“A regular saver who reduces the charges on their retirement account with 2% of assets annually would receive a benefit 60% greater at retirement after 40 years, all else being equal. For someone who is a member of a preservation fund for 30 years this increases to 80%.”
My Retirement’s retirement financial calculator is intended for informational purposes only and does not constitute financial advice. It should not be relied upon as a substitute for professional advice from an authorized financial advisor, The results generated by the lump sum calculator are based on the information you provide and may not reflect all relevant factors with regards to your retirement goals. It is important to consider your individual circumstances and consult with a financial advisor before making any financial decisions.
For saving and investing your pre-tax income so you can enjoy financial security after retirement – and contributions (up to a legislated limit) are tax deductible.
Changing jobs? You can roll the funds from your former employer’s retirement plan into a Pension or Provident Preservation Fund. All the tax benefits will still apply and you won’t pay any transfer or exit fees.
The higher your marginal bracket rate, the more important tax-efficient investing becomes. Bolster your savings and build long-term wealth with the tax benefits of an Investment Policy.
Looking for a flexible solution to managing your post-retirement income? Invest in a Living Annuity (with 40% offshore allocation limit) and draw a steady income designed to meet your needs.
The Tax-Free Savings Account is a savings account that allows you to save for both short- or long-term goals without paying taxes on any of the growth or income you earn.
Invest confidently with the Direct Investment Account option. Access on various investment platforms with no fuss or stress.
Our long-term savings products include:
By age 35, aim to have saved one to one-and-a-half times your current annual salary for retirement purposes. By age 50, that goal is for the retirement savings to equal three-and-a-half to six times your annual salary.
The constant rise of living expenses, measured by consumer price inflation (CPI), causes a continuous reduction in the value of money. It is therefore important that you grow your wealth by more than inflation.
Even though the focus during retirement is on capital preservation, the risk posed by the constant rise in the cost of living cannot be ignored. It would, therefore, be appropriate to allocate a healthy portion of the investment portfolio to asset classes such as property and equity.
By growing 10% of salary investment by 5% above inflation over 40 years, you will be able to replace every R100 of your final salary with R72 of income at retirement. However, if you only grow your money in line with inflation, you will only be able to replace every R100 of our final salary with R26 of income at retirement.
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