Publish Date: 19/06/2020
Keep control over your life by planning properly for your retirement
Ideally, retirement is a long term investment for the day you stop working; something you have put money into from the day you started working.
Realistically, however, when it comes to ways to invest money, retirement planning is not top of the list for many South Africans.
A first-of-its-kind report by 10X Investments, the South African Retirement Reality Report 2018, reveals that 62% of people are not confident they will be able to draw an income when they retire. And, of the more than a million people interviewed, 41% have made no provision for retirement whatsoever.
The crux of properly planning for the day you retire is that it gives you control over your future. Neglect to recognise that your retirement is one of the wisest ways to invest money and you will be faced with the complete opposite scenario … no control over your future.
This is a scary place to be.
If you have found yourself in a catch-up panic about retirement, avoid ending up with little to no money when you stop working by taking these 3 critical first steps:
You would think the prospect of not having an income one day when you are older is terrifying enough that nobody would go into retirement unprepared.
But, thousands of people do.
So, why are people not retirement planning?
Here are 6 of the most common reasons we have heard:
Do any of these scenarios sound familiar to you?
If so, the good news is that you have time to change your future by starting to invest money today, no matter how small the amount.
Retirement is about enjoying life and having the means to do the things you have always wanted to, with your partner or family. There is nothing pleasant about worry and stress over finances.
With the right investment tools, you can take control of your future from the day you clear your desk out and wish the working world goodbye.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.