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When saving for retirement

Save more per month

The first rule of saving towards a comfortable retirement is to start early, preferably from your first pay cheque. Depending on your circumstances, it may now be too late for this, but then make sure that you save more than the 5% or 7.5% minimum compulsory contribution set by your employer. This could significantly bring down your tax bill during your working life, while motivating you to put more money away from which you can draw a greater income during your retirement years.

Save for longer

Postponing retirement and therefore saving for longer can make a dramatic difference. For example, when you’re invested in a product that provides you with a return of 10% p.a. on average, you will nearly double your retirement capital by postponing retirement and leaving the money invested for another seven years.

Choose an appropriate investment

Make sure you’re taking on enough risk in your investment portfolio to not only beat inflation, but to maximise your average annual returns in relation to the amount of short-term volatility that you are willing to stomach. Remember, the longer you remain invested, the less important short-term volatility becomes, and the more risk you should be able to take on. Speak to a financial planner to discuss appropriate investment options for you.

Sanlam Life Insurance is a licensed financial service provider.
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