Are you saving enough
We are constantly measuring our wealth and our health.
The number of steps we take per day, our average heart rate per exercise session, our Smart Shopper points, W Rewards, eBucks, share portfolios …
You name it, we’re measuring.
But how often do we check whether we’re on track for one of the most important events of our lives – retirement?
You recently received your annual Benefit Statement and on page 3 of the Benefit Statement you will find excellent indicators of how prepared you are for retirement.
A member earns R9 063 per month and saves 15.77% per month (her own 7.5% and the WW 8.27%).
These are her projected retirement figures:
This table tells you what percentage of your final salary you can expect to receive as a pension – if you continue to save the same amount that you are currently saving until retirement at age 63.
PLEASE NOTE: This is shown in today’s money terms, in other words if you were retiring today, this is what you could expect.
The S&P downgrade to Junk Status means that South Africa is in a low-growth investment environment and getting double-digit returns will be next to impossible. It is a safer bet to look at the LOW GROWTH figures above (and on your own statement) to determine your need to save more.