Retirement is close, and it’s time to do your sums
The decisions you make between 55 and retirement will likely have a significant impact on the quality of your life, and the sustainability of your capital.
Know your numbers:
your capital, fees and returns
You don't have to make every retirement decision today.
You just need to make the right decisions for where you are now.
Start with the number: are you on track?
At this stage, retirement planning becomes less about a vague goal for the future and more about answering some important questions:
- How much have I saved?
- How much will I need?
- What can I do to close the gap?
Your retirement outcome comes down to a few key variables:
The important thing is that several of these variables are still within your control.
You may be able to save more. You can check whether you're paying too much in fees. You can review how your money is invested. And, depending on when you plan to retire, your savings may still have years to benefit from compound growth.
Retiring in around 10 years?
This is still a growth phase.
Focus on these four things
Watch your fees
Understand your EAC and what those fees are costing you in rand terms over the next decade.
Maximise your retirement savings
Review your employer fund and consider topping up with a personal RA if you are not saving enough.
Use your RA and TFSA together
If your RA contribution results in a tax refund, consider using it to help fund your TFSA.
Check your fund mix
Review your equity, offshore exposure and diversification to make sure your portfolio still suits your time horizon.
EAC calculator
Work out the Effective Annual Cost (EAC) of investing with 10X, so you can compare it with what you pay now.
Retiring in around 5 years?
Start turning your savings into a retirement plan.
Your five-year checklist
Know your future income
Work out what monthly income your savings could provide.
Review your investment mix
Balance the need to protect what you have with the need for continued growth.
Bring everything together
Look at your employer fund, RAs, preservation funds, TFSA and other investments as one retirement plan.
Compare your costs
A small difference in fees can become a meaningful amount over five years.
Cost comparison report
Share your current investment statement and we'll prepare a personalised report comparing what you pay now with what you'd pay at 10X.
Retiring this year?
It's time to turn your savings into an income.
Now the focus shifts from accumulating money to deciding how it should support you through retirement. Is a living annuity right for you?
Get these decisions right
Choose your income strategy
Understand your living annuity and other retirement income options.
Set a sustainable drawdown
Your income today needs to balance with how long your savings may need to last.
Keep an eye on fees
Fees continue to reduce your capital after retirement.
Simplify and consolidate
Consider bringing old RAs, preservation funds and employer savings together with one investment company.
Living annuity check
See what income your savings could support and whether your planned drawdown looks sustainable.
Will you have enough for retirement?
Watch our webinar with Moneyweb to see how savings, investment returns, fees, inflation, retirement products and drawdown choices can influence how much you retire with, how long your money could last and what you can do now to improve your outcome.
Find related tools and articles on the webinar page.
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More on planning for retirement and beyond
From choosing a living annuity to putting your tax refund to work and saving for the next generation.
The closer you get, the more important the decisions become
Whether you have an employer pension, an RA, several investments or you're not quite sure where you stand, now is the time to understand your numbers and make sure every rand is working as hard as it can.