{"id":1720,"date":"2021-01-02T18:55:14","date_gmt":"2021-01-02T18:55:14","guid":{"rendered":"https:\/\/www.africa-press.com\/south-africa\/?p=1720"},"modified":"2021-01-02T18:28:30","modified_gmt":"2021-01-02T18:28:30","slug":"you-realise-you-dont-have-enough-for-retirement-now-what","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what","title":{"rendered":"You realise you don’t have enough for retirement, now what?"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>By Tim Rogers<\/p>\n

Retirement is the one risk most people forget to take into account \u2013 and yet the likelihood of it materialising is way higher than the dread diseases or car accidents we typically worry about.<\/p>\n

Chances are, you will reach retirement age and therefore you need to be sure you have enough money to make it a pleasant experience.<\/p>\n

First things first. Do you, in fact, have enough to retire on \u2013 do you need to worry? There are rules of thumb that can give you a rough idea. One is that you can safely draw down 4% of your capital, so for every R3 333 per month you need to live on, you need R1 million of capital. Need R50 000 a month? Then you need R15 million to fund it today.<\/p>\n

This kind of calculation is useful as a beginning, but there\u2019s more to it than that. The age at which you retire and what your life expectancy is are important variables, as is your health. In addition, while your expenses may remain high for the first few years of retirement, they may go down after a few years as you slow down and do less, for example. Expenses can also increase dramatically due to medical costs; everyone is in a unique position and it is never one rule fits all.<\/p>\n

Another question: do you want leave capital behind for a spouse or relative to inherit? If not, you could draw down at a higher rate and still be safe.<\/p>\n

Your first step is therefore to look at what you currently spend and then spend time working out what you would like to spend for an ideal retirement. Everything hangs off this exercise.<\/p>\n

If you and your financial advisor then conclude that, in fact, you don\u2019t have enough money to retire securely, the conversation gets rather more difficult.<\/p>\n

An important point is that the earlier you have this conversation, the less painful the remedies will be. If you\u2019re in your thirties, say, the necessary adjustments will be relatively minor, but if you\u2019re in your fifties then drastic action will be needed.<\/p>\n

There are basically four things you can do:<\/b><\/p>\n

Making the right choices will be hard because of all the variables. A good financial advisor will help you navigate this complexity, but technology can be a huge help. I am thinking here of a tool that will help you to visualise the impact of every option.<\/p>\n

For example, if I save an extra 5 percent per month, what does that look like? Or if I reduce my desired retirement income by R10 000, what does that look like?<\/p>\n

Tim Rogers, Wealth Manager, GCI Wealth<\/b><\/p>\n

PERSONAL FINANCE<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. By Tim Rogers Retirement is the one risk most people forget to take into account \u2013 and yet the likelihood of it materialising is way higher than the dread diseases or car accidents we typically worry about. Chances are, you will reach retirement age and therefore you need to be sure you […]<\/p>\n","protected":false},"author":84,"featured_media":1719,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,8],"tags":[274,315,275],"class_list":["post-1720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nYou realise you don't have enough for retirement, now what? - South Africa<\/title>\n<meta name=\"description\" content=\"By Tim Rogers\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You realise you don't have enough for retirement, now what?\" \/>\n<meta property=\"og:description\" content=\"By Tim Rogers\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-02T18:55:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/01\/img-5ff0bb328db81.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"510\" \/>\n\t<meta property=\"og:image:height\" content=\"287\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"You realise you don’t have enough for retirement, now what?\",\"datePublished\":\"2021-01-02T18:55:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what\"},\"wordCount\":461,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2021\/01\/img-5ff0bb328db81.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"files\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/you-realise-you-dont-have-enough-for-retirement-now-what\",\"name\":\"You realise you don't have enough for retirement, now what? 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