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Retirement can mean different things for different people. For some, it is hopeful and exciting, indicating that our years of 9-5 working are over and we can begin a new phase of our lives, hopefully with less stress and the freedom to do as we please and indulge in our hobbies and interests. While for others, it represents something filled with uncertainty, something which they are not prepared for.
No-one wants to think about growing older and many try ignore it or think they have all the time in the world to plan and save for retirement. And there always seems to be something else more important at the time to pay for – a wedding, a deposit for a new home, school fees. Even for those of us who have been forced to save (thanks to a compulsory pension or retirement deductions at work), it might not be enough.
For those with none or minimal savings and considering relying on the state funds, the current government pension is R1600 per month and a good activity is to ponder if you will be able to live on that monthly right now. If your answer is no, it is essential to start looking at additional routes to provide for your retirement.
