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How much capital will I need to retire comfortably?
I contribute to a provident fund, retirement annuity, and a tax-free savings account monthly. Is there anything else I should consider to ensure the best outcome for my retirement?
By Stephen Katzenellenbogen
9 Jul 2021 00:25
I am a 48-year-old female and currently have 17 years left before I retire. I am a single mum with two daughters â a 22-year-old and a 16-year-old. Both are students, with the older one completing her tertiary education end of 2021.
I have thus far saved R836 000 for my retirement. R620 000 is in a provident fund at work (currently contributing R8 765pm), R212 000 is in a retirement annuity (contributing R3 000pm, increases annually by 10%). I have recently started contributing R1 000pm (R4 000 in total thus far) to a tax-free savings account. I am going to increase this amount to R3 000 from March 2022.