Are you saving enough for retirement?

Speak to most South Africans and the chances are high that they are worried about their savings plans, especially if you ask them if they are saving enough for their retirement.

Is it because they are aware of the scary statistics - such as 16 percent of retirees are fully dependent on a R1 200 a month state pension; or that 31 percent of South Africans who reach retirement have no option but to continue working in order to earn a living.

According to Matt Hunter, Head of Savings & Investments at Absa Retail Banking, 47% of people who reach retirement age depend on family members or friends to support them financially and a further 16 percent of retirees are fully dependent on a R1 200 a month state pension. Secure your finances for when you retire by speaking to an expert on financial management and exploring additional savings models.

This is how you can start:

• Speak to the experts - Ensure you have regular meetings with your financial advisor (FA), especially when those key milestones happen in your life, such as getting married, changing job or having children.
• The whole is greater than the sum of its parts – Opt for additional savings plans rather than relying only on your pension or provident funds.
• The early bird catches the fattest worm – Start planning and saving for your retirement as early as possible.
• An apple a-day keeps the doctor away – Except when you get older. Ensure you have made provisions so that you can afford to continue with your medical aid,

For more information on how Absa Savings and Investments can assist you, contact the Absa Call Centre – 0860 111 515 or go to www.absa.co.za