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Creation Of Wealth

When you ask a twenty-year-old when he would like to retire, a confident thirty is the general response. When you ask a thirty-year-old she may tell you that a yacht on the Caribbean should be achievable by forty. A forty-year-old takes a little longer to answer and ventures a hesitant fifty. At fifty years old, this question will elicit furrowed brows and mild hysteria.

A. Retirement Planning

In order to secure a healthy retirement you have to save 15% to 20% of your gross monthly income for thirty years. Unfortunately most of us wait until we are in our late thirties before giving retirement any serious consideration.

i. Personal provision

An easy way to increase your retirement savings is to contribute as much as possible to a Retirement annuity. There’s an immediate tax deduction and if your employer matches contributions it can be a real boost to your savings.

What is a Retirement annuity?

Simply put, a RA is a portable personal retirement savings vehicle that is independent of an individual’s employment relationship. Its purpose is to build a fund to provide income after retirement, either supplementary to other funding (such as a company pension plan), or as the principal source of income.

Anyone earning R5 000 or more per month can easily build a comfortable retirement fund. But only 4% of South Africans will ever achieve this.

Creation Of Wealth

ii. Employer provision
A worldwide pension crisis is looming and individuals can no longer rely on their corporations or government for their retirement.

We tend to think that our company pension plan is going to keep us in champagne and caviar. The truth is that if we rely solely on our company pensions, we’ll be trading caviar for pilchards. 40% of all company pensions pay out less than the Government pension does per month. Read more
 
 

Civil Engineer

Mechanical Engineer

Electrical Engineer

Chemical Engineer

Engineering Graduate

Warehouse Manager

HR Manager

Sales & Marketing Manager

HR Administration

Recruitment Consultant

Advertising, Media, Digital and Web

Desktop Support Engineers X 10

Developers

Key Account Manager/Sales Executives

Office Support

 
 
     
 
Old Mutual