Just putting this out there to hear what everyone is planning. What are your retirement plans? Out of you are there what are you doing?

Life is so much more expensive compared to years ago, most of the people I would with are not saving enough. I feel like I am also one of those people

Without divulging my retirement plans, i just want to say that there is a great group on Facebook called 'The Fat Wallet Community'. It gives you some ideas where to invest, how to invest and you can also post anonymously if you have questions as to where you are financially at your current age and earning level plus assets. Hope this helps and i don't get my ass banned for Freeloading hahaha xxx

Most people dont realize (until very late) how much capital you need to retire comfortably. If you want to live off your capital and have the capital and income grow with inflation, you should take an income of less than 4,5% annually. That means 22 times your annual income. If you need R1m pension p.a. you need at least R22m capital.

Or you can buy life annuity, where they guarantee you inflation adjusted R1m income for the rest of your life. But then your capital is gone. That will cost you about R15m at age 60.

Make your own sums on this and see what retirement you are facing...

Great topic.
I see my elderly family members that have no retirement savings and are dependent on their kids and the monthly government grant.

The key is to live in less then you earn and save the rest, which is difficult in the current financial situation in the world

A good investment is the R36000 per tax year, tax free account that is available (R500000) max limit.

I have some investments, pension fund, and side hustles that I use to save money. Looking to acquire some property in the future. I'm still single and not keen on kids or marriage. I would still look for relationships with people that are like minded. If I don't find a life partner or I somehow outlive her I'm moving my ass to Thailand, Vietnam or the Philippines haha

And quit punting

Retired and enjoying it ...

Pensions, interest on cash, rental on properties see me ok.
Dabble in stock market for extra cash .. so good so far!!

On 2024-09-24 18:18:02 Vrik said:

Or you can buy life annuity, where they guarantee you inflation adjusted R1m income for the rest of your life.

Also note, I think your RA is calculated based on life expectancy, so there is a possibility of outliving it (15-20 years after retirement), but I could stand corrected. Also, you get a tax break now, but you get taxed when you eventually get paid out - SARS always wins...

Our financial acumen is scary to say the least, in terms of being heavily indebted as a country (putting us so far from even thinking about retirement savings), gambling, lack of savings - even more critical for people/businesses getting a variable/fluctuating income (to tide over slow periods). I also read a comment about punters who can afford certain rates d so because they use their spare change - I sure hope the majority of punters are not using school fees (no pun intended) money for punting. Oh, and my retirement plan is - work till I'm 80...

Retired, but still doing the odd consulting work to keep myself busy.