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Savings and retirement considerations in Covid-19 Nicholas Riemer, Investment Education Head, FNB Wealth and Investments, says with advances in technology and medicine extending lifespans, it is expected that the average person may need to prepare for 20 years of retirement if they retire at 65. Tuesday, 11 May 2021, 07:04 Having a healthy balance of both investments and savings is crucial in retiring comfortably. While starting early is the best strategy, it is never too late to start saving and investing for the long term.
BUSINESS NEWS - Saving and investing consistently is essential when planning to build a large enough nest egg to retire comfortably. The latest 10X Retirement Reality Report showed that out of 15 million economically active South Africans, 67% have no retirement plans.
Covid-19 magnifies retirement savings crisis
By Georgina Crouth
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South Africans are facing a long-term retirement crisis, which has been magnified by the pandemic â and women are most vulnerable.
This is the scary message to emerge from the third annual Retirement Reality Report by investment firm 10X, released in October last year. The report is based on a Brand Atlas survey of the lifestyles of 15.1 million South Africans with an income of over R8 000 a month. The findings are corroborated by National Treasury figures.
10X said a key issue that cropped up âtime and againâ in the reports was that people felt they could not afford to save for retirement, but they âreally cannot afford not to save for retirementâ.
February – Tax time
February is a short month and ends on a Sunday this year, so think about getting your tax documents ready for Friday, 26 February. Remember to make a note of the closing mileage on your car on Sunday, 28 February, if you are going to claim a travel allowance. Get help:
Find out all you need to know on the SARS website (www.sars.gov.za) or www. efiling.co.za
If you are a freelancer, use the Sage online salary tax calculator to calculate your tax liability:
Online companies such as TaxTim can help you fill in your return efficiently. You can access TaxTim free or at a discounted rate via partners such as Old Mutual Rewards, eBucks, Sanlam Reality and Momentum.
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Company pension funds â myth or magic
You cannot rely on your company retirement benefits to solely support you for an almost equal period as your working career.
18 December 2020 14:09
“TheÂ
greatest trick the devil ever pulled was convincing the world he didn’t exist. And like that â poof â he’s gone!â â
Verbal Kint talking about Keyser Soze â The usual suspects
The second greatest myth is your company pension and your expectation of what it will be worth at retirement.
Your expectation is that the pensionable salary will approximate your final working salary and in assuming this we use the following assumptions: