According to Matt Hunter, Head of Savings & Investments at Absa Retail Banking, 47% of people who reach retirement age depend on family members or friends to support them financially and a further 16% of retirees are fully dependent on a R1 200 a month state pension. Secure your finances for when you retire by speaking to an expert on financial management and exploring additional savings models.
This is how you can start:
- Speak to the experts – Ensure you have regular meetings with your financial advisor (FA), especially when those key milestones happen in your life, such as getting married, changing job or having children.
- The whole is greater than the sum of its parts – Opt for additional savings plans rather than relying only on your pension or provident funds.
- The early bird catches the fattest worm – Start planning and saving for your retirement as early as possible.
- An apple a-day keeps the doctor away – Except when you get older. Ensure you have made provisions so that you can afford to continue with your medical aid.