Facts About Retirement
YOU are the only person responsible for your retirement. Here are some points for you to consider:
" I have time until retirement "
Time is one of the most important factors when saving towards retirement, as the earlier we start the more we can accumulate and the greater the impact of compounded interest.
" I already have an RA, Pension or Provident Fund "
Is this enough to meet your retirement needs? Consult with your financial planner annually to know that you are on track.
" Chances are I will not live long after my retirement "
One of the big problems in planning for retirement is that none of us has much idea of how long we will live. More and more people are living longer and this must be taken into account when planning our retirement.
DO NOT BE A STATISTIC!
National Treasury stated that only an estimated 6% of South Africans were able to maintain their lifestyle and replace their income fully at retirement. This means that 94% of South Africans would need to keep working after retirement age, live on the state grant or rely on their family for financial assistance.
ADDED BENEFITS OF RETIREMENT SAVINGS ARE:
Tax deductions are allowable
Investment growth in retirement vehicles is tax free
A useful tool in estate planning
Secure from creditors
Act now and contact a GIB Financial Planner to assist you in setting your retirement goals.
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