Shocking statistic reveals: 39% of South Africans will have to work after retirement to live in comfort!

Karin Iten, Fsp Invest, 13 Mar. 2014

Tags: retirement, retirement planning, retirement strategies, retirement savings

It’s no secret that South Africans are some of the worst savers in the world. Now, an Old Mutual study reveals that four in every ten people interviewed indicated they’ll have to work after they retire to sustain their lifestyle. They reason? Rising prices of electricity, petrol, education and food, are making it difficult to make ends meet, let alone save for the future. But that doesn’t mean you can’t beat this…

“Too many South Africans will find themselves out of pocket long before they die,” warns the Old Mutual Retirement Monitor

According to the 2013 Old Mutual Retirement Monitor, 85% South Africans believe not having enough money to retire is their greatest retirement concern.

That’s a BIG number! And it shows that you should be placing emphasis on your retirement planning at all times. Not just once a year when you get a statement from your pension fund provider.

So what steps can you take to boost your retirement plan? It’s simple, you need to find more money that you can put away for tomorrow.

Here are some ideas…

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Five small things you can do today to boost your retirement savings later

“If you find it difficult to spare an extra cent, think of where you can cut down,” says fin24.

For example, says the site: “A DSTV subscription costs over R600 a month. If that money is saved with a potential return of 8% for the next 20 years, you could save R550,000.”

And that’s not all you can do to boost your retirement savings. You can also:

Making these small changes isn’t going to change your retirement on their own but, in conjunction with proper retirement planning, they can make a BIG difference in the long run. 

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