirement depending on your age? Here are the most important aspects to consider.
In your 20s
When you’re in your 20’s, planning for retirement is on the bottom of your list. But if you want to get a hea... ››› more
Many people are clueless when it comes to their retirement savings. They don't know how much money they should save and they keep postponing retirement savings for the future, without considering the consequences.
How can you figure out how much money you need to save for retirement?
Start by determining your current monthly expenses and your net worth. You need to know how much money you’r... ››› more
If you don't plan for retirement, it will take you by surprise. There was a time when retiring was much simpler and you didn't have to worry about not having enough money to support yourself during retirement.
But those times have changed. Now you have to start saving for retirement as early as possible, preferably in your 20's, if you want to enjoy the benefits of retiring comfortably.
Wheth... ››› more
If you're quickly approaching retirement but feel you don't have nearly enough money to cover the costs that come with it, there's no better time to take action than today.
What you do today can either consolidate your future or destroy it.
Maybe you haven’t been able to save enough money for retirement because you’ve had many other urgent expenses, have gone through career changes and j... ››› more
Disclaimer FSP Invest, a division of Fleet Street Publications (Pty) Ltd, is a research house and not a registered broker, financial advisor or financial service provider. Our editors and customer services teams also do not give personal investment advice. The advice in this website is general advice only and may not be appropriate to your particular investment objectives, financial situation or particular needs, so before investing or if in any doubt about your personal situation, you should seek professional advice from a stockbroker or independent financial adviser authorised by the Financial Services Board.
We research our recommendations and articles thoroughly, but disclaim all liability for any inaccuracies or omissions found on this website.
Remember: Never invest more than you can afford to spare and that the value of any investment, and the income derived from it, can go down as well as up. The past is not necessarily a guide to future performance.
Editors or contributors may have an interest in investments commented on in this website.