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Retirement Planning
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24 June 2011
The best savings vehicle is a Unit Trust Based Education Fund (UTBEF), says Hubert Feris, a Financia...
19 June 2011
A proposed system of tax credits for medical scheme contributions could make scheme membership more ...
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 Home  Retirement What's your excuse for not planning?
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 So- what has been your excuse for not planning your retirement?
1. I’m too young
Starting to save when you are young gives you an incredible advantage – because time is on your side! The more time you have, the less you need to put in every month – so you save on your savings!
2. I don’t have extra money available to save
If you are battling to make ends meet while earning a salary – consider the fact that a pension is far less than your salary. You work hard for your money – make sure that your money also works for you. A premium on a Retirement Annuity starts from as little as R150 per month. That is more or less R5 per day. Also remember that your contributions are tax deductible. (Up to a certain maximum.)
3. I have a pension fund at work
Sorry – It will not be enough! You could live for another thirty years after retirement. Remember that you will still need to pay your medical aid fund contributions. If you had a break in service or changed companies and used your pension fund payout, you might be even worse off than you think!
4. I have other priorities right now
You might think that you need other things more right now – but the more you need, the better it is to be saving. If your money is thoughtfully invested, it grows faster. So rather save up for the things you want than paying huge interest on borrowed funds.
5. I don’t trust the markets
If you think that this is risky, think about it this way: there will be ups and downs, but over the long term the stock market has always shown growth higher than inflation. You always have the option of a low-risk investment or even an investment that GUARANTEES you a certain amount after a set time.
6. I have waited for too long already
Without financial planning you might have to survive on a state pension of a few hundred rands per month – but there still is time. You might have to put away a little more every month, but you can still plan for a comfortable retirement. Just remember: every day that you are delaying lets you fall behind even further.
7. I don’t know where to start
One appointment with an accredited financial advisor will provide you with all the answers to your questions. Give us a call today or click here to contact us.
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