• Busting Uber myths

    The ehailing firm is constantly trying, succeeding - and sometimes failing, says Ian Mann.

  • Trapped in a democracy

    The very people elected to bring benefits to all are undermining SA, says Solly Moeng.

  • Marikana spectre

    Five years after the bloody massacre calls for justice are growing louder, says Terry Bell.

Loading...

WATCH: Find out where 40% of your retirement investment could be going

Aug 19 2016 13:39

Retirement sneaks up on us sooner than we expect, and many of us are not financially prepared for that phase in our lives. There are many decisions that we need to make now to ensure the best possible return on our investments, and stand the chance of enjoying a comfortable and financially free retirement.

In the interview below, 10X Investments CEO Steven Nathan explains that only 60% of South Africans are currently saving for retirement. Worse still, those who are saving could, unknowingly, be making critical investment mistakes that could cost them in the long run.

The top three mistakes that investors make when saving for retirement are that they don’t take ownership of their retirement investment, understand the returns of that investment, nor educate themselves on the fees that they are paying.

Fees are especially important when you take into consideration that the more fees you pay, the less your final amount is when you retire. Most investment companies charge between 2.5% and 3% per year in fees. While that might sound like a small amount, it does almost halve your potential return after inflation. This means that the average South African loses about 40% of their retirement savings to fees.

Most investment companies charge three different types of fees:

  • Advisor fees
  • Administrator fees
  • Investment management fee

Watch the exclusive video exploring everything you should know about your retirement annuities, investments and fees:

Download the podcast to listen to the full interview later


What makes 10X different?

10X Investments is a licensed Retirement Fund Administrator and Investment Manager, which provides a full range of services and products to retirement investors. Instead of a selection of investment packages, 10X has one easy-to-understand investment strategy with portfolios that are designed for your retirement timeline. 10X also invests in index funds, which means that they charge low fees of between 0.5 – 0.9% (excl. VAT) per year.

investments  |  retirement
NEXT ON FIN24X

 
 
 
 

Company Snapshot

We're Talking About...

Savings Month

It's never too late to start saving. Visit our special issue and add your voice.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The proposal to nationalise SARB will

Previous results · Suggest a vote

Loading...