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A Fin24 user writes:
The saying that goes: "It’s never too late to save” is a myth – believe me, as I am a statistic!
I am now in my late 60s and have R630 000 which I have saved for a pension when I stop work in three years' time. I have invested it in a money market account with my local bank; I cannot take any high risks with it so am unable to invest in the stock market.
On top of this, these asset managers charge very high management fees ie 1.5% in some cases. (I don’t pay any asset manager fees in my money market account.)
I work mornings only and so am able to add to this amount every month by way of a stop order, and in the process receive compound interest. Added together it is approximately R6 000pm.
I only received a small amount of R20 000 (pension) from my last place of employment due to a bad investment decision the company made many years ago. I left this in a preservation fund which has shown very bad results and is now worth about R140 000.
I have considered the SA Retail bonds, but cannot add to this every month – only interest is earned.
I cannot afford to consult a financial adviser due to the high fees they charge.
This is the only option I know of at present. At least I am making some progress, but not much with the low interest rate offered, plus inflation eating away.
But if you can advise me otherwise, please do so with recommendations.
I don’t have any debt, my car is paid for, and my townhouse is paid for.
- Fin24
Do you have a savings strategy? Tell us about it and you could get published. You could also:
* Write a guest post
* Ask the experts
The saying that goes: "It’s never too late to save” is a myth – believe me, as I am a statistic!
I am now in my late 60s and have R630 000 which I have saved for a pension when I stop work in three years' time. I have invested it in a money market account with my local bank; I cannot take any high risks with it so am unable to invest in the stock market.
On top of this, these asset managers charge very high management fees ie 1.5% in some cases. (I don’t pay any asset manager fees in my money market account.)
I work mornings only and so am able to add to this amount every month by way of a stop order, and in the process receive compound interest. Added together it is approximately R6 000pm.
I only received a small amount of R20 000 (pension) from my last place of employment due to a bad investment decision the company made many years ago. I left this in a preservation fund which has shown very bad results and is now worth about R140 000.
I have considered the SA Retail bonds, but cannot add to this every month – only interest is earned.
I cannot afford to consult a financial adviser due to the high fees they charge.
This is the only option I know of at present. At least I am making some progress, but not much with the low interest rate offered, plus inflation eating away.
But if you can advise me otherwise, please do so with recommendations.
I don’t have any debt, my car is paid for, and my townhouse is paid for.
- Fin24
Do you have a savings strategy? Tell us about it and you could get published. You could also:
* Write a guest post
* Ask the experts
